Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-11

II and this renders il pscliiariy i.nporiaati 10th &
D-,n- nrd Creditor that should receive the nnie-
date attention Of you7 honorable body; that It's opera
ton may rot be embarrassed, or delayed, "hie SuiiS
are nenjiug in the Federal Court, to test It's constitn-
lionaty.
f;r,i-lt il not we believe, Bankrupt Law at all,
but an Insolyent Act with release added to it-hi
anomaly of which have never heard, ana 10 create
whirh there - not any authority in the Constitution
4 Bsnkrupt Law is law for the benefit OF the Gre
d;,or w;,b incidental privileges to the Debtor But
the one now existing exclusively for the benefit OF
,he Debtoras the Creditor has voice IN the choice
Of Asipnces the custody Of funds, and the release OF
the Bankrupt
Second-lt is not uniform, IS IT does not embrace
banks and other trading corpoatons-the stockholders
of vcb form large, opulent, and influential body in
the community.
THird.-It not only mpairs, but exngnishes, he ob
legation of contracts opposition TO the Constitution
Fourth -Itis an tr-post faeo law-which is express
" prohibited by the Constitution. Such law by re-
cent and wegh,y authorities is not continued TO crimes,
but embraces civil rights.
From much experience, and much consideration, we
assure YOU that this law, unless It shall be materially
modified must cause more misery than 1t will relieve;
and will !l the whole country with confusion, fraud,
and perjury; the certainty of which already produces
great apprehension Permit us TO suggest the follow.
nu amendments which we think would remove all rea-
sonabe objections:
Firsi-That the law shall be prospcclive-a applying
only TO future contracts
Secoad-That il shall apply to Banks, and other
trading corporations. under special provisions.
7hrd-That Assgnees shall be chosen hy Tie Gre
ditor, and shall have the custody OF the funds.
Fourth THAT fraud committed within two years
previous to the Bankruptcy, shall prevent release.
Fifh.-That the written assent OF majority OF the
creditors amount shall be essential to the release oil
Bankrupt. But that, at the end OF one year from
Bankruptcy, he may apply toa Circuit Judge, with the
Of any smaller proportlon and may be released
at the discretion of the Court provided that he has not
given preference TO any CREDITOR IN contemplation oil
Bankruptcy. We consider this provision to be essen
tia to Bankrupt Law. II is more liberal than any
similar law ancient or modern-and without 1t there
cannot be an cectual check 10 fraud. Ii is Of vital i'm
porance Also to every honest insolvent il draws
distinct line ofdemarcation between him, and the reck
less and fraudulent Bankrupt with whom he IS den-
tilted by the present bill,
.Sirth.-Every Bankrupt shall be required to give
his whole time to assist The Asslgnees IN winding up
his estate for year after the Bankruptcy II he shall
be requested 10 do by the Assignee and shall be paid
for this service at the rate OF the day il he is I'M
married, and fhe is married.
SerenM.-lt would prevent much confusion, II all
advertisements under this law made in one news
paper, printed at Washington Creditors cannot keep
a watch about thirty newspapers, one III every
State or Territory, and would know Of many pro-
ceedings in which they had deep interest. In Eng
land, all such advertisements are in one newspaper
and it is far necessary here, than II can be there
or in any other country.
The Bankrupt Law forms an alarming in our
our commercial history. The dread of the evils which
it will produce has already deprecated the stocks oil
our most solvent institutions; and il depends on your
honorable bodies, whether il shall be remembered as
blessing curse.
In case the above amendments to do not meet the
views Of Congress, we would respectfully urge upon
your honorable bodies The repeal of the present Law