Iowa territorial gazette and advertiser. [volume] (Burlington, Iowa Territory [Iowa]) 1840-1846, 1843-02-25

di,or as sacred in the eye OF law and
justice ~ the property OF the debtor?--
Establish the doctrine that creditors have
not rights equal to other citizens and that
their property is no, entitled to the Same
protection, and what do you make Of the
Constitution, and VIVA. name will you
give to dealings between man and man?
The fact is, that under such a system,
the spirit Of our government would be q
solemn mockery Of justice, and that con;
l6Aence which is,so essential 70 the ]. PtDss
perity Of the poor would be SO uttely
annihilalci that no man Of common rru.
dence would willingly trust his.father.--
The result Of such state Of things is too
revolving COR contemplation.
And what is to bc.the result Of such q
law upon the public morals? What have
been the Influences Of the Bankrupt law
that the people throughout the country
with almost one voice are SO elamorous
for its repeal? and what is ,hts valuation
and" stay law but reflection from the
odious reputation par, Of that enactment?
That. it is calculated in its limited sphere
10 bcget proportionate amount OF public
decentralization, is, we fear, too much.to be
apprchended. 10 lcgalize the suspen-
sions Of banks has hitherto been held
All outrage upon the rights Of The holders
Of its notes. What were these enact
ments but legal excuses tor Bank
reputation? Though the enormity of
the abuse is greatly mitigated when
applied to individuals, still the principle
is the same and cannot be changed by o
mere substitution OF parties.
1t has been urged that other states
have adopted this system Very true
But will the wrongs Of those states justi
fy our wrongs-or can we, by adding
another wrong to their wrongs, make all
wrongs right Wo think moi. One man
repudales his debts. Will another for
the mere fashion or even convenience ol
the thing adopt the Same course, and
offer in excuse the example Of his dis
homes. neighbor? We think that my
man inbucd with feelings Of proper pride
would spurn SO disgraceiu an alternative,
and prefer first 10 part with the las,
rag upon his body. What are the sen,i-
men!s uniformly and universally enter
tanned towards nn individual! who, in the
vigor of life and health and with hands
able to work, voluntarily and deliberate
ly rcpudiates all his obligations to his
former friends aud creditors through the
medium Of scne infamous bankrupt law?
We shall leave every honest mind to
make its own answer. That, then, which
is true Of individuals is true Of states
What will be thought by honest men Of
an iadiriduol Reputation, will be thought
Of us by states whose statutes are IN
stained by rcpudiating enaciments. And
thus we-come to the main paint in the
expediency Of this matter.
What will BE- the first result? NO
credit abroad! With no credit abroad is
il possible that zoe can hace any credit at
home? We think not. Check credit at
one point, and you check it at ull flour
merchants cannot get credit they cannot
give it. In general way we are oppo-
sed TO the who.e credit system--but as
long as it is at oil in existence, we are
anxious that all honest men should have
tho benefit ofi.--and cur Hostility to it
has never been such that we would ab
ruptiy put an end to it 10 the manifest in
justice o;those who need Utmost 1.-The poor.
But to the consequences oi this law. II
will doubtless result in driving many men
from business in all parts Of the Terrific
ry, and their places will he supplied by a
few capitalists who will neither ask nor
give credit--like band Of pirates, Sc
cure in their strength, Mey ,ciN neither
ask nor gire quarters-and the poor la
borer who applies for credit from Mon
day morning till Saturday night for lit
tie bread for his family will meet with
an Insulting Genial, and be made the
bcurer Of humLled and mortified looks 10
the wife who has her pride in his nnnii-
ness mud TO the children taught TO rcve-
renee him not only for his lalherly pro-
lection, but for the credit and respectable
~ which bis honesty has hitherto obtain:
ed for him. Thus will many virluous
family be made to suffer-thus will many
an honest heart be tortured and many an
honorable mind be humb|el, under the
operation Of this credit-ki'ing enactment
and thus will community generally
feel the whitening influences Of lha, dire
species Of Legislation which destroys the
Of neighbors and ncighbor.
hoods, and gives TO the rich the power to-
over and make beggars Of The
poor. The fen cases which this law
will ronr.i. ma :, ,.o,;lf will hn.r ~, oo,,