Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1843-03-14
BANKRUPT LAW.


But few measures ever adopted by Congress,
have produced 80 many unsatisfactory results, within
an equal period Of time, as has the General Bank
fupt Law, passed at the first session Of the 9th
Congress. The design of the law unques,ion-
ably good large class of unfortunate men who
were actually poor and utterly unable to discharge
the smallest item of Indebtedness, yet not crush
intended to be benefited by the provisions Of the
Bankrupt Law. Had the benefits of the law been
strictly confined to this class of men, it would have
perhaps justly afforded reefso some, without doing
injury to any. But this has not been the practical
effect Of the Bankrupt Law No one can look at
the results without seeing that the kind intentions
Of the law have been grossly abused, and that in
numberless instances it has helped dshones. men
10 escape the payment Of their just debts. And
hence it is not strange, that many who were once
the advocates of the law are now disguised with
lis results.
In multitude of instances there has been exhib-
tied most wsnton violation of the provisions and
nen, of the law-if gross fraud be not susceptible
of legal proof ii is nevertheless most garngy ap-
PdICutp uOh VIC otteuudht ClICuIHStdnCcS IL LOOKS
suspicious when a man claims the benefits Of the
Bankrupt law, makes his declaration accordingly;
receives bis discharge by the Court from his pecu
mary liabilities, pays his creditors some five or ten
per cent on the dollar and then Immediately enga-
ges extensively in business. Hundreds, nay thou
sands, who have received their discharge under the
Bankrupt act, have Immediately commenced style
Of extravagant living, and daily expenditure, far
beyond the pecunary means of great portion of
those to whom they are honestly indebted. An
honest man, if through misfortune he had become
incapable of paying his debts, would eurtail his
penses and endeavnr to eomcthng for his in
jured creditors. But in . vast number of cases,
those who have availed themselves of the provisions
of the Bankrupt law have endeavored to rid the n.
selves of their debts by paying the least possible
per cent. They have money for almost every thing
ese-they can ride fine carriages-enter,ain
splendid parties--dress in the most fashionable
style, and maintain expensive equipages Of CAVITY
and pleasure.
We will not say that there have been no cases Of
honest ba nkruptcy in this Territory; doubtless there
have been many. But while this is admitted, It is
undenlable that there have been many instances,
where creditors have been defrauded out of their
homes. demands, while the bankrupt has had the
ability, at least to considerable extent, to pay
An instance has come TO our knowledge Mil
waukee county, of an individual, who having OBJ
tanned his discharge, is preparing to erect splen-
did brick mansion at the expense OF some thous-
ands. Many other instances are seen where bank
rupts are suddenly possessed Of plenty of money,
after having been discharged of their pecuniary la
bili.es. The bankrupt upon his discharge, not IN
frequently receives legacy. as ispretended, un-
expectedly into possession of large proper
ty Although men in such cases may be legally e1-
empsed from paying their debts, yet this does not
exemp, them from their moral obligation to pay
shsn,. maa's moral obligation to fulfil his prom