Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1843-01-26


rup' law; hut reflection, he considered these ec
IONS Tar outweghed by the suffering and embellishments
I" Tue country, brought about by the acknowledgement OF
the Governmen, which the Wings had into powor
pledged Ia 'oiorn And since the which IN
dsced the passage OF the law longer existed, nj all
events. much lass ircbly the question might well arise
whether pressing necessity any longer appeared Tor
Keeping IT IN operation The purposes intended by its
passage had IN very great measure. been accomplished
Those who had been plunged into insolvency. from
when They never could have relieved themselves had
received It's benefits. or, all events had had oppor
tumy OF receiving them. II they had failed 10 do se II
mad been the result oi their impru,cncc and want
OF caution OF stretching their credit far IN these pres
sing ana unreliable tunes, of relying too lneauously
on the consistency of Legislation in Government. which
events should have caused them to dis,rust The pru-
dent and industrious had had time and opportunity 10
vail themselves OF its aid Those whose enterprise and
energy were cEmpcd and destroyed by the uinous
sequences of Federal acknowledgements left free
once more 10 pursue the paths OF industry aud wealth
The manaces had been struck from their hands aud the
heavy mcumbnnees o debt, under which they laboed
had been removed. The mechanic had again been sent
To his shop the sailor 10 his ship. the asrcuurast In
his field, aud the merchant Ia his counter. The rad
prosperity and happiness mad been cleared OF It's obsifuc
TONS and again presented its beaten path with renewed
energy and dearly boug experience. The honest had
again ;"id IN which To labor, from the profits of which
! q pay their dents. winch honor has moi cancCn"a al
though the law might have done so debts winch they
never could have paid. long they were SUBJECT 10
the severity and eNioron oi unrelcnlng creditors And
many wife and child. whose faces had been auused
WIN the tears OF No, were nov t up with the smcs Of
JOY.
| And whilst the honest aud unfortunate who were vii
lng /" surrender all had been relieved the dishonest and
the reckless had been brought accountability and qu
dailon. The creditor will the tcbor had emo, ed
It's benefits aud, while the former had eXior.d the last
cent. lc had been prevented from carrying his oppres
sion further The law had provided a means by which
the honest debtor might he enabled ultimately 10 pay
his bond without allowing the creditor exact lis io
| felt.
II MI X. was asked why the embarrassment and pres
sure which pcrvade the country had not
MO- sequence OF theseben6ts OF the bankrupt law which
he had enumerated, his that the ol
'hese difficulties lay much deeper than IN debt and nso
vency. they sprung from the arrangement OF the eur
rtncy and the uncertain aud unsettled OF the inan
ccs OF the Government These the bankrupt law could
not remedy although il had rcmcded some OF The evils
growing out 81 them. And since the unfortunate had
been relieved by the beneficial operation Of the bankrupt
law from those osofw helnng aud unforeseen disasters rc
snltng from democratic tlnkcrng with the currency and
finances, return Ia safe aud sound system Of currency
and exchanges would soon enhance the price Of pro
"rty and afford such aids 10 industry and business
would son restore the country In prosperity. and thou
sands TO solvcney who are unable pay their debts
As 10 the pressure aud emharrassmens which weigh
ed upon the country they could be relieved I'LL
there was change Of measures and men We thought
we had effected that change aud hatuu measures were
about 10 carry "hcaling their wings" TO the wounds
OF bleeding country; but. the very moment Of victory
the laurel was snatch,d from our brow by the most
shameless rcachcy that dsgraccd the annals of re
preventative government. As long had Exec
uilve who. IN the weakness and vanity Of power fced
ny fraud from condng people. laughed n, the distress
o ms suffering counirymen; long the recognised
CANS Of those who administered tho Government came
INTO thus Hall and hawked the spoils of Office To the high
est bidder long Executive vctocs were Threatened
!" advance mol ms the means OF arcsng unconstitutional
legislation, but Of ensng recruits for partisan service
50 long would credit and confidence continue To- anguish
aud the country continue to groan under embarrassment
aud debt.
Notwithstanding the benefits which Mr. r. had men
toned as having resulted from the bankrupt law yet
there were objections and evils attending it, az there
were attending every finite system every human inven-
ton. Although these objections were more than conn-
tebaanced at the time o the passage of the law by the
considera he had alluded TO- yet AZ these consde
raons no longer cKiseda all in nothing like as
full orcche inclined tn the opinion that the inh crent
evils Of The system together with tho Of the public
mind such as no longer to create necessity for it's
continuance In the first place. he feared was calcsla
ted 10 affect personal confidence, which, after all was
the Of unparalleled prosperity in this country
II was calculad 10 bcge and he thought already
bcgetting disregard for the sacrcdness of obligations
without which well established system of credit could
exist in any country. For it not the compulsory
process of the law which enabled the young man whose
only fortune was his good namc get credit with the
rich, but IL was the sancy with which public opinion
regarded an obligation thus incurred. And any system
which had tendency destroy this confidence or bepe
disregard for faithful compliance with its conditions
well calculated To lock up the coes of the rich u
keep capital unemployed, and consequently TO repress
the energies of the cnterprsng and Industrious by dc
pnving them ri the opportunities and means Of exeron
IL might be said that this would affect only the mprudcnt
aud the athcss but that those who deserved confidence
and credit would still be able to obtain them Then the
the question will arise. Ipho 10 be trwtedY Who
could Withstand the temptation when the chances of be
ing a,soved from his obligations ready at hand2
Who would upon the labor and perseverance, of years
to relieve him from the pressure Of debts he cond not
pay when the tribunals Of the country easy of
access2
II, however said Mr.. r., this should not be tho 70
suii the means OF obtaining credit be not thus taken
away, and confidence not be destroyed, he had sup
posed. then it must be admitted that the bankrupt law
would tend TO the opposite extreme. IL would open the
door Tor rash speculation and needless adventure which
would unsetto and disturb the quiet and PEACEFUL pnr
suits OF life. 1t the OF responsibility the fear
of lrremedabIe, ruin that prevented most from EN-
barking IN hazardous enterprises of trade and compelled
them pursue the slow and certain ends of in
dustry and economy. Take away these restrains-hod
out 10 cm the dazzling temptation of speedy wealth by
hazardous sl,1cuation-ofer them the iucre % suc.
easy relief from accountability and the penalties accom-
panying itand what would be its effect upon people
as encrprising and adventurous rs ours Men would
cease aborlng with their hands, and attempt live by
their wits speculation would riot through the land
aud the sober avocatons Of industry abandoned for the
reckless pursuit of instant gain habits of dleness and
extravaganza would thus be contracted and debt have
but few lerrors for who had every thing gain but