Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1844-08-22
For the Spectator.
THE BANKRUPT LAW,

81 r.
Ciay In no measured terms for having voted 10,
the late bankrupt law. Now, it is we'll Lno.,
by every man Of observation and in,el,;,a,,".
that the proprlety of such law was never nor,
" question until the democratic party ESQ called,
sIeins "at ina, law was about 10 be passed, seis.
ed upon it as they did upon every ,hinG else. nn,
OF which they might make capital. Anterior to
'his, Mr. Wall, MIR. Benton, and othe. of ,hs
most eminent men of their own party advocateJ
such law, and no man could have guessed which
party mad the most favourers. II is a one.,;on
upon "hich good and able men of all parties and
IN all commercial communities have differed /. and
mans having voted one way or the other unon
can afford no rational ground for resentment,
against hlm And yet resentment would seen, tn
he the only motive that can now induce onnos;.
.oh 10 any for having voted for il; for ceria,nJv
.;e question has been put TO rest for time inde6.
. .te['here cannot be the slightes, probability
.hat II VIII be again agitated within the ne1t
,"e".y or 'hir,y years. 1t cannot therefore he
honestly urged against Mr.. Claw or anv ono s,so
and surely they will act very unwiselv who shoi,
permit II TO influence them against the man Of ali
others, whose finn character, hjob t,lon,s 90,
sound practical wisdom the country mos, n. anu
10 restore to it again that policy under which onIv
it has prospered. o'J
In The bankrupt question the writer has never
leit any personal interest, nor does he know that
any near friend or relation has had such interest.
ne has given the subject however. some altar.
as
gainst 1t has arisen much more from n,.;md;o.,
man rom any objection founded upon sound ren.
son. Certainly no man can admit the nron,;e,v
oil the act for the benefit of insovent debtors ,n1
n y, an argument against bankrupt law
MOST men who take the benefit of thai 40, -.
pay any part OF their previously Contracted d.h,s
ana an, The amount of such debts paid by anv Of
mem Is very insignificant. The wr,ey ,.;,h;n
the last thirty years, has been engaged in hns;.
ness winch made him very extensively acouant.
Gu win men and their circumstances, and he 5as
yet to hear of the first instance of spch ;n,oIvan,
debtor having paid his debts contracted previou.,v
10 taking the benefit of that act, or anv considay.
aole proportion OF them. Indeed il woulJ seen,
u'efiy Impossible that he could do so, unless ba
should derive estate sufficient by Inheritance or
Dequest anu there is very little chance that cre
di'oIs should profit by estates thus derived . for
III hihety-nlne cases out of one hundred such co.
lates go into the hands Of trustees for the veyv
purpose oil preventing creditors from takinp than,
The extreme difficulty of one of these unfoItnna,a
mems ever paying his debts is well ILLUSTRATED bv
"a ea'e III whicn The writer was the agent author
lzed TO collect debt from one of Them. Tha
owner of the claim, though much ininred and a
oarrassed In consequence Of HAVING had lar.
amounts to pay for others, was merciful cred;,or
ana ana not wish this poor man, who was mo-
chahic, 10 be distressed, but desired 10 procpre
:, nom oih articles In The line of his business To
'hs arrangement the debtor readily agreed. and in
good faith commenced making the article desired
9n' before IL was ready for delivery another ere.
oior hao IL selzed upon and sold-another was
commenced, and taken and sold in like manner
ana sui another; when the poor mechanic. with
ue"iuious voice and tears In his eyes, exclaimed.
sir, what can do? you see that INV creditors arc
watching continually, and so soon as INV wo,k 10
In condition TO be of any value it is levied mon
ana sold Tor little more than the material cost me-
ana mus II has become impossible for me either
pay oeDts or TO procure the bare necessaries of
ne LOT my numerous and often suffering family.
nave determined to avail myself of tho banI
ruPt law, and then when free. if merc;f,l e.,
spares me lie and health, your debt shall be paid
ne poor Fellow Is now free and going on to fulfil
nus promise, having already paid considerable
portion OF the debt. This is by no means an ex-
uaoluihary case. 1t is the common condition of
ihsolvent debtors-so much so that il wonld ha
very difficult to find one instance to the contrary
.so' SO the bankrupt law-it has added greatly to
the means OF increasing the national wealth bv
freeing The hands of thousands of active. intelIi
gem business men, and at the same time afforded
'nslh 'ne opportunity OF procuring the means to
pay ther debts. Trae, it unfortunately is that
some OF them will not have the honesty even
"hen able TO do so. But every honest man pos
se:SSSsing the ability will pay his debts-and who
VIII venture TO say that there is less honesty A.
mong bankrups than among the same number of
othef citizens. However this may be, every law
yer who has had the opportunity of testing the
effects OF the two laws, will say that for every
dollar paid by the benefciaries (if SO thew NAV
be called) of the insolvent debtors acts. ten dol
lars nave been paid by those who have been freed
oy the bankrupt laws, while the frauds commit
teu ny the former are as ten TO one of those COM
mi'ted by the latter. In very extensive range
oil country, well known to the writer he has ne
yer become well acquainted in any neghborhood
10 which there was not at least one person who
had avaled himself of the benefit of the insol-
vent debtor act, and yet supposed 10 have proper
" covered and concealed i'm the hands of friends
ailordIng to himself and family their chief means
VI support. And men are tempted to this kind
OIL fraud by the best feelings of the human heart
-lhe love OF their wives and children.
III IS true that some creditors are MAKING
great ontcry against the late bankrupt act, and
proclalmlDg the hundreds and thousands thew
have lost by it; but the writer, who has taken
some pains to be informed on the subject, firmly
believes that those Of them who live in AUGUSTA
county, may safely be defed to shew that thew
have lost one dollar by it. All that thew have
lost by 1t is the power of harrassinp and Distress
ing their unfortunate debtors on claims which had
become utterly worthless before the banxrupt law
was passed, from the absence of all ability to
pay them. But the unkindest cut of all is that
some VINO nave avaIled themselves OF the benefits
., 'he bankrupt law are now denouncing Mr..
Ciay ior having voted for it, and it is said there
Is one locoioco orator, of no little celebrity, who
Is petitioner Tor its benefits, while he joins i'm
'uch remuneration. Whatever may be thought
ABOUT the law, there can be but one opinion about
me honesty Of such directors to it. -
The Jefferson Free Press contradcts the story