The south-western. [volume] (Shreveport, La.) 1852-1870, 1855-01-10

from the CITY press, anu we presume iiidb SISd
efforts will be made during the approaching
session Of the Legislature to repeal the forme
and alter and amend the latter law. The Bee
which has devoted much study and care to TIL
subject, says that the legislation Of other State
and countries, in providing remedies for the re
lief Of unfortunate debtors from oppressive i'm
prisonment, has thrown its shield around til,
\ rights of the creditor. The most stringent pro
visions have beenframed to protect the credto
against the bad faith, improbity and fraudulen
conduct Of the debtor, and at the same time t,
defend the debtor against the cupldlty and op
preston of the creditor. In strict right, lnsol
vent laws are entirely unnecessary in our State
The object Of such law is to remove oppres
sive detentions Of the person Of the debtor, leav
ing the obligation still subssting, and render
ing future acquisitions liable for its discharge
The debtor is allowed BY the law, when he i
harassed with suits, and menaced with arrests
To make cessio bonorum to his creditors, anG
h to BIZ discharged from future arrests for antece
dent obligations; but now that arrests for deb
are abolished, the reason Of the law has ceased
in great degree. Bankrupt laws, whose OBJ
iect is the dissolution Of the obligation ITSELF
would be the most appropriate instrument tc
relieve the debtor. Both laws, however, re
quire of the debtor the strictest good faith, and
the purest integrity in the concoction Of con
tracts and the conduct of his business ope-
rations Should he contract in the intention Of
never liquidating, or should conduct his busi-
ness negligently Or imprudently, Or indulge in
gambling, trickery, idleness or extravaganza, or
conceal OF dispose Of his property for the pur-
pose Of committing a fraud or deceit on his
creditors, they withhold from him their assis-
lance. They all equally declare, that none but
honest and unfortunate debtors can avail them
selves Of the benefits Of these enaetments-
This is the theory Of the insolyent system. and
the keystone of its arch: but, it is well estab-
lisbed fact, that when one upright debtor seeks
its aid ten of a different complexion do, and
are more likely to get it than the former AS
general rule, Americans are very indulgent
creditors, and scorn everything that is oppres-#
sive or cruel. Their debtor, who is inclined to
act fairly towards them, has only 10 make an
exhibit Of bis various operations and trans
actions, and he can easily obtain indulgence
But experience has taughtus, that it's the deb
tor that practises his cruelty on the creditors,
nine times out Of ten, and dictates terms TO
them which they must accept, if they wish to-
receive dollar. Their property has passed in
to his hands, without the receipt Of its equiva-.
lent, and whenthe day ofpayment arrives, they
find themselves the slaves Of their debtor who
has sold their property, put in his pocket the
proceeds ofthe sale, and commands them to take /
ten cents in the dollar, or nothing. How often
does the like Of this happen9 The means Of
discovering frauds, and the remedies for their
and punishment have been made
too narrow. Our laws are too lax towards the
dishonest debtor, and too rigid TO the creditor
to meet and remedy the mischief which has
afflicted US. Sufficient safeguards are not cast
around the rights of the creditors, and too ma
ny loopholes have been left, for the debtor to /
avoid his obligations by the fraudulent aena-
ton and concealment of his estate. Loose, in
sufficient and defective as the law is, yet isthe
administration of it worse. 1t was but the 9th
er day that a private bank in New Orleans,
wherein was deposited thousands Of dollars for
safe keeping-the hard earned savings of hun
lrels of mechanics-burst up, and the deposit
ors, on demanding their money, were coolly in
ormed they would be compelled to wait until
he affairs were settled by decree Of court,
md then, perhaps, they would get 25 or 80
,ents on the dollar. The owner Of the bank
vas arrested for fraud By the depositors, but
ne was discharged from custody BY judge Rey
holds, who decided that the banker had COM
nittcd no ofense against the law
One example will suffice to illustrate the OBJ
jectionable working Of our insolvent system
The Bee says that merchant goes to the north
o purchase stock Of goods, which he brings
o n Orleans, and opens a store. He purchas-
I'd y all pr nearly ALTON credit, giving his pa
Der for the purchase money. After while,
eeing that sales are not brisk, or, if bad man,
rom SOME worse motive, he sells at auction or
It private sale the entire stock Of goods for
bird Of the money lie agreed pay the north
I'm merchant, and when his notes held BY the
after fall due, he tells him thathe cannot paw
md suffers them to SO to protest. The creditor
lrgyes payment and is informed that if lie sues
le will get little OF nothing, and is compelled
o compromise for 5 or 90 cents in the dollar.
When asked to show his books, or give a state
nent Of his resources and responsibilities, he
aughs at the idea and says be can give none
Except in court, and if he is forced into insol-
'eney, nothing will be paid. We have not
the pcture--such things have
,een OF frequent occurrence. Can law be
equitable that toerates such transactions?-
What people can expect to enjoy permanent
prosperity, who will not reform this i