The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1857-11-11
For tAeGstoC CITY.
n OF INC uhtVNIfy.
what the CT oak ers NaY Now.

what the CIR oak ees Say Now.
Among the newspapers that we're most
busy in predicting the financial "crisis"
under which the country il at present labor
ing, and croakcd for months in advance, as
il in the hope almost Of bringing it about,
were the New York Herald and the Washing
ton Union.
Those journals now predict speedy re-
turn of prosperity. Whatever may have
been their motives for the croakings referred
to, we trust, and believe, that their present
predictions win be verified.
The Union now says that seven or eight
months, Mt farthest, will suffice to ''pus u.s.
the country--"all right again. financial
~ and the Herald, in an article upon the
cotton crop, remarks: ''From the position
Of the world to consume, we predict now
that this crop Of cotton will bring into the
United States a greater volume OF money
than any heretofore, by from five to ten mil
lions Of dollars. The fear is that next spring
the rebound triH be too great, from the in
fation Of the paper currency on the steady
importation Of the precious metals"
For the Daily Gate City.
The bankrupt Act OF 1871 -shali We
have another!
/ | have heard the remark made several
times, Of late, that eve must have another
Bankrupt Law, to clear OF the Indebtedness
Of the country
Such law would doubtless be we'll re.
ceived by that portion Of every community
who have run recklessly into debt--in many
cases ut the expense OF neighbors who hav'
/ been more industrious, prudent and econom.
! ical but how would il suit creditors? Arr
| they ready to put up with ''less than ont
cent on the $loO,"-or, worse still, nothing
at oil, MS occurred in thousands Of cases IN
/ der the Act Of l84l?
1 The following paragraph, which out from
a paper before me, sums up briefly some Of
/ the results Of that Act:
/ RrrR ,srrcrIvK.-Under the general bank
/ rupt Law Of lS4l, there were 33,139 appli-
/ cants for relief, and l,O94,6 creditors
named in their petitions. The amount OF
debt confessed was $3.50, 934,3l5, and pro-
perty surrendered $43 ,G19, s01. In Pennsyl-
vania. Eastern Virginia, Southern Alabama,
I and Washington City, there is nothing to
! show that the creditors ever realized any
h thing In Maine, Connecticut, Michigan and
/ Iowa, less than one cent 10 the 800 WAS re-
/ ceived in Southern New York and New Jer.
/ sey, cent. in Massachusetts, 4 cents; in
Tennessee, Al cents in Illinois, 60 cents il
Maryland, ID cents, and in Kentucky "
/ cents to the 500 were received.
But tho above statement, bad as it may
look, is not the worst Of the matter. The
writer could point to more than one instance
within his knowledge, thousands oc'
cnrred throughout the country,-of mer
who, having availed themselves of the bene-
fits Of the act Of lS4l have never since beer
in business OF any kind. Nevertheless, the,
have lived ''as well as the best in the land,
provided amply for their families given t.
, sons, perhaps, a .start in life," and wille
/ away handsome fortunes at their death!
No more Bankrupt laws, then, say |, b
; which to cheat creditors, and invite the CON
mission Of Perjury! JusrIcE.