The Washington union., 1857-11-11

proceedings were voluntarily instituted by the debt
Or, and where they were not, in very many cases,
they proceeded from a friendly CREDITOR at the in
stance of the bankrupt himself. So numerous we're
the frauds committed under this act, and 30 many
Objectionable consequences resulted from it, that 1t
repealed by almost unanimous consent after be-
ing in operation about two years. No act OF Con- I
gress was ever more emphatcaly and universally
condemned by tho American people. Aside from
it's doubtful constitutionaly, in cases Of voluntary
proceedings by the debtor Of its most objection
able features was that it applied TO past debts
traced when neither party had right TO expect
that such change in the law would be made. Mil
lions of debts were contracted under circumstances
which induced the creditor to give the credit because
he believed that the debtor would pursne his calling
and accumulate the means and then pay. We often
lyupon what we know the debtor can personally do,
rather than upon what he has done or the means he
possesses. Thousands ofmen would have paid their
debts, due perhaps to widows and orphans, but for
this easy mode of wiping them out. This law held
out the temptation TO exertion to pay honest
debts, and throw the loss upon the hapess creditor.
He was made to bear the loss of every bad speeula
ton of the debtor and often Of his reckless extrav-
agance. Thousands who lived like millionaires and
had contracted immense debts, went through the
MILL" their assets producing no dividend whatever
for creditor6N Many such somehow "camo out
rich"
full HISTORY of the debts contracted before 1S41,
and of the proceedings under this act would aston
ish those not practsed in the legerdemain of vou-
tary bankrupt proceedings, and would deter all
friends of good faith the part of debtors from
passing another law with like provisions, II would
make them halt when they had gone FAY as the
English system to which the constitution refers
They would limit any such law to traders or at least
to those connected herewith, as specified in the
act of 1900, and con6ne its operations to the
action of creditors in pursuing remedy against
a debtor who commits acts that throw suspicion
| upon his motives and intentions. Such law, if
passed, should apply to corporations. bankrupt
law, applicable to future and not past debts, author
izhg the creditor to use it as remedy against
debtor who perforfns cs Buffers questionable acts,
| might pefhaps prove advantageous, and particularly
in securing equal distribution of tho dcbtcr's as
sets among his creditors, thus avoiding those pref
erences which are often so ruinous to the latter 1t
might have salutary effect against corporations
But there is no justice in allowing men to throw all
the consequences of bad speculacns and fast living
upon those who may have trusted them, relying up
on their future exertions in many for payment
Debtors have no more right to threw even their
msfortunes upon their creditors than upon anybody
else and especially where no law authorized it when
the misfortune occurred. No one has greater right
to shoulder the consequences of his improvidence OF
want of foresight, ndulging in extravagances up
On others, than he has to make them bear those
which follow criminality. When debtors arc hon
est, but really unfortunate, creditors nearly always
voluntarily relieve them, and especially among tra-
ders" II is safer for the community to rely upon
this than TO allow debtors voluntarily to shield
themselves from their legal obligations. We think
that the American people as body do not wish to
see another bankrupt law like the last