The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-03-05
The Nsw Bankrups scheme OF Or. Senator
TO0mbs.

The New Bankrups scheme OF or. Senator
Tonmbs.
We are glad to know that Mr.. Senator
Toombs, from the Committee on the Judiciary,
will shortly bring In bill providing for
general and uniform system of bankruptcy
throughout the United States for the protec-
ton of creditors the relief Of insolvent debtors
and to regulate the commercial intercourse of
the citizens of different States, including banks
and all corporations. He submitted re-
solution yesterday as an initiatory step to
such a measure. The BILL as we are In
formed, will embrace both voluntary and in
voluntary bankruptcy, and will compel both in
dividuals and corporations 10 pay their debts or
become bankrupt. 1t Will secure the people
against bank suspensions, and will no doubt
carefully provide against all frauds and all pre-
ferences and compel an honest division of
the bankrupt's assets among his creditors.
The reader will thus perceive at glance that
this measure will cover more comprehensive
and more important field of practical matters
of legislation than any other measure intro
duced into Congress since the organization of
the government. The scheme, in fact, as indi-
Gated. embraces nothing less than the recon-
struction of the financial, commercial, banking,
corporation and individual business relations of
all the United States upon general and uni
form system of checks and balances, safeguards
securities and settlements. The broadcast grasp
of the human Imagination would be incompe-
tent to embrace the vast extent, and ramifca-
tions, and consequences, for good or evil, Of
some such general law, according to the pre-
dominant wisdom or folly that may give it
shape, form and vitality. From the banks and
financiers of Wall street, from the RAILROAD and
manufacturing corporations of the North to the
day laborer in the ramotest recessed Of the AL
legheny mountains, measure like this of Mr..
Toombs will be of vital Importance. 1t comes
home to the family and the pocket of every man
in the United States, rich Or poor, bond Or free;
and at least the grand object of the bill, the
protection Of honesty troguery, will COM
Ilaac.a the almost unanimous appreciation of the
American people.
But the great question here interposes itself,
can measure Of the stupendous proportions of
this scheme of Mr.. Toombs be reduced to any
valuable practical working shape? Our pc
riodical bank mutations and revulsions, our wild
goose specializing epidemics, our financial ir-
regularities and conflicting systems ans between
one State and another, our bankrupt lodges,
extensions and accommodations of all sorts, Ger
tainly suggest the imperative necessity of some
general measure of reorganization like this
proposed. We await the introduction of the
bill. We have had one or two general bankrupt
laws, but from their imperfections they were
speedily abandoned when reduced to the test of
practice. Mr. Toombs will have had the lights
of experience to guide him; and the lessons of
the late revulsion particularly, and the symp-
toms of another ruinous imitation now at work,
we doubt not have been thoroughly considered
by the Senator from Georgia.
From the pettifogging objections of the
learned Senator to the Army bill one would be
inclined to doubt his capacity to comprehend
the prodigious work he has undertaken in this
general bankrupt scheme. But it may be that
Mr.. Toombs was somewhat bewildered upon the
Army bill by the destinations of Mormon poly
gamy, which it is the intention Of our bachelor
President to abolish, If Congress will assist him.
The privilege of half dozen, or a bakers
dozen, or thirty, forty, fifty or hundred wives
is an attribute of popular sovereignty" which
may have its temptations to marrying man.
But let us get this Lecompton constitution
through, and LET Mr.. Toombs give us general
bankrupt law which will practically answer all
the great ends which he proposes to reach. and
let that bill become a supreme law of the land
and we may forgive him all his late alterations
upon Mormon polygamy. Let the Senator
nbrig forward his bill