The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-21


of men as the Apostles themselves. siEEV!u
Practical LEGIsLArIoN-A GENERAL BANK
RUPT LAw.-If, instead of raising party issues
on questions which will ultimately have to be
decided by the great constitutional principles
which govern all such contests, Congress were
to apply itself to the measures urgently called
for by the necessities of the country, it would
be fulfilling its duties as sensible and practi
cal body. The fight over the Lecompton con-
stitution only admits of one possible conclusion,
and all this skirmishing and waste of oratOrical
strength can in no degree alter it, 1t should
be remembered that there are other legislative
demands which it is not safe to postpone and in
comparison to which the Kansas struggle is of
comparatively minor Importance.
Foremost amongst thee is the question Of a
general Bankrupt law. When we take into con-
sideration the tremendous ordeal through which
the country has rcc' ntly passed, and the state
OF commercial prostraton to which it has led,
it will be conceded that any measure that is cal
culated to raise us from our present state of
exhaustion should have the precedence of
mere political distractions. Kansas can
wait. but the hungry bellies of bur
Industrial population will admit of no delay.
Any measure that promises to afford them
prompt relief Is therefore entitled to priority of
consideration on the part of Congress
The general sentiment of the country points
to an alteration in the legal relations Of debtor
and creditor as absolutely called for at the
present moment. Whether that alteration
should be temporary, as in the Bankrupt law of
1s4l, or permanent, in view of the benefits con-
ferred by the English and French systems, is
of course a matter for reflection. Our own
opinion inclines in favor OF a continuous mea-
sure applicable to any state of circumstances
that may arise. The gener oil principles of such
o law are as easily defnsble in our own case
as they were in either of the systems referred
to- We can never admit that there is ything
exceptional in our Circumstance which removes
us beyond the necessity of such a law. On the
contrary, the difficulty that commercial men
experience in recovering from the shock
of each successive crisis that visits them,
and the immense amounts OF capital lost under
the present system, prove that temporary mea-
sures. like the act Of Al. are but palliatives
and only tend to render our condition progress
sively worse.
What We really stand in need Of, and what
the honest portion of the trading community
will never be satisfied without is a general
Bankrupt law, applicable to corporations as
we'll az individuals. THE law should he perma-
nent in its Character and subject only to such
notifications and improvements as Congress.
after few years experience Of its working.
might think fit to make in it. That it would
afford great present relief, and impart a sound
and healthy character to the trade of the coun-
try, is easily demonstrable.
Under the operation of the existing system,
not only is wide latitude opened to rsscalty
and fraud, but the honest debtor can never OBJ
tain relief from the pressure OF his burdens.
Legitimate trade creditors are swndled out of
their chances of partial indcmnifcation by the
privilege accorded the bankrupt of prefcrring
and satisfying in full one or more of the parties
to whom he owes money. Under the cover
of such preferences Of course II is easy
for a dishonesty disposed man to make
away with the entire property of bis
creditors. On the other hand, the debtor
who honestly surrenders his assets for equal d.
vision amongst his creditors does not thereby
obtain release from the remainder of his obli-
cations. He is consequently left to struggle
under the encouragement of load from which
he may never be able to relieve himself Both
these conditions of things are vicious in prin-
ciple, and are provocative of fraud.
The arguments in favor Of general Bankrupt
law are-first that it will create uniformity in
the legal relations Of debtor and creditor, by
upsetting the present inefficient State laws,
which, conflicting one with the other, arc practi-
cally of little use to persons engaged in mer-
camille transactions secondly. II will make
merchants more careful to whom they ex-
tend their credits, and will thereby i'm
pose check upon the undue expansion Of
trade thirdly IL will release thousands Of en-
terprising men from the burden Of obligations
which they will never be able to meet, and thus
give them chance of again raising their heads;
and lastly il will enable the creditors of swind-
ling corporations to wind them up before they
have had time to make away with the property
entrusted TO them.
There are few persons engaged in business
who would not hail with pleasure the passage
of law ensuring these results. If the present
Congress desires to leave some enduring memo
rial Of its labors, II cannot do better than 10
proceed at once to the consideration of some
such measure.
THE CONDITION OF THE Police FoRcE.-It
would appear, from statements published in the