The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1858-03-26
THE GENERAL BANKRUPT LAW.

A circular has been sent out, from the city
of New York, 10 the business men OF the
country. with view 10 enlist them in the
procurement Of signers to petition to Con-
gress, asking The passage Of general Bank
rupt Law.
The New York Committee, in their circu-
lar, presents the following arguments in favor
of the passage of such law. r7sr-
First That all credits should alone be
based upon properly and character; and that
creditors should have the right secured TO
them. by laws equally operative throughout
the land, by whieh they can share pro rata
10 the distribution Of all insolvent debtors
estates.
Second. That general law. liberal in its
provisions, and which shall discharge the
| debtor from his liabilities upon the surren-
der ofhis property, will not only be humane,
and great public gain, but will leave that
great moral link connecting debtor and cred
itor answered, impeling the former to use
the energies thus generously released in re-
paying the losses Of the latter.
Third That the small dividends under the
laws Of 1871 should have no weight against
the passage Of the present proposed law,
| from the fact that the insolpents Of l64l
were made 50 by the reyulsion of 1887, or
previously, and, as natural consequence,
had used up their assets by family livings,
speeulations, law expenses, &C., previous TO
its passage.
Fourth. The immediate passage of lib.
eral bankrupt law would not only secure
millions of dollars to present creditors that
otherwise must be wholly lost, but would
Immediately restore to the active business
community thousands of honest, industrious
and enterprising men, free from debt, and
without the loss of their business friends or
the entire destruction of their faculties by
hopeless delay or idleDess.
Fifth. The passage Of the proposed law
would operate to entirely supersede the sys-
TEN of preferred creditors, by which the mon
ey lenders takes not only precedence over
all others, but a5sorbs the very property
sold and delivered in good faith by importers,
jobbers, manufacturers, &c, instead of secu-
ring, with strict and equitable justice, and
equal division Of the entire estate of bank
rupts among oil and every description OF
creditors.
Sirih. The immediate adoption by Con-
gress of the proposed law will restore gener-
al confidence and revive business at once;
not merely by securing the assets of the
debtor for the creditor, or the discharge of
the former. that he may again be of use
to himself, family, and society, but asa basis
upon which thousands yet doing business
can meet their creditors. explaining their
position without fears, and thus possibly be
saved from ultimate bankruptcy.
Seventh. That from general observation
ma lie within the last six months, j! is assert
ed that a great majority of the business
community, at the present time are fully o!
the opinion that the bankrupt law Of ls4l
should not have been repealed, but simply
amended In some Of its provisions. Had
that been done, and the law remained upon
the statute book to this day, 1t would be
looked upon as not only the great sheet-an-
Choir for the protection Of the creditors, but
| as the most conservative law of the land"