, 1862-12-07

A$kAE 3hA1aa va AAc 1balIl{Nts Oh WQlCR
DE- enactment w based, md des:.na
amendment Of errors, rather than the de-
stuetion Of good - bad Together. Afe1,
"a the mischief ~ wrought. and ju.k at
The sime when unwliasssoae :erperienee
had taught Legislators The nature and ex-
te1t Of the mistake into aldeh they had
fllcn, partisan auimosity On one sile and
partisan conartlicc On the other, concurrcd
in expnrging from the statute
books, al recognition Of one Of tic most
beniacens principles Of modern civ
iization; and now, aller lapse oe
twenty years, NC find the successors Of
their Legislators md parties groping AROUND
in Tie dark, seeking TO gather up and re-
orgnnixe ,he fragments Of what might have
now:, teen, had Democracy; prorca less
t1cnchant and partisan, and i WliErcsy
more consistent and less cowardly, q per-
feet system of.which no ,1naln could lave
complained. VIC khall sec what they will
do.
Our own belief is thnt the legislation Of.
the country owes to The people a Bankrupt
Law, the ahsolyirg effect of which shall be
coeq,.al with, and perfect ,ts oifsst to, the
innunerable .nischiets Of which The paper
money Legislation IS tie parent; tia. fnss-
much as vicious lsw-u,aking permits tho
existence Of a financial and commercial
system Of which fifteen hundred b1nk$ of
issue arc the major rast-a system, that is
as prolific Of cases Of bankruptcy as small
1'ox is Of rnstulca-iit shou1d, in common
Justice, open wide door Of .clicf: It il
unecestionably as true as that two and two
make four, that the expansions and con-
traction Of The banks, and The consequent
plethora or scarcity Of what they tali
money, and the quick increase and rapid
diminutions Of commercial values, arc The
caUscs Of the orer-t:adins, the furious
speculation, and the inaumcrable ;usolycn-
c1es That hare for many years Lecn the
banc Of all American busintss. For these
diinsss, 1he neglect Of Congress to exercise
usc power with which it is clothed by the
Constitution, and tic endless violations Of
tl'at instrument, ty the States, in granting
to others the right that they 10 not them
selves possess-1he right 10 issue bills Of
credit to pass j. money-frlly account.
Hence, VIC hold that. until the source from
wl'icas isss.-.; 81 the bankruptcies spring is
purified by such wise Legislation as will r.
move the principal disturbing causc in bus
iness at.sirs, Congress cannot properly
Withhold from the people corrective ri
the evil which its own neglect has created
II has dug. or permitted others to dig, the
pit III which thousands and tens Of thous
ards Of honest men are founleriaw, will
no prospect, saye By its sid, of ge,tinc
! oncc more on solid land. We are- that il
helping hand should TX. ut once extended
| IL Ill sncll4
This is Our argument in favor Of Just
we|fsuartlcd and enaitable bankrupt lasv
We arc not awacc that any others have
! ,,scd il, and We % no, knox t1.at any will
lie coHvincel :,y il, but IL our minds i, j:
conclusive. 4 law that shall meet the re.
4uireneass OF debtors who are unable Ia
Imy; that shall contain every 1,ossih!s
guard asuinss fraud; that Shall in certain
cssts mike Bankruptcy compulsory; tha.
shall apply 10 corporations IS we'll a. indi.
siduals, and shat shall, with such amend
: snen:s IL experience may dictate, remain
lerretuaily in the statute book, is wha1
tic country wants, and what the reopls
would gladly support l, is not too soor
now TO put it INTO operation. Tlls .t5,i
Of is5; is not yet cleared away: and 1t th.
sEd Of this war, no matter how it ends
tie ranks d the iasolrents viii be se
| crowded Tint a law for their bcacti: wi
be necessity that will r,ake itself heard
felt and understood. II is :he part .: wis
iom to prepare for the N.cunlel-to SC
ready the lint. handages, tic knives sui
iig@aurcs, the tones. s;inu,ants and ano
dy1Gs-Lcf1rc The battle is oyer!