, 1862-12-08

ene eHacllnenI was uascd, and uenaauA !
amendment Of errors, rather than the de-,
struction Of good and bad together. After
ell the mischief was wrought, and Just at
the time wien unwholesome experience
had taught legislators the nature and ex-
tent Of the mistake into which they had |
fallen, partisan animosity on one side and |
partisan cowardice on the other, concurred
in expunging from the statute
books, all recognition Of one Of the most
bcnifcent principles Of modern civ
i1ization; and now, after a lapse Of
twenty years, we find the SUCCESSORS of
their legislators and parties cropping around
in the dark, seeking to gather up and re-
organize the fragments Of what might have
now been, had Democracy proved less
trenchant and partisan, and Whiggery
more consistent and less coward]y,a per
feet system Of which no man could have
complained. We shall see what they will
do.
Our own belief is that tho legislation Of
the country owes to the people Il Bankrupt
Law, the absolving effect of which shall be
cecqual with, and a perfect offset to, the
innuucrable mjsclliefs Of which the paper
money legislation is the parent; that mas
much as vicious law-nlaking permits the
existence of financial and commercial
system Of which fifteen hundred banks Of
issue are the major rart-a system that is
as prolific Of cases Of bankruptcy as small
pox is Of pustules-it should, in common
justice, open wide door Of relief. It is
unquestionab1y as true as that two and two
make four, that the expansions and con
traction Of the banks, and the consequent
plethora or scarcely Of what they call
money, and the quick increase and rapid
diminutfons Of commercial values, are the
causes Of the oyer-trading, the furious
speculation, and the innumerablc inso17en-
cics that have for many years been the
bane Of all American business. For these
things, the neglect Of Congress to exercise
the power with which it is clothed by the
Constitution, and the endless violations Of
that instrument, by the States, in granting
to others the right that they do not them
selves possess-the right to issue bills Of
| credit to pass as money-fully account
| Hence, We hold that, until tic source from
which nearly all the bankruptcies spring is
| purified by such wise legislation as Will re-
move the principal disturbing cause in bus
mess affairs, Congress cannot properly
! withhold from tie people a corrective Of
| the evil which its own neglect has created
It has dug, or permitted others to dig, the
| pit in which thousands and tens Of tlaous-
| an1s of honest men are dounderine, with
no prospect, save by its aid, Of getting
cree more on solid land We aver that its
| helping hand should be at once extended
| to all such.
| This is our argument il favor Of lust,
well guarded and equitable bankrupt law.
We are not aware that any others have
used it, and We do not know that any Will
be convinced by it, but to our minds it is
conclusive. 4 law that shall meet the re.
| quircnents Of debtors who are unable to
! ray; that shall contain every possible
guard against fraud; that shall in certain
cases make bankruptcy compulsory; thai
shall apply to corporations as well as indi
viduals, and that shall, with such amend
ments as experience may dictate, remain
rerpetually IN the statute book, is wha'
the country wants, and what the pcop1s
would gladly support. It is not too soo1
now to put it into operation. TLe tlej7i
Of 1857 is not yet cleared away; and at tnt
end Of this war, no matter how it ends
the ranks Of the iasolyents will he st
crowded that a law for their benefit yril
he a necessity that will make itself heard
felt and understood, It is the part Of wis
dom to prepare for the woGaded-to &C
ready the lint, Landagcs, the knives an
ligatuTcs, TIC tonics, stin1ulants and anc
| dynes-beioTe the battle is over!
E~-vzas--e
K1esnies<lc Or tkls, HIEfaG5.. River.
Captain John Alien, of tic steamer 3Iinnt
sofa, and Captain Thomas Nichols, tsG the lin
boat Angola, got into quarrel while ;,la:;:a
cards on buard tie Minnesota, while On he
last trip up the II1;Ecss River, Il few day
since Nichols accused Allen Of cheating
Allen denied the Charge, drew IL; pistol, all
shot Nichols in tAc high, and l.c hlci to- tlcat
: IN few minutes. When the bnat arrived :
Bard=town, Allen garc himself up to Tic al
, :horities. An inquest was held on his cas
and The jury acquitted Captain Allen, on II
gyo7;7,d That he acid IL ac!fd zas'. Tl.is IS &c
| ta;r1v a ,,eyz thcf,yy and 7.rart5c 5%,., 1F sol