Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1862-06-10
MORNTNGLEADER.
TTFs04Y NORNING, JUNE no, 1851.


Necesslry for a General Banl,ruPt Law.
Upou the 2sth of January last Mr..
Conkling of New York Zone Of the most
praetioal and able men in the House. in
trOduced into the House Of Representatives
asBin to establish uniform system Of
bankruptcy throughout the United States
which was referred to a select committee.
There the matter has rested until the pres
ent time. Already Congress is talking Of
adjournment, and yet no action is had or
promised upon this very important sub
iect. which, to the commercial world, has
hardly been exceeded in importance by
any measure before Congress. The Tax
bill has been thoroughly discussed while
this bill, which is a necessary complement
OF that measure is left untouched. There
is yet time, however if the members viii
take hold in earnest to perfect a system
OF bankruptcy which viii be Of immense
advantage to the whole mercantile public.
The business Of the country has been
pFOstrated by the war 50 that some meas
ure Of relief is absolutely demanded. This
prostration is not the result Of specula-
tion or extravaganza, but Of the rebellion.
Il must be treated therefore as a.natiOnal
calamity, and not as individual misman-
sQement Trade has been destroyed and
manufactures killed, SO that stores are
left vacant and dwellings tenantless.-
Meanwhile there are thousands of the
most industrious, energetic and honest
tradesmen WhOunder The present relations
Of debtor and creditor, are unable to labor
70 their own advantage or that Of their
creditors. These men ask for relief not
for charity nor 4 total discharge from
their obligations, but for law that
will enable them to clear off the incubus
Of debt which now keeps then hopelessly
PROSTATE, and start again fair with the
wolrd. This law is asked for by creditors
a well as debtors, while those who are in
cIused in the latter class, are, in very
many cases, more largely creditors than
debtors, they having more coming to them
than they owe. This is mostly due how
ever, either directly or indirectly from the
rebels. And here it should be said that the
benefits Of this law should never be allowed
to accrue to rebels or any dislOyal persons.
Unouestioned loyalty should in every
case required to be established before the
bankrupt law should be taken advantage
Of The country will hear to no other pol
icy. They have brought the ruin upon them
selves and upon the rest of the country;
let them lie upon the bed they have made
The law asked for would put all the
property of debtors into the hands Of their
creditors for just distribution, under man
agement Of sworn assignees. There would
thus be no dishonor in the transaction,
while It would give better prospect to
creditors Of receiving the full amount due
them, than they now have.
While trade and commerce are thus
crippled, the operation of the Tax bill
must Of necessity be crippled in proper
tiOn. Flourishing trade will ensure a
hearty cooperation and liberal re-
sponse to the requirements Of that
revenue measure, which, if trade
umIoo ff~rs----ss=z==a=---a Faraq5 in
trade which mas braved the disasters of the
rebellion. 1t is estimated that in the city
Of New York alone, the friends of bank
rupts hold twenty millions of dollars at
their service, for recommending business,
If they can be freed from executions. This
twenty millions viii expand, in one year,
to one hundred millions Of taxable busi-
ness. This amount viii lie idle if some
bankrupt law is not passed.
All classes are included in the benefits
Of such an act The mechanics and labor
err need the labor which a renewal OF
business will give them, while the farmers
and producers need the enlarged market
that win be opened up by the enlarged
sphere of trade. It is needed in every
part Of the country, from the manufaetO-
ries Of New England to the pioneer farm
ere Of the West. This Congress cannot
adjourn without some act Of this nature,
without disregarding the requirements and
the best interests of tens of thousands Of
loyal citizens who have incurred their
losses BY the rebellion, and now ask sim
pie justice. Let that justice be speedily
granted