Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1862-05-02

chants, and active business men have been
ruined hopelessly by this pro-slagery rebel
lion. We know of men by scores whose
bankruptcy has been caused wholly by this
wickedness. They are men of honor and
Christian integrity, and not the kind of
men who whine or give up, except under
extraordinary pressure. They are just the
men we cannot afford to spare. We want
their influence, and the benefit OF their ex-
perienee. We want their help in bearing
the heavy burdens of taxation, soon to be
thrown upon us.
There are but few soulless men who, Oh
principle. never release debtor They
think they have the divine right to Cypress
a man and ''hold their debt over him for
life, " rather than yield penny, principal
or interest. Such men ike the Golden
Rule in the abstract. but they think, in
their case, it don't apply. OF course not,
for it was never meant to apply to those
who have no souls. There is no way to
meet such men except with bankrupt
law.
Objection is made to any movement in
Congress just now, because it is said that
the South would take advantage of it and
Immediately free itself form Northern in
debtedness. Such cannot be the epinion
of any refccting business man. We want
a bankrupt law to enable US to coerce
these Southern repudiators. There is no
hope of obtaining money from them to any
considerable extent, unless we can have
some compulsory power which now does not
exist. The South would undoubtedly pre-
vent all agitation of the subject in Con-
gress, if it had the ability What the
sham government of JEFF. Davis& Co. has
not taken of the people, it will be hard to
get, without the grip of Federal power
We want law, thereforc-a national law
North or South. to use the property in
paying his debts. Such law would make
the rebels squirm, short meter. We want
a law which will compel man to give mp
all be has under oath, so that if these men
South periure themselves, from debt" but
will loose all their property, ard then not
obtain discharge. Without bankrupt
law, therefore, our business men will be
great sufferers. As soon as we can con
quer peace, we want every dollar that can
be collected from the South in the shortest
possible time. IF we have no other aid
than Southern State laws will give US, VIC
shall see poor ard slow work in making
collections We shall find rebellion here
in troublesome form, and we want the
power to meet it.
Let US have permanet law, made as
perfect, as humane, and as just as faIlible
men can make it-one which shall be alike
beneficial to debtor and creditor. Such a
law will save millions which otherwise will
be lost. 1t will prevent fraud, assignments,
preferences. expensive litigations. and an
almost endless delay in settling up bank
rupt estate. ..--.
1t is a matter Of great surprise tLat
while England, France and NEST other
countries have for years enjoyed the advan-
tagcs Of a permanent bankrupt law, this cOun-
try has not deemed it expedient to adopt
such measure. The conflicting interest S
of debtor and creditor Which always exist,
and which are always pressed on both sides,
make it necessary that every well govern
ed commercial nation should adopt some
judicous, uniform, equitable law, by which
the assets of every bankrupt shall be fair
y distributed.
One thing the Southern States will prob
ably do, if we have no bankrupt law
They will pass laws, when the war is over
to prevent the soIlcction Of debts due the
North. unprincipled as they have shown
themselves to be, in rcbelling against the
best government on earth, they viii not
fail after their overthrow. to rePudiate eve
ry liability by the most stringent enact
ments, \ bankrupt law is therefore a ne
cessity.
We hope therefore that Congress will
lose no time in attending to this matter,
forit is one of the utmost Importance, and
is so acknowledgd to be By all sound bus
mess men.
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