New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-12-16

CONSERVATIVE INFLUENCE OF a
NATIONAL BANKRUPT LAW.

There are many cautious, CONSERVATIVE minds
that shrink from the support and incline to dep
recate the passage Of tt National bankrupt Law,
fearing that it's success would render Specula'
ton raupsn; and inauguIate general reckless
ness of peeuniary Obligation. Aswo cherish an
opposite view, we beg them TO consider the
matter in the light Of the following suggestions,
which haze ri least the merit Of having stood
the test Of years of reflection and cons.dera-
ton.
Credi. is one Of tho most benoGctnt Of human
inventions, but, Ike most rood things, deplora-
bly, abused and perverted. Thousands Of thou
sands run In debt here with Il facility and TO m
amount utterly unprecedented in other lands.
A stripping who has 'oleIked it few year, in a
country store, accommodating thereby suit OF
broadcloth and gold watch, bores few letters
Of vague communication out Of good natured
townsmen, and starts with them TO some en-
poyum for a stock Of goods. One jobberOn.
eludes TO trust him thereon with few hund.
red dollars worth Of goods that he il anxious
TO sell and is allowed to charge his own price
for; whereupon another concludes that, if A.
does Il, no may; and now {. lets bin run bill
with little hesitation, seeing that a. aud Il.
have done 80; end thus be goes on, till no has
bought $4,000 20 $4,000 worth on credit;
Nben there is not nan on earth who would
not rather have the gook than the notes he has
given for thom. Thus he "gcts into bushes"
without enough capital to buy horse and cart,
and hourishos away, paying little here and g
little there, getting extensions and buying
mo.e goods, till his creditors become tired Of
his excuses and shut down" GA him, when he
collepeeR, pays ten to forty cents on the dollar,
aud is 81 ready TO start again or go into any OIL
OK Railroad speculation that may BIO current.
sucb, without oxaggeratjon, Is Mercantile
Credit, as it foCrished among ua for Thirty or
forty years prior to the breaking ont Of the
Shareholders Rebellion.
Tor the time, this ia knocked in the headi bnt
il will break out and rage again so soon as we
have Peace. Burnt children do TO, dread The
fire, or, if they do, that do nj deter other and
greeuer children from poking their fingers
into the eande.b,a2e. Everybody knows thai
Mercantile Credit has been far too loosely given;
but every one hopes that lie may somehow ovoid
his share of the richly deserved penalty Of the
general wrong, and 90 the shell is tossed from
hand TO haId til Il cyplodes and scatters desc.
lation all around.
Hence We have FIVE times 80 many traders to
support as we need or should have, and the
prices Of goods are correspondingly inflated.
Men do large stroke Of business for years who
were never worth $1,000 in their lives and
oonld never have filed store butfor the shock.
ins ohuse of Credit, misnOmed the Credit System.
Hence Bankruptcies, enormous and almost uni.
vereal, resulting from the facts that we have
far too many traders, and that men rush into
merchandise who aye 10 more lit for it than ior
Arohhishops.
Nov We want National Bankrupt Law "a
curb and correct this tsnleucy TO oYef.'radine
based on unsound credit. We want fair notice
given TO our importers and iobbers that they
give credit at ther own proper pcrii-thal the
law win punish fa,se p,etenses like other frauds,
and win give all debtcr's assets to his credi'
tors, bat nothing more. Men give crediton cal
citations ike these, This chap has no expert
ence and little OF no capital; very hkely. be
will fail; but he is young and heartyi no has
brains, and will learn By experience; by-and-by
he win mako money, end 1 will keep track Of
hin til he gets able, and then make him pay