Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-01-14
a National Bankrupt Law.

That the country needs General Bank
rupt Law seems quite evident to the minds
of most people who have seriously con-
sidered the question, and who desire that
the energies of our people shall not need.
lessly be crippled and crushed by the dead
and deadening weight of impending debts
which circumstances reuder it impossible
to liouidate. The adjustment of that re-
lie of barbarism and cruelty, imprison-
ment for debt, was great step in the di-
rection named, and has contributed as
much, perhaps, as any cause. to human
happiness and the country's wealth. 1t
was q march in civilization, which re-
moved the pail of the prison bars from the
face of the debtor, behind which he had
been pining for light and freedom and the
power to struggle for life with the great
world outside, while his family toiled, or
begged. or starved, lacking his unshackled
aid. That repeal broke the wheel of the
malignant prosecutor on which his help
less victim was slowly but surely broken.
A judicious and therefore just bankrupt
law. would do for the comparatively few,
to great extent, what the adjustment OF
imprisonment Tor debt did for the many.
Such laws exist now, but they are neither
general nor uniform in application and re-
suits. Properly adjusted, so that the
honest but unfortunate man by making
proper showing may obtain release from
the debts which he cannot possibly pay,
but which hang like milestone about his
neck. preventing him from ever getting
start again in the world, and effectually
paralyzing all effort for the benefit of
creditors or family, is q worthy and ma
tural offspring of enlightened civilization.
Ii should be so carefully drawn that while
it relieved honest men, swindlers could
not take advantage of its provisions. Our
present local laws upon the subject are
probably quite lenient enough, likely en-
ough too loose, of which the dishonest
take advantage to let their creditors whistle
while they pass through Court with all
their debts cancelled, and Immediately are
in possession of the wealth rightfully be-
longing to the creditors whose confidence
they abused. We know OF not few such
cases in this city. 4 law that can thus be
made to cover up property and release
from debt, must be bad in itself or in the
administering. Congress once passed
Genera Bankrupt Law, which should have
been allowed to continue. Unfortunate
ly, about the time it had done what evil
was possible under it, and when its bene-
fetal results were just becoming evident,
it was repealed. Last year Congress tried
to pass another, which was defeated by
one vote. On the twelfth of last month,
the House of Representatives passed bill
for National Bankrupt Law by large
majority, and the chances are that the
Senate will pass it also. We may antici-
pate that its provisions will be SO drawn
that while its operations will relieve the
honest man, they will check the inten-
tionally dishonest in his attempts to swim
die. With such law as a permanent
one, every man will know more exactly
what risks he runs in extending credit,
and trade and business will be more
regularly adjusted.-CaH.