Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1865-06-08
8radford geporter.
Towanda, Thursday, June 8, 1865.
BANKRUPT LAWS.

In late issue we intimated our salts
faction at the failure of the bill before the
last Congress, creating a bankrupt law,
and also gave warning of the intended re-
newal of the effort at the next Congress to
fasten upon the country measure OF this
kind. We now propose further to examine
the question, and to urge objections, be-
lieving a general bankrupt law to be un-
called for, and unfair, as the country is
at present situated, and opposed to the in
stincts, and wishes of our people
Owing, perhaps to the fact that England,
France, and the commercial cities and states
of Germany, has each its bankrupt law, a
measure of this kind has always been fa-
vored in our large cities, it having origina-
ted with, and being designed to promote
the interests of the merchants exclusively,
and to this class of business men it is con-
fined in most countries Up to the year
1900, the English bankrupt law was applica-
BILE to no other debtors except merchants !;
and in that year our Congress enacted a
law modelled after the English except that
it was to last only for five years, and there
fore not permanent. In France the bank
rupt law is part of the mercantile law
and in most of the countries of Europe
these laws have been salutary in their ten
denotes. If permanent, and instituted only
as commercial regulation, it is barely
possible, one might be SO here but law
of this character, intended for general ap-
plication to all classes of debtors, must,
unquestionably, be unjust in its operations,
for human ingenuity cannot so guard it's
provisions, as to avoid heavy frauds under
it.
Contracts for the payment of money are
by far the most numerous III our civil COM
munities, and their enforcement has always
been held as one of the most binding du-
ties, as well because of its intrinsic justice,
as because of its necessity, for the very
preservation of society depends upon it !;
and any thing which tends to weaken the
sacredness of the claim of the creditor upon
the debtor, or favors evasion, has always
been looked upon with distrust By our peo-
pie. While this is the prevailing senti-
ment, there is this other and graver fact,
to screen our people from the charge of i'll
humanity towards the merchant debtor,
that the States have authority under the
,oolo for
all cases of insolvency by the creation of
insolvent laws, to which all debtors can ap-
peal. For it is held in our rural districts
the population of which are as seven to
one of the cities-that the unfortunate
merchant has no more right to special
screening from the fulfillment of his con-
tracts for the payment of money, than the
artizan, mechanic, or the labOrer in gener-
al. Indeed, it is held by mlny, and justly
too, that as the latter create almost all the
advantages which civilized communities
enjoy, over barbarous states, they are more
entitled to special favors from the law-ma-
kers, than any other class and that so
long as they are satisfied with the insol-
vent laws, merchants, traders, and specu-
lators in general, ought to be.
And to this important consideration, that
such law would be especially important
now, from the immense indebtedness of the
secession states when they rebeled, to the
northern cities This debt was estimated
at eight hundred millions, full one-third of
our national debt, and this the rebels pro-
claimed their intention of cheating our peo-
pie out Of When the government is re-
stored, it has been thought much Of this in
debtedness may be secured but pass a
bankrupt law, and all will be lost and the
swindle of the rebel merchants is realized.
Would this be right If for no other pur-
pose than to prevent the rebel scoundrels
from consummating this fraud upon the nor
thern cities, we oppose the bankrupt law
scheme 1t will be cover to unheard of
rascaGty throughout the secession States.
The Indian laughed when he saw an iron
lock on pair of leather saddlc-bags, and
the men who swear allegiance to the gov
ernment with mental reservations, would
be equally amused with a law which al
lowed them to swear themselves out of
debt. Besides, bankrupt laws have never
been thought of only in times of great COM
mercial distress, and there is nothing of
this kind now in the country. On the con-
trary, the country has never before been so
prosperous. Threefourths of the money of
the free states which has bought up the
national loans, has been made within the
last three years and what time to talk
of bankrupt law Almost every man who
will can pay his debts.
Eas President Johnsons new Proclama-
tion of Amnesty, which we publish in an
other column will probably enable about