The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-04-04
The bankrupt BiII.

From the Tribune.
We hold that the State has no moral right TO
fetter permanently the energies and discourage
the hopes of its citizens who may have been
once unfortunate in business We deny that il
is either polite or Just to mortgage the future
earnings OF debtor who, being unable to pay
his creditors ia full, has honestly surrendered
his whole property, aud whose assets bear a
reasonable proportion to his obligations. We
affirm that to hold the sword of the law over
such a mans head indefinitely Is wrong TO
him, no benefit to his creditor and o serious
injury TO society in general. Hence we believe
in bankrupt law, and we earnestly hope the
House will Mr.. Jenckes' bill.
We must presume the House has examined
this measure, yet we hear of no serious obiec-
tion to any part oft The bill is not rejected
because of its imperieotion, but because of its
perfection. 1t was before the last Congress in
substantially the same shape as at present, and
was subjected to the closest criticism. Last
Tuesday the House went through it, section by
section, and its enemies could only object chat
it was too well drawn. Indeed, the main fea-
lures and principles of the bill are not expert
mental nor theoretical, but have stood the test
OF experience ID several States, and are firmly
established by repeated judicial decisions Mr..
Jenckes has framed his bill upon the model Of
the Massachusetts, Insolvent Laws, which have
grown into q system through the usage Of many
years, and are generally considered by the pro-
fession the best existing in this country, or IN
England. Those who oppose the billl DO so on
general principles. They do not want any
Bankrupt law.
But we believe-nay, we are sure-the country
does want bankrupt law, and that the measure
is not less popular with the creditor class than
with the doctor class. Business men a rule
know their own interests. They know that u
man who has tailed, has the lite crushed out OF
him by a condition of the law which permits a
creditor to pounce on the first thousand dollars
that his debtor struggling up again in the world
can make. whereas, IL you give that debtor a
legal release, you set him on his feet, you en-
courage him to start aresh, you enable him 10
acquire the means eventually to pay those very
debts the legal existence OF which would have
| prevented his making the effort. You give COM
| fort to his family; you add wealth to society.
| In the wreck and prostratiOn of business inter
| ests which the last five years have witnessed,
| there are hundreds of thousands waiting the
| passage Of this Bankrupt bill as the signal oi
| their emancipation.
Their properly is gone; their creditors will get
| nothing If the bill doesn't pass; they cannot be
any worse off if you pass dozen such laws. The
| Chambers ofCommerce of New York, of Boston
and many other cities. representing the creditor
| class, have recognized this by their approval oi
| the bill in question. The House may well abide
| ever theoretically be deemed opposed to the
| measure.
| The majority against the bill last Wednesday
| was small, the vote being SO to 70. motion &c
| lay on the table, motion to reconsider, by
| which its enemies hoped to kill it finally, was
| Immediately after lost by 50 to 6S, and the
| subject was postponed till April 4. We trust
| no friend of the bill will fail to be present wher
| 1t again comes up.