The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-05-31

the commercial papers which have appeared
subsequent to the passage of the act by the
House.
1t therefore cannot be doubted that tho
opposition to nil bankrupt laws exists only on
the part of the sixteen gentlemen who voted
for the memorial on Saturday night.
Lot us next consider tho memorial itself.
The petitioners consider that the domorali
zntion caused by the war renders tho country
unfit "to meet tho law in proper spirit"
We presume tho framer of tho memorial
means that dishonest bankruptcies will be the
rule, and honest failures the exception. We
cannot see the matter in this light. We deny
that the character of our people is demoral-
lied by tho war. We point to tho general
honesty and good faith prevailing through
out the South during the war. Then all laps
were suspended, and commercial transactions
were reokoned by millions; yet obligations
were generally met with promptness, and
oases.of fraud were extremely rare, if, in
deed, they ever occurred.
War is undoubtedly great evil, but we
are yet to learn that it renders men dishonest
If there ever was q time when a bankrupt
law was needed, and if there ever was peo-
pie whose condition demanded the passage of
this, or q similar aot, this is the time, and we
of the South are the people. Thousands of
our best men have been ruined by the casual
I ties of war-the destruction of their property,
and the emancipation of their slaves. 1t is
precisely for such state of things that bank.
rupt laws are intended. Those who have
been ruined by misfortune ought not to labor
all their lives to pay debts, many Of which
are owing to men who have devastated our
land with fire and sword. Let our people
come forward honestly, give up what they
have, and commence life anew. The general
prosperity of the community will thus be
stimulated, our energies developed, and work
will be cheerfully done, because men will
feel themselves emancipated from the slavery
of debt. On the other hand, if any attempt
at fraud is made, the insolvent loses the beno.
fit of the act, and lives O dishonored man. Ii
is thus the interest of all to be honest. And
in this spirit we believe our people will re.
ceive the Bankrupt Law as boon second only
to liberty itself.
The creditor has nothing to lose. He is
usually a capitalist, and will benefit much
more by the revival of commerce, and the in.
creased productive energy of the community
untrammeled by debt, than he could possibly
lose by the successful fraudulency of some
dishonest debtor.
So far from State reputation being con.
sequence of the bill, we think such course
will be rendered impossible by the very mea.
sure in question. A community liberated
from debt will be able to contribute more
largely, through taxation, to State and
national revenue. The insolvent laws of the
several States are not sufficient for the ocoa
p,v... hneIr operauon ivvKs more TO the Gre
ditor than the debtor. The honest but unfor
tunate debtor cannot, under State laws, com
pei the creditor to permit him to become 9
bankrupt. Our ancestors saw the necessity
of comforting upon Congress the power tc
regulate bankruptcies. 1t is o power in
herent in the nature of supreme sovereignty
and has been wisely used by the presen
House of Representatives for the benefit o.
the whole nation.
We trust the Senate will soon pass the bill
and entitle itself to receive from the country
the need of praise which has 30 generally fol
lowed its passage by the House.
N