The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-11-15
TIE STATE B-iNKRUPT LAW.

ucularly in the Southern States that Congress, at
It's last session, would have passed bankruptlaw
'hat would have offered solution to the pccunia-
ry complications which fctter the operations of
so many of our cntcrprsing men. The measure
was presented and pressed almost TO II final
passage, but the lahors Of the obstruction
committee 10 cmbarrass The proceedings of
that body were only too successful, and the
measure ultimately failed. 1t is probable that
il will he taken up again, hut it is probable
also that it will meet tho like obstruction to its
passage. The political issues will not hc The
less exciting. Tie great AMI perhaps the
final, conflict between Radicml;sm and the Gov
crnmcnt will be joined. To that will bc add
dressed the intellect and energies Of both, and
1t is not to be expected that, in the crisis Of
that exciting controversy, there will be the
leisure or inclination to the perfection of 4
measure of such merely business interests.
Nor III fact would the action of Congress, in
IFS present revolutionary condition, be apt 70 lie
final OF efficient. The Southern States must ul-
timately be restored TO the Union,-in which
event the cnactments Of this body will he apt
TO be abrogated, or those States must be per-
nancntly excluded,--in which event that Radi-
cal party, TO administer the despotic powers
they will have assumed, will find it necessary
TO mould its Congress to form more suited to
the executive functions they will REQUIRE it to
performs and in either event therefore, its
action, i'll its present transition and anomalous
state, will be apt to he disregarlcd. It's acts
therefore, may be considered little more than
PROVISIONAL and time must elapsc and great
changes must occur before its policy declared
upon this and kindred subjects, can be regarded
MS the permanent policy of the country
In the meantime, it devolves upon the States
TO do what may be within their power to miti-
gate the evil we have mentioned. In the way
OF efforts to relieve the embarrassmcnts of
! their people, however, there are two important
difficulties. The first is in the fact that the
States themselves are hardly now existing DO
litical authorities. They are not admitted to
possess the functions Of self-governm ent; they
are not admitted to legitimate relations to the
General Government il is not certain that in
the relations ultimately to occur, there arc any
of their determinations that will be admitted to
the force of law, and rights and obligations in
CURED under legislation ultimately to be set
aside, may still further increase the very COM
plications that legislation may be intended 10
| remove.
The other difficulty is in the fac, that, how
ever fully.it may be conceded to the actions of
our States that they shall have the force of law
over our own authorities, it is not to be sup
cede to our resolutions the force of law over
the authorities of the United States within QUIZ
limits. An act Of our own Assembly, there
fore, which, upon certain conditions, should be
held by our State Judges to relieve the debtor
from his obligations, would not be so respected
by the Judges Of the General Government
While he might be discharged of pecuniary oh
legations to his own fellow citizens, who could
only pursue him through the State Courts, he
would still be responsible to his foreign credit
ors, who could pursue him in the Courts Of the
United States, and the evil, therefore, could
only be partially abated.
1t is still important, however, that sometime
sho"iu DC done. We cannot be perfectly GER
tain that twill be done when it is DONE and that
our action, therefore, will be ns efficient as we
could wish it; but it is tolerab1y certain
that, within certain limits, such n measure as
we have mentioned will be permitted to have
effect 1t is not to be supposed that, in the re-
vuisions still impending, these States will be
entirely deprived of their character of organ
lied political communities. 1t is not to be SUM-
posed the Federal authorities will do more. in
opposition to such enactments, than enforce
the claims Of foreign creditors, which will be
worn out in time, and which now effect but
Limited portion of our people. The mass of
our bligations-certainly, in rural districts
are to each other. Our debts, generally, are
due to our fellow-citizens; they are, at present,
subject to what are yet conceived to be the
powers OF the several States, and we are i'm
pressed with the belief that good may result
from Judicious action upon this subject.
| We would object to the feature of voluntary
bankruptcy, embodied in the bill of. 1841, and
which reappeared in that before Congress
IN the last session There is, in our concep-
tion, no merit in measure which will allow
men to make bankrupts of themselves: those
only will be apt TO do so who have nothing to
offer to their creditors; those who are not par-
ticularly conscientious will be apt to prepare
themselves for the operation by some skillful
disposition of their visible effects, and the ten
dencics of such n feature, therefore, will not
be to improve either the moral or material con-
dition of the country.
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