Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-01-31

IN al article on TINS subject the Boston
Post says If the senate Of the UniteC
States viii now take up the bsnkrup
bill which passed the house at the las
session, and make it a law 50 far as con
gress can do il, the sincere thanksOf tn,
country viii be its requital.
It is poor craftsmanship that permits
the energies Of the business men and th,
most experienced commercial talent Il
be locked up by laws which, in propo,
sing to protect creditors, really contra.
vene the fundamental interests Of The
country. The objection to such a law,
tEatit viii shield dishonest debtors and
offer a standing premium to fraudulent
practices, viii not bear q careful eXami-
nation. To remain on the s~tstute-book
Of the nation, it must embody and ex-
press the common sentiment on this
subject and that is certainly
in favor Of nothing more nor less than
Justice. a law that was framed in the
interest of fraud could not expect 70
stand long after it began to operate.
But it is very plain that the present con-
fused system works wrongfully, in that
il discrimiuates in favor Of the fraUdu-
lent debtor and against the truly honest
one the former can readily make bis
escape through the many loopholes pro-
vided, while the latter finds himself in
the attitude practically Of a culprit, only
in consequence Of his good intentions.
The law proposed, even if vicious in
some Of its elements and parts, could
hardly operate such harm asa system
like this. Under existing statutes, that
are related to 10 common principle Of
enlightened legislation, the man who
sets out with q determination to practice
perfect honesty in all his dealings finds
that if he does 50 he is permanently
whereas If he chooses to avail himself Of
the tricks to which fraudulent debtors
VIGOROUSLY resort, be may secure him
self from serious harm, and hope at some
day 10 come out As good as new. This
in fact is only offering a premium to dis
honesty, and %c0rrupting by legislative
means the sentimeEt of the great busi-
ness community. The bankrupt laws in
England arc very tender with the unfor-
tunate debtor, and provide that a limited
per centum Of his assets shall 20 10 him
self in csse his estate divides a certain
ratio Of assets 10 obligations. But he
- -. .IHa -. 49, 49, 1t
record, and that he has not had his capi.
tai and attention engaged in any Of the
forms Of gambling. This per centum
furnishes the honest debtor something
with which to start life again. The more
liberal views Of the present day in rela-
ten to debtor and creditor, their mutual
rights aud duties, are fast wearing or all
notions Of primitive necessities, and di.
recting public attention 20 the duty Of
protecting the one as well as The other
Failing in business is not now reckoned
in the nature Of crime, as it n C was.
when a creditor could lock up his
unfortunate debtor in jail, keep him
there till he died, and then levy on his
for satisfaction Of the claim. IL is
held now that the state has demands on
its citizens, and that creditors cannot
cripple q whole class Cor the sake Of
merely satisfying personal demands.
The latter must be fully protected, Of
course, else business is next to impossible. /
put enlarged viewsisave made room 10
admit the mutability Of the debtor aud
.reditor relation, and, further than that.
be claims Of the community on the ac-
ivity and enterprise Of its commercial
lass as well as those who live by The
Employment Of their capital. Forty
thousand persons awaited themselves Of
he 'sions of the i~nsolvent law Of
1871, which a. loosely adjusted in its
and was rep>aled in 1913. We
have had no other gensrL insolvency
since the very beginning Of :
.hs century. The present Law a.
proposed steers clear Of objections whl,b !
we're fatal % the act of 1871, and guards ,
Elth s~crupuious rig0r the interests and I
lights Of the creditor as well as Of the {
Ii holds out no inducements TO ]
dishonesty, and hence wOHld operate 10 I
he advantage OF fair dealing and ! more (
Universal solvency. We trust congress T
yiil not suffer this most important law {
o eleep itself to death between the two q
.1usez. lint will give il to The country .
Without DELAY as a pledge that its trie
l~terests are watchfdly cared for, and a. q
beet fecurity for 3 revival OF business, i
renewal Of enterprise, aud a source Of !
founding revenues for the future. 2