The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-03-22
THE BANKRUPT BILL.
The exact Scope OF its BearinEs--The
Legal and Moral obligations of
Debtors under IL.

business public upon the passage OF this
long delayedand much needed measure,
which In nearly its present shape, has
dragged its slow length along through
two sessions OF Congress. The fact
that it has been so long pending, and
the small majorities by which it was
finally adopted, cannot be accounted
Tor on the hypothesis that there was
any radical defect in its provisions-as
even its opponents have not underta-
ken TO materially change them. But
these facts are, probably, due to some
political and sectional prejudices, too
narrow to be sanctioned by the mercan-
tile community at large.
The principle of this bill is one uni
versally recognized by legislators
throughout the civilized world. since
there Is not nation in Europe which
in its civil code. In this country it is
deemed equally Indispensable TO secure
the ends of justice between man and
man: and the failure OF our national
Government, 10 carry out a plain pro-
vision of the Federal Constitution in
this respect, has continually necessita-
ted separate State Legislation to the
same end.
But the soundness of the principle
admitted, on the score of humanity, ex-
pediency and public justice, we must
dismiss from our minds all narrow con-
siderations as to the persons or sections
likely to be most benefited by such a
law. We believe that the opposition to
it, at this particular crisis, Is based
upon short-siHhted views of what is for
the interest of the opponents them
selves. 1t is a mistake to suppose that
it is not needed for the Keller, and re-
storation to usefulness, of Northern
debtors, and equally u mistake to sup
pose that it will stand in the way of an
equitable adjustment of the claims of
Northern creditors. So far as the dis
tinctive Indebtedness of the South TO
the North is concerned, the war and
the statute of Limitations have practi-
cally rendered u large portion of it I'M
available as the case stands: and If this
bill had not become u law, our Northern
merchants, having unsettled accounts
with those OF the South, would have
had little to rely upon for their dues but
the honor and integrity of their debtors.
IhlS principle Of honor, and the moral
obligation OF cOntrHetS, the 6aukruptclJ
6HE does not touch. 1t impairs nothing
but the legal right of the creditor to OBJ
press his poor debtor, aud to prevent
MIN from regaininR a position where
he might be able to discharge his debts
to tie uttermost farthing. 1t is an en-
bodiment of the modern ideas of phi
lanthropy, liberalism and progress, and
marks step onward in the march OF
civilization, in the abandonment of
those vindictive uSages which involved
the relations OF creditor and debtor. in
u bIrbaric age. Those Southern debt
ors, whose sense of honor would have
impelled them to fulfill their pec4niary
obligations without legal compulsion,
will do so now, while those who would
not or have not the means, will only
avail themselves of this law to re-eS-
tablish themselves in business. and
may hereafter become profitable cash
customers of our New England mar
kets.
Considered in any point of view, we
believe this bankrupt law will operate
as much to the advantage of creditors
as of debtors. It will enable the for
mer to realize something, in many
cases, where without its aid they would
have realized nothing; and its proyis-
ions are 50 stringent and well guarded,
that 1t Will be almost impossible for
fraudulent debtors who seek relief
through this medium, to conceal or
transfer any portion OF their actual as
sets. While liberal and humane in its
exemptions, and based upon the prin-
ciple that the debtor who honestly sur
renders oil that he has, or can possibly
spare with comfort, is entitled to a
full release, it must prove equally effi.
cient in compelling such an honest set
Element, even where the disposition
may be wanting.
Not the least beneficial of its proyis-
ions is that ofinvoluntary proceedings,
which allows, under certain circum-
stances, a mans creditors to force him
into bankruptcy, when it is evident
that he intends TO misapply or suuan-
der his assets. The scruples of some of
FNsaF 4.
been met in the provision which, after
the lapse of one year, debarS resort to
this mode decentralization, in cases where
the dividend is less than so per cent,
except by the consent OF u majority of
the creditors in number and value.
In the present unsettled state of the
country, the time may not be far dis
tant when many OF those business
men, VINO now regard such a measure
with dtstavor, may, from no fault of
their own, be placed in a situation
where they Will be glad to avail them
serves OF ITS benefits. \ commercial
and monetary crisis is not among the
least probable events of the coming
year; and those who are doing anv kind
OF u credit business, even with the most
prudent calculations, can hardly tell
where they may stand Il few months
hence. With outstanding debts ex-
pandtnR in an inverse ratio with the
TO swallow up the other before the ira
der IS aware of the fact, and to plunge
him into the gulf of bankruptcy while
he is iatterIug himself with an imagi-
nary balance of many thousands.
At any rate, we feel sure that the gem
eral effect OF this legislation will be
good; and that it will serve to make !
business men cautious in their opera |
tons, while setting free and stimula-
ting vast amount of neutrality-suspicious.
enterprise, which is now lying dormant |
from fear of being crushed at the out |
set. The protection which 1t holds out |
must inure to the interest of all classes;
an9, IN the long run, with permanency |
~ uniformity of usage, men will learn |
70 oS business on the square, and not |
otouoIe the courts at all with their Pc
= Ei transactions, any farther than /
!" establish what is equitable and Just. |
The late Victor Cousin is reported to |
have given the following advice to the
son OF friend entering upon life,
about the time he himself was under
notice to quit it: "You are young and !
take my advice: earn
money and save it. II you do NOT, YOU
will prepare for yourself a dishonored |
old age, and when your hair Is prav
and your faculties fail, you wlll have no
but = hospital or the Sem
ate ~