The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1867-12-19
Bankruptcy.

in some quarters to cast odium upon per
sons who are SO unfortunate as to be under
the necessity ofapplyiug for the benefits of
the late Congressional Bankrupt Act
This, we apprehend, is the result of false
conceptions Of the objects and purview Of
the lsw,and as it is new thing in our time
and generation, public opinion should be
properly directed in reference to it; or
else injustice may be done a class of per.
sons who are the objects Of public sym.
patty, rather than censure.
We believe that tho law is we'll adap
ted to the present time snd circumstances,
and that the public good, as we'll as prir
.vate interests, will be subserved BY it.
Our forefathers foreseeing the conser
quences Of financial revulsions and poli,i
cal revolutions, to which all governments
are liable, very wisely engrafted in the
Federal Constitution provision by which
Congress was empowered to make, at any
time, a general bankrupt law, which
would be binding in its operations up.
on all Of the States. This power cannot
be said to have been abused by the last
Congress in the passage Of the Act in
question for il such law could be pro.
per under any circumstances, it would
seem to be peculiarly so in its application
to the present embarrassed and ruined
condition Of the Southern States. Many
Of our people, as the result Of events
which they could not control, find them
selves involved in debt to an extent, which,
with their present resources, it will be ut.
torly impossible for them ever to pay. In
such cases, would it be desirable, either
for the creditor or for the public good, to
keep these debtors bound for life time.
their spirits broken and energies cramped,
eking out useless existence; or would
It be better for all concerned,to take what |
they have, relieve them Of legal liability |
for past debts, and give them encourage.
nent and opportunity to practice industry
n the future, thereby beneft,ing them'
selves and the community in which they
livef Clearly, it appears to US, the lat.
:er is the best policy; so thought Con
yress, and the present law is the result Of |
heir conclusion.
The idea of general Reputation OF
all debts, with which th o public mind VAS
10 pregnant short time ego, and which |
'ome still entertain, is as imrracticsble as
I is unjust and morally infamous. To
'ay that all contracts shall become null
md void, is to say that we are in state
II anarchy, where there is no security for
or person; and the proposition
hat the debtor shall have all-that he
shall retain quiet possession Of his broad
acres, his stock and money, and share
none OF it with hi. creditors, is so mon
,trous and uuchris,ian that An intelligent.
public opinion will, sooner or later, con,
denim anu defeat 1t.
The bankrupt law comes in as hap,
py medium Of compromise between the
debtor ana creditor. 1t compels ,hs sur.
render by the former Of all bis estate.
even to the most minute particulars from
this he is assigned small portion to pre-
vent distress in his family, and to enable
him to take new start in the world
The remainder goes TO the creditors, who
having got all the debtor has, are dsbarr'
ed from claiming his future earnings
The debtor who comes fully up to the re.
quirements OF the law, making an honest
schedule and surrender, has, in our judg.
ment, nothing to be ashamed OF. II he
acts otherwise than honest-if be attempts
to defrauc his creditors, he will not be en-
titled to discharge under the Law.
We are aware that the inclination Of
a large proportion OF debtors ia to avoid
the payment Of their debts, whether just
or unjust, new or old. and the many acts
Of fraud, deception and eoncealment, now
being practiced, is appalling, when view.
ed in the light Of justice and honesty;
but the bankrupt who comes up to the
spirit and letter Of the law cannot be
clsssed with these persops. He not only
makes clear surrender Of his entire esr
tate, but he SIMMONS his creditors, anG
actually invites inquiry and investigation
into his past conduct. We repeat that
such men are more the objects Of sym
psthy than Of public suspicion and con
demnation.
We have said this much In ,indication
OF the bankrupt, and to correct what we
conceived to be wrong direction Of pub
lie opinion. 1t may not be amiss to add,
that, personally, we have no concern on
the subject, and that neither of the edi,