The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-01-14
the BANKRUPT BILL.
TO THE EDITOR OF rHE HERALD.


Tho bill 10 establish . uniform system Of bankrupt
law, which to be resumed in the Senate Monday,
has received the advocacy Of your leading Journal and
has been commended without single exception by The
press Of the country The has been most
fully prepared, avoids the complications and intrica-
cies Of the English system, simple In Its details, and
from experience Of the administration Of bank
ruptcy Law, feel confident in predicting will DO emf
nenty just and equitable in ts operation. In this great
country where commerce, within the last decade has
made ouch gigantic progress whore commercial relations
essabshed In every part Of the world whore
iacn and enterprise national charssssvistics,
seems marvellous that no system should sz TO relieve
and fraudulent debtor. we'll sdjustsA bankruptcy
Law essential the veil being Of evsry commercial
sors csasse. 90 not sppsar 70 d:p'.s sSs prepssss
but their hostility, ~ fs :: can be learned en hs
very few speeches made in the last session asainss tes
BILL 10 based upon the narrow ground that although 10
urgently required BY the trading interests Of che North
srn states Il would BE- boon 70 the Southern dsboTs
Ss ss s Ss o. 70
falscy, and the Statistics Of The p.csniaZ sissons
between Nor'hsre eIsdj!on Ia, snd Southern dsos0"'
Il computed, With q much accuracy - b alAissbls,
that a. this moment the indsbtednese Of Southern
ssis 600 sisi 900 belonging . .hs cry o. New
York alone How the payment Of any o. theee debta
y b without ss ss"r q s .ss =
ssss,s Of The debtor FOR fair and equal distbution
among HE creditorsf feet is better than s1unsns
70 illustrate proposition, and the following inseance
occurred during his week under ny own professional
large srm In r.1n failed owing debts 70 msrcAs.s
were computed 70 DO $40 600 lawyer wss ssns down
duly armed with powers Of attorney. &C., 70 obtain
ucipatsd some result from the expense they had In
Cured telegram informed them that he Insolvsns
arm had Just made preferential asssnmentt 70 favored
of And md
immediate remittance 70 pay the expense Of the lawyers
return TO New York Nothing remained 70 the creditors
beyond the feeling Of satisfaction from having afforded
their agent agreeable journey 70 the South Under
the Bankrupt bill such frauds upon Northern creditors
could not DO perpctrated The debtor would b com.
and ali PREFERENTIAL ss a. ar. iHSsSss.d
dcuh 10 In such arrangement what boon or In
duecnce conferred upon insolvent southern debtors
mandcd the case Of honest and unfortunate ds6so
both In the Northern and Southern States 10 com.
puted that every year produces in The United States
70 ssventy-ons millions Of dollars land q Y
feared that the coming year may Be stu
s%csns Of sss. s unascSsssa and with which
debeors now incumbersa, would very nearly eQunl
We sssicaal ds6t They may have pvss % svefysnins
they may have eonmitisd no fraud done WRONG, end
I ~ ~S 81 e 70, n can osn AZ = s
thsiv liahdlisi0 Their fqns sxsftious ~ persYsd;
shs bsss asd hesss inuDet % nan's nature y save
use,ss sna sbsstive; the sxactine and remorsesess
creditor hangs IKE dark cloud casing The shadow Of
10 q. % a .sS
his sxertons SUCCESSFUL the proceeds OF them must
be placed beyond his own control.
There thousands In this city 10 such position,
wandering prisoners large, and anxiousy hoping
for the operation OF just and equitable law under
treated q an ossDns nor mstornns he branded a.
ymS