Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1867-03-14
THE BANKRUPT LAW.

In another column, WILL De IounQ an aDSCIacC
this law as it was signed by the President afte
passing both Houses of Congress. This law af
fords to our people the relief for which they hav
been so long asking, and enables all who avail
themselves of it to break the chains Of debt ant
commence life afresh as free men. Its provision
may not please all debtors, inasmuch as they ar
not allowed to retain quite as much property a
they had hoped to do. Some, we fear, would no
be satisfied with any relief short Of the privilege
holding on to all they possess This class desired
a bankrupt law which would simply blot out theil
debts without exacting any sacrifice Of property OF
their part But it should never be forgotten thai
creditors have rights as well as debtors The in
solvency of debtor involves loss on the part o.
the creditor; and it is too plain to require argu
ment, that it is unjust to demand all the sacrifice
from the creditor and none from the debtor: As
it is, the whole of the real loss, with most OF the
sacrifices, falls on the creditor; while the release o
the debtor is not founded on justice, but mercy.
He is set free-not because he is not morally
bound to pay his debts, but because he is unable
to do so. The law therefore, in mercy, frees
him from his Obligations but it does not intend to
give him competency, while releasing him. DE
claims to be too poor to pay, and, in recognizing
this claim, the law takes care that he shall not be
left rich man.
Debtors have no right to expect the kind OF re-
Lief which would leave them with tho surround
ings of wealth that really belongs to Others They
ought to be satisfied with release that puts them
on an equality with other poor men, and gives
them an opportunity of rebuilding their fortunes,
by the unfettered exercise of their industry They
even have an advantage over some Of their neigh
bors, under this law for they are allowed to keep
few necessary articles, while many man Is o.
bfged to start in life without dollar, and is de-
pendent upon his own exertionsfor all he can hope
to have. 1t is to be hoped that all our people
will take a just view of this matter. All who are
hopeessly involved in debt should avail themselves
of this law, and make final settlements under its
provisions. The sooner this network Of debt is
broken, which keeps our people in the condition OF
flies in spiders web the sooner will genuine
prosperity return to our midst. This country can
never flourish, while it is insolvent; the energies
of the people are too hampered and their time too
much occupied with running backwards and for
wards between lawyers and courts, sherifs &C.,
for them to devote themselves to their legitimate
business. The way to independence lies before
them if they are willing to stoop from false po-
stion to their true condition of poor men, and then
20 to work to become really rich. 1t may be a
rough road, but it must inevitably be travelled at
some time, and the sooner the journey is begun,
the sooner it will be ended.
This law is beneficial to the creditor also, though
at first sight, it may seem to rob him of his rights
he now holds claims which have nominal value
greatly exceeding their real worth. In the present
circumstances, it is more than doubtful whether
the tenth part of them could ever be collected
The assets to pay them do not and never can exist
while the country remains in its present state
The Bankrupt Law forces matters to an issue,
and ascertains the real value Of such claims. This
actual value is given to the CREDITOR and the addi-
tiona fictitious value is botted out of existence
The creditor gets all he could probably get other
wise, while he only loses that which he would nev-
er realize. He has also the reasonable hope, if
his debtor is an honest man, that the debt will
ultimately be paid whenever the latter has in his
power to pay it. Embarrassed by interference from
the law, the debtor may, in time, become able to
pay his debts; but this he never can do, while the
Sheriff's hammer hangs over his head like the
sword of Damocles, tied by thread, and liable to
drop upon him at any moment.