Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-06-18
MEMPHIS APPEAL.

some fifteen or twenty years ago, that of
e large number OF mercantile houses, en-
gagged in business on Long Wharf, Bos-
ton, some twenty-five years. before, there
were not more than two or three who
had not failed.
Various causes concur to Introduce into
the business of merchants in this country
many OF the ingredients that constitute
gaming. The whole life of the merchant
is too often game of chance; and the
causes for this are more numerous now
than ever heretofore. ChiefamOng these
causes are the disturbed condition OF the
country, fluctuations in the value Of the
currency and in the prices Of staples, the
ever-changing legislation Of the country,
and the intermeddling of the Treasury
with matters that most sensibly affect
the business of individuals.
Thus there are more causes here than
elsewhere, for insolvencies and bankrupt
cies. Nowhere are desperate risks SO
recklessIy taken, and fortunes SO adven-
ltured as on the cast Of the die. Fire and
shipwreck are more destructive of for
tunes here than in other countries; and
speculation is nowhere so yenturous and
so disastrous.
There is no country, therefore, in
which there ia so great q necessity for
fixed and permanent bankrupt acts, as
this. STORY says, lCOnsDs. o., the Con-
st.tUti on, ILL.,, 81" The general OBJ
ject of all bankrupt and insolvent laws
is, on the ons hand, to secure to cred
itors an appropriation of the property of
their debtors pro taHtO to the discharge
Of their debts, whenever the latter are
unable to discharge the whole amount
and, on the other hand, to relieve unfor-
| tunate and honest debtors from perDet-
ual bondage to their creditors, either in
/ the shape OF unlimited imprisonment, to
/ cOerce payment of their debts, or of an
absolute right to appropriate and mo-
nOpolizs all their future earnings. The
latter course obviously destroys all en-
cOuragement to Industry and enterprise
on the part of the unfortunate debtor, by
taking from him all the just rewards ef
his labor, and leaving him 8 miserable
pittance, dependent upon the bounty or
fOrbearanee of his creditors. One
Of the first duties of legislation, while it |
provides amply for the sacred obligation |
OF contracts, and the remedies 10 enforce |
them, certainly is, pari passu, to relieve
the unfortunate and meritorious debtor |
from slavery of mind and body, which |
cuts him of from q fair enjoyment of
the common benefits of society, and robs |
his family of the fruits of his labor, and !
the benefits of his psternal superintend
enee. A National Government which |
"a not possess this power of legislation,
womb be little worthy Of the exalted for
times of Ssarding the happiness, and
sueporting lie rights of a free people. |
1t might guard against political oppras-
sions, only to render private expressions
more intolerable, and mCre glariDg."
Story said, ,iin 1888, when he published
his Commentaries on the Constitution, |
upon whose title page be placed BURKE's
definition of government,-"a con-
trivance OF human wisdom TO provide !
for human wants, Ut cannot but be |
matter ofregret that q power so salutsry
should have hitherto remained q mere |
dead letter. 1t is extraordinary that
CONNER cial nation, spreading its enter |
prize through the whole world, and pos
sessing such an infinitely varied internal
trade, reaching almost 10 every cottage |
in the most distant States, should volun-
tarily surrender up system, which has
elsewhere enjoyed such general favour,
as the best security of creditors against |
fraud, and the best protection Of debtors
against oppression"
The Bankrupt Act of lS41, enacted by
Whig Congress, was TO some extent !
liable to the objection that it was intend
ed for the benefit Of debtors only; and |
its provisions that were intended to pro-
tect and secure the interests of creditors
were not in practice found to be efficient. |
Wisdom would have dictated to succeed !
ing Congresses the curing of its defects
seized upon by the Democratic party as
q topic of defamation against the WhIg |
party, and denounced in unmeasured /
terms as meant to enable debtors to rob
their creditors and the result was its
sudden repeal. The practical effect was
the same as if an Ret had been passed
solely for the purpose Of giving relief to
s particular number Of persons bur-
thened with debt at the time, and TO
them only. Undoubtedly frauds
we're committed by means OF the
facilities for fraud which it Of
fered, and which all bankrupt
laws, how esrefuily soever enacted,
cannot but afford for the preparation
of fraud. But, il it were so, the chief
mischief was done during the two years
next after its passage, and II, after that,
IL had been judieiously amended, and
it's defects renedied as time disclosed
them, its operation would have become
regular, salutary and beneficial. But
whenever one party attacks a measure
for which another is responsible, and to
make the measure Odious is TO profit the
attacking party, it is always dealt with
more or less unfairly and uDjlstly; and
it will be deemed better policy to destroy
than 10 amend. Nor, during & struggle
for victory between two parties, are ju- +
aiciOUs reforms or amendments ever
made,
The Bankrupt Act now in force pre-
sents one singular feature, at utter vari-
ance with the dictates of justice and COM
mon sense, and which seems to US to
prove the Congress that enacted it, to be
unfit to exercise the functions of legisls-
tors, inssmueh as 1t conVicts them Of a
lack Of wisdom and an obtuseness Of ths
moral sense alike.
Section 3S of the Act of March I'd,
1857, provides that in all proceedings In
nanbrupfau ooFomanaad affar ona vaor |