Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1868-11-05
THE RUTLAND HERALD,
THURSDAY, OCTOBER %, 1868.
An Insolvency Law.

being made for its repeal, and the argu-
ments that are advanced in various quar-
ters for a return to the system Of per-
emptory attachments, or the old Grab
Law" so-called, lead 10 u consideration Of
the question in its past effect upon the
State, and the duty Of the State TO pro.
vide a law that will be equitable and prac-
tical, for the equal distribution of the
effects OF insolyent debtors among their
creditors. In this enlightened age of the
world, it would seem strange If pro-
.gressive community, having seen its dis
astrous effect upon their progress, should
consent to return to a law which has
blightcd, withered and paralized manu-
actures and the investment of foreign |
capital in our Commonwealth.
Let u examine the general principles
upon which such bill will rest, and the
effects which can reasonably be expected
To come from the enactment Of such n
law, The property Of debtor is univer-
sally composed Of the aggregate of the
contributions Of all his creditors in the
proportions in which he had received
credit from, SO ii is universally reoog-
uiled principle, dictated by the opinions
ot right, common TO all men, that the
property Of "a debtor belongs 10 his credit
ur. to the amount Of their claims, and
when distributed among them, ought 70
Ae disposed Of in the same proportions
These principles are made effective in the
law, If Vermont, concerning the prop
cry of deceased debtors Should not the
,uuy rulc be put in practice in the case Of
living debtors, who are no longer able to
met their engagements 1t cannot be
l..l.ly maintained that the right Of credit
". in, or their relations to, the propertyo of
ad,btor, are Justly changed by accidental
circumstances Of his death. He leaves
h.hlud him the same property and the
same obligation, nothing more, nothing
lr,s; and it is f>'roaeh to the spirit OF
our laws, that Il debtor, while living, is at
liberty to violate those principles Of jus
tice and equality, which control his legal
representatives. after death
There can be little question that the
policy Of promoting TO the largest extent,
the material prosperity of the State, by
the development and growth of the indus
,ri.l arts, for there is, in our abundant
resources of mineral and vegetable mate
MD such ample scope, imperiously de-
mlnds d reformation Of our laws in these
respects.
The wealth Of our State in relative
sense. does not consist of capital in money,
Aut in its exhaustless stores, Of national
rroauc,s. and in the labor OF its industri-
ori, ats frugal people, and while under
inst and humane laws our sister states
have become the centre of busy industry
.mrloyinc the forces and products OF ma
,tr,, IN Mechanic rts, and producing oc
cupation for their children at home. and
;, gt'hering together the wealth and
'rcu-th which are the prime elements II
the nrogress Of a Commonwealth, TO {
,,ry lar. = degree, our own waterfalls art
,,u.,d ON, forests still grow in silence
our ores and quarries TO great ex
tent compared wit. .their,number, still liz
unworkcd. and our s'ons and daughter
seek IN other states that 'rotee'ioh 'o,ah.
fostering care over. their inu uS'ry "hlci
hey fail to find at home, Each wear aud'
20 the accumulating evidence thai thi
,mIition of affairs is, to great ex. 'ht
produced by our system of laws whic.'
offer a premium to selfshness and oppres-
> sion and places before every creditor a
constant temptation to destroy the busi.
ness, and injure the prosperity Of his debt
Or as well as the security of other credi'
tors, in fear that some other creditor shall
gct the precedence of him in the race Of
injustice, and be the first TO commit the
same wrong.
1t is question of justice which should
receive thoughtful attention, that, aftel
an unfortunate but honest debtor ha
given up all his property for the equa
benefit Gi iis creditors and has thereb.
paid "a certain percentage upon his debts
he should have his future earnings secured
70 hisfuture creditors, rather than leav
him trammelled and bound ty his oil,
engagements, 20 the discharge of whicI
he has devoted his all. Experien &c ha
proved that the right which may be re
served to the prior creditor, of resor Tin
to the newly acquired property Of his N
solvent debtor, is rarely of any value
while on the other hand, it is, in grea
majority Of cases, ruinous to the debtor
for it deprives him Of the strongest me
tive to personal exertion, which arise
from the hope of acquiring property an
independence it depresses him in minc
by the greatest of all expressions, the cor
sciousness of weight of debt, which b
can never remove; it prevents friend
from aiding him to re-establish himself j
business, and is a constant temptation |
evade these misfortunes of his condition
by resorting to unworthy devices to GOV,
his scanty increase from the grasp
greedy and relentless creditors. TT
occasional loss to creditors by the di
charge of the debtor from prior debts,
largely outweighed by the advantage
the debtor and to the community Of whi
ne Is member, Of holding out to hi
every possible inducement to new di
gence and exertion.
A law should be passed giving effect
'he Just principle that all creditors ha,