Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-03-11
the bankrupt court Good and Evil

Tbe bankrupt Court Coed and Evil
In other countries systems OF bank
ruptoy are established by fixed, perma'
nent codes II often happens that the
beueficiary of insolvent debtors acts
owes a less sum than the amounts due
him from others. His debtors will not
pay, and that his creditors may not suffer-
he enters the Court Of Bankruptcy TO
compel a speedy adjustment Of accounts
In other words, John Doe owes slOO,OOO'
and his debtors owe him 100000 lie
cannot collect his dues, and therefore, can
not pay his creditors. The Court Of Bank
rup.cy IL his proper resort In this
forum all accounts are adjusted and one
suit accomplishes the purpose oil as
many as there are claims in favor OF and
against the bankrupt. 1t is not neces
sarily true, therefore, that every bench
ciary of the bankrupt act is insolvent
The moro numerous class OF debtors,
who avail themselves Of the bankrupt
act now in operation, consists OF these
made insolyent by incidents OF the late
war. Very many persons sold land and
other property for Confederate securities
and the wealth of others, consisting in
slaves, they, too, found themselves sud-
denly penniless. The ruin Of this class
wrought the ruin of Others, and thus the
numbers of bankrupts in the South was
indefinitely multiplied. Five hundred
thousand shareholders lost, in 1861 two
thousand millions Of property. 1t we
add TO this loss that which has accrued
from the insane Legislation of Congress,
and of General Assemblies, like that
which Brownlow directs, and of conven-
tons in other Southern States, we are
only surprised that every citizen OF the
South is not hopelessly insolvent. When
the bankrupt act of Van Buren's admin
istration went into operation there we're
no such extraordinary causes for insol-
vency. A whole population, through
five years, had not abandoned pursuits
of industry to engage in tasks of destroy
ing the products of toll, and never be-
fore we're the whole profits Of labor alb.
sorbed by tsx.gatherers, as in Tennes-
see and the negro. governed provinces.
There are those, perhaps, who avail
of the advantages of the law
to the detriment of their creditors. This
class is relatively small, The great
body of the people will confess advan'
tages arising from the liberation OF in
dustry from the shackles Of debt Many |
Of our best citizens, hopelessly involved
BY incidents to which we have advertsd,
hunted down by constables and sheritfs,
remorsely dunned, and conscious OF the |
utter impossibility of extinguishing their
had lost all incentives to |
axertion. The relief of the multitude |
Of honest bankrupts will amply atone !
for evils and wrongs done in the release |
Of unworthy or dishonest debtors. In |
fact the largest creditors of many who
avail themselves of the operation OF the
law, have urged their debtors to resort to
The Insolvents' Court for relief. While
burdened with the shackles of debt, no
man can make money; and if successful
and honest after bis discharge, the re-
leased debtor will surely sKtinguish
liabilities, the payment of which is ex-
acted by considerations Of honor and
Industry will be stimulated by the OPP
Grafton of the bankrupt act, countless
thousands wasted in useless suits at law
and in equity will be saved, and the
greater the number of honest insolvent
people, who avail themselves of the law
between this date and the first of June,
the greater will be the general prosperity
of the country. In fact, to the very ex-
tent that public aud private losses sus-
tanned by the South have exceeded those
to which the North has been subjected,
to this extent tho relative numbers of
Southern bankrupts should be greatest.
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