The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-01-24
rha Rankrupt Lew.

;ndlc!oIis general bankfnp19'ua1s' - ~.
man; i, this country. The repeal OF the
,res.,t law BY the Houseof Representatives
an Monday caused a general surprise. 1t was
wholly unantic;pated. It is hard to conjec
ture what prompted the step. There ap-
pcars to be general expression Of regret ~
The South that the House SO acted. Iherc
is no expression Of approval Of the repeai
ny the northern press. We do not THINK II
will pass the Senate, The South has oeeh
stcIif,y Indifferent 10 the law until THIS re-
peal OF it by the lower House ; ard We tninh
the cause is tbot the people have been i''ne'
into apathy through the demaSosue io''ess
which encouraged the idea that 'iey "'is
10 get rid OF the whole or cons'deraois put
Of their debts and hold their real estate. nc
promise 90 long made is no" SO olstrustco
th,, the prospect of being deprived OF laSt
refuge in bankruptcy has created alarm.
Assuycdlv there has been plenty OF Tune
for the embarrassed debtor to seek reiiei III
bankruptcy. But the motive o. delay, We
fear. has not been creditable, IL must De
confessed. however. that the fate OF the cases
in bankruptcy has not encouraged debtor or
creditor much. The property that went into
the bankrupt court returned little or nothing.
It was like the animals thu: cutered the hons
cave. Save the bankrupts who contrlved TO
buy back their property for nothing, no
debtor rrctited In any way save to lie rid OF
hia debts. Fees, and corruption 10 courts,
and the sacrifice of property swept every
thing from debtor and creditor alike.
The great evil Of this nation with refer
epce to the use the Government makes OF
the bankrupt law Il that that law is only
temporarily used at long intervals to SWEEP
on, 2 mass Of debt accumulated when such
law had no existence. The laws affecting
trade and trust should be permanent. The
creditor should know what laws are to affect
his relations to the man he credits at the tune
lie gives the credit. Temporary acts IN tine CT
distress from the scarcity OF money arc TIT
remedies of cllarlatanIy, and iDiure debtor
and creditor alike. Stay-laws are aboml'
nablc. They teach the worst nlorais
and do the greatest injury by alternating
debtor and creditor. Left to them
selves, they would settle their a'lalrs
amicably. 1t is not the interest OF the
creditor that property shall be sacrificed and
the country plunged into state OF general
distress and ruin. Creditors are most In
terested of all people III preventing that state
of things. 1t Is presumable that they have
more property than the debtors, and there
fore are more TO be injured by the fearful
consequences Of sacrificing property and
general distrust. But when the debtor i'm
nearhes his humanity rs we'll as his good
sense of creditors by appcalins to the Leg!s
lat,ue for protection, Tie moment that pro
lection IS withdrawn they demand theil
rights and feel that the debtor has deprived
himself of all claim to iorbcarance at theii
hands.
If the Congress rcpcals the bankrupt law
now it will only repeat its olt-repeated act
of repeating that law in IA very short
| time after It's enactment. II is regarded just
| rs taE-ElNs afc-aS nitic 'c'bp"ii, |NlS
dent to relieve debtors, who thus become tc
regard debt IL light obligation TO bs
thrown OF, when it presses nconvcuicnt'y,
by tic sid Of laws not in existence when tho
Obligation was incurred. The Legislature
encourages the idea that such relic! may be
iaG very conveniently whenever there Is Il
rinch, and that idea sJrS and undcrinlnes
public honesty.
\ pcrmancn, bankrupt law that would
equally protect the rights Of debtor and Gre
ditor would hca national blessing. But the
temporary resort to such law at times OF
pressure for want of money tends to the
corruption Of public virtue, the disturbance
of commerce, and the diminution OF conf
dcnce between Man and man.