The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-03-07
The Bankrupt Law.

Mr.. HCGHEs's statement as TO his connec-
ton with the amendment to the bankrupt
law which was lately passed by Congress
shows that having last year said that the law
meant so.and-so, and Judge RIvEs having
decided that it did not mean so-and-so, he
determined that it should bear the meaning
he had attached to it, and therefore went TO
Washington and effected his object with the
aid Of various Democrats and Republicans.
Mr.. HUGHES knew that Congress was not
judicial tribunal, and therefore that its de-
elaration that the law was intended to mean
so-and.so would not be respected by the
courts, that body having no earthly right to
construe its own laws, and no Judge who
has any respect for himself ever looking to
the Legislature to coustruc law for him,
and so he (Mr. HUGurs) added to his bill the
additional words that so-and-so shall be its
meaning, all the judges and courts in the
land to the contrary notwithstanding. We
have tried to see if we could not, Initiating
Lord BRouGuAN, drive coach-and-lour
through this uct of our National Parliament.
AS yet we have net succeeded. 1t is not
only carefully but abundantly worded.
A correspondent of the Wing suggests
that all the landowners in the State will
probably be compelled to take the benefit of
this new bankrupt law, and therefore that
they would do we'll to take it all at once, and
give the coup-de-grace to the creditor class
at once-send them to grass, in WORLDLY
themselves purchasing all their own lands
even tracts of thousands Of acrcs-at price
less than the sum allowed as an exemption ;
aud then, if all the land be not sufficient to
level up every mans estate to the amount SO
exempted, that the "money-changers be
compelled to supply the deficiency. This is
cipital-u regular JACK CADE crusade. Why
not, to be sureS Let us wipe out old scores
and make fresh sturt. Aud il we may dc.
fraud man out Of money or property i'll the
shape of bonds and notes, why may we
not take his gold and silver also :
A thousand-dolar grccnback is in no
wise more sacred than a thou,aud-
dollar tond or negotiable note. Land, too,
-
out to the poor who have none? Why
should few thousand people be allowed to
own all the land in the State? We take il
for granted that the correspondent alluded
to is iudulging in satire, yet it is so well con-
cealed that we cannot be certain thut he u.s.
Now Is surely the time when the poor debt
ors should have saturnalia OF their own.
One effect Of this law will he that the Gre
dit system will be cut up by the roots. This
win be good result. Another result will
be that poor men will have to remain poor.
/ The law Of entail in England keeps mans
land IN bis own family, no matter who or
how much he owes, and thus keeps up a
landed aristocracy and poor peasants enough
to serve them us laborers. Soft will be here
under this law. The land of the State is in
effect entailed. 1t will descend to the heir,
whether the owner owes few or many debts.
II will descend Immediately upon his death
and therefore, If man has $4,000 worth Of
land and eight children, each of his eight
children will, he dying, become at once euti-
tied to a homestead worth $1,000; aud so
the dead mans creditors could get nothing
out Of an estate worth even that sum. But
there Is no telling the consequences that arc
to follow the enactment of this law. It will
effect social revolution.
The State tax upon $500 worth Of pro-
perry is just $3.50. Would it not be well
for the Legislature to exempt these poor
debtors from the payment of taxcsy