The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-01-27
MONDAY EVEN'G, JAN. 81. 1877
FINE BANKRUPT LAW.

out in other states than Virginia, decided
protests from the people. The leading COM
lnercial bodies of Massachusetts, and other
states, have spoken in earnest protest
against the hasty and improvident action |
of the House of Representatives, when
the repeating bill was sprung upon its
attention last week, at the close of days
session, without previous notice-withou'
petition from any quarter-without near.
ing before any committeeman forced |
upon its passage under suspension of the
rules, without a word of debate or chance
for a protest. More reckless legislation
than this would be impossible. Five
minutes between the offering of the bill
and the calling of the roll was all that
was permitted for the consideration Of the
proposition to repeal one Of the most inn
portant statutes now in operation.
This sort of legislation IN matters of
such acknowledged magnitude and i'm
portance--putting in peril the rights of
creditors, as we'll as the rights and inter-
ests of debtors-is we'll calculated to
shake the public confidence in the stability
of any legislation by Congress, relating to
the commercial transactions between citi-
zens Of different states. The reliance of
the country is now on the conservatism of
the Senate, and an appeal should at once
be made to that body from the whole peo-
pie of Virginia, who are to be more SER
ously affected by this hasty and IMPROVE
dent legislation than any of the chief
commercial communities of the country.
The Boston Daily Advertiser comes to
Tho defence of the bankrupt law, and urges
some of the most cogent arguments for its
retention upon the national statute books.
It states a fact familiar to every
legal gentleman in the country,
and painfully so to its commercial
interests, that, before the passage of this
law by Congress, the state insolvent laws
were entirely inadequate to the CONNER
cial requirements of the country, being
ol.en changeable and conflicting in their
provisions, and entirely homogeneous and
harmonious in their operations as between
citizens Of different states. The national
law was several years reaching its matu-
rity, with some of the best legal and
commercial minds in the country
engaged in its consideration and prep.
aration for permanent enactment. Il
was designed to accommodate supposed
sectional interests and produce uniform
law as free from defects and infiImites az
possible. Successive committees OF thu
two houses Of Congress, acting lndepend
emily of each other, sought to reach thu
same end-a permanent and satsfactor.
law to take the place of the inharmonious
conflicting and often chaotic legislation
the states. These committees not onl.
studied laberiously to this end them
selves, but invited suggestions boil
from legal and commercial gentlemel
Of large experience and study, as touchln
the bankrupt laws of this and othe
countries.
These two separate committees did NOR
than this. They sought not only sugges
tons from the best informed sources OF In
formation and experience, but ELECTED
objections to and criticisms of their plan
from all sources and the result was, tina
they framed uniform law, or what the,
designed to be such, bringing order out 0
general chaos, and giving us what was de
sigaed as permanent national code, to b.
accepted as the best practical solution o
one of the most difficult of all commercial
problems. The system adopted is one
the most complete that has ever gone int
operation in any country, its only defect!
being those of mere machinery, and thes'
have hardly worked to the disadyantag,
Of any one.
The Boston Advertiser makes the fol
lowing interesting and important state
rnents in regard to the history and work
ing Of the law:
Before its enactment large editions of the bill
were printed and distributed throughout thu
country; abstracts of it were published an mos
of the newspapers; every lawyer ant
man of business had opportunity to be
come acquainted with its provisions II
the interval between us publication an n ant
adoption select committee OF the Engllsl
House of Commons on the revision OF tn
English System of bankruptcy, reported to IN,
parliament LWenLy-One propositions u ~
ments OF which eighteen were identical with In
Leading provisions of this bill. Other nations
nave since made it the basis for radical modih
cations of their sysems,-facts showing tht
careful manner in which the bill had been pre-
narad and revised After the enactment of the
law based upon principles the soundness O
which was nowhere questioned, and accepted
with nearly universal favor by al
sorts of mercantile interests, i
was regarded as permanently settling the trlou
nal by which cues tons of insolvency should D
heari In many states, consequently, the msol
vent laws have fallen into disuse or have beer
repealed altogether Every business man may
imagine the consequences winch might folloV
the immediate repeal of the national law, a
The House proposes, or the repeal taking eteeto o.
The first OF July, according TO the senate Dill
while the laws of the states are in more hopeies
confusion than ever. and some OF them nav
nothing that can be ealledlaws at all
1t is to be hoped that the Senate will re
fer its own bill and the snap,iudgment o
the House to the new Congress, or maxi
short and conclusive work OF both. N
State in the Union has greater stake i
this matter than Virginia, and no sue
hasty and inconsderate action as that G
the House should be acquiesced in by on
Representatives without most determine