The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-12-17
THE BANKRUPT LAW.

twill be seen by the proceedings Of the
House yesterday that the bill reported by
the judiciary committee, repeating the bank.
rupt law, was passed by that body, with an
amendment providing that all pending pro.
ceedings in bankruptcy shall be continued
under the existing law, with reduction Of
one-half in the fees heretofore authorized.
We earnestly hope that the Senate will take
more considerable action in reference to this
important matter. The people Of this ceun-
try, more than any other, require general
bankrupt law which shall be uniform in its
operations through the United States. The
insolvent laws of the several states have
heretofore been found entirely inadequate
to meet the demands of the great debtor
and creditor classes, both in respect to the
disposition made of an insolvent's estate,
and the security they afford to creditors as
against dishonest debtors !; and if there
is any country on the globe where gene
raj bankrupt law is imperatively demanded,
it is under our mixed and hitherto anoma-
lous system of government.
The law should not be repealed. None
but the great creditor class demand it, if
we except that numerically small class
engaged in huge speculative operations,
who do not wish to be forced into bank
ruptcy at the instance Of their suffering
creditors. The people Of the South IN
particular require the continuance of the
law, not necessarily as it now stands.
but as it may be amended in the interest of
all classes. The constitution contemplates
the existence of such general law, and
imposes the duty upon Congress to pro-
vide the people with it. 1t is part and
parcel of our modern civilization, and the
leading governments of Europe provide
this mode of relief to honest but unfortu-
nate debtors. We are not strenuous about
the retention of the involuntary feature Of
the law, as that seems to afford the
chief ground of complaint. Out of six
or eight thousand bankrupt cases entered
in this state, only two hundred were of
the involuntary class !; showing that had
it not been for the proceedings instituted
against Jay Cooke & Co., and some other
large insolyent houses and speculative
railway companies, the cutlery against
this feature of the law would not have
been raised to its present high pitch of
clamor in Congress.
But let the involuntary feature of the
law go; it is of no material moment
when thrown into the great scale of relief
demanded by the people. We beg of
Congress not to throw the people, in this
trying emergency of their financial affairs,
back upon the distracted legislation of the
states for the relief which every hour of
oar monetary panic may make more pre-
cipitate and necessaryin their affairs. If
ever uniform law of bankruptcy was
needed, 1t is now. The states are utterly
powerless to render the relief re-
quired. A man may be forced into in
solvency in one state to-day, and logged
by his creditors in another tomorrow.
Confusion worse COMPOUNDED would follow
the repeal Of the law, and before the pres
ent session of Congress shall expire, there
will be such demand coming up from all
parts of the country for reinstating it, that
only hurried and precipitate legislation will
follow on the heel of prolonged session.
Let the Senate refer the House bill to
the judiciary committee for the fullest
deliberation and action, and with or with
out instruction as to the involuntary
feature; but do not precipitately repeal the
law uader the fomented madness of the
hour.