The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-04-12
SATURDAY EvE,G, APRIL -, 1873.


Ine new hSNbAFupb LssWs
If we understand The Dispatch in its
comments on Judge Rives' recent decision,
hat journal thinks there will be some pc.
itical capital made out Of the new bank
-upt law, because it whips the judgment
creditor out his lien, and gives the bank
rupt bona fide homestead, as provided
in the constitution of 1868, in spite of the
swift and vindictive creditor who pushes
the first relentless Judgement to record
against him.
The Dispatch congratulates itself that the
new bankrupt law, as expounded by
Judge Rives. is exactly the iniquity it de-
clared it to be, Immediately after its pas
sage by Congress. But precisely where
the iniquity comes in, it does not specifi-
cally state, except that its exemption ope-
rates against old debts as we'll as new, and
against all liens of judgments obtained in
the state courts. Now we fail to
see, and we think The Dispatch
would find It difficult to show, any
been swiftly pushed to Judgment than there
is to one which has been more slowly and
leniently pressed by the creditor. 1t often
happens that the swift creditor is the one
whose claim is the least meritorious and
equitable Of the two, and that the chief
motive in hurrying it to judgment
is to get an unfair advantage of other credi-
tors, if not to push the debtor as swiftly
to the brink of ruin as possible. As a
general rule, it is the sharp, unfeeling, re-
lentless creditor who is first on the
docket with his claim, and first to press it
unscrupuIously to judgment. And it is
Just this class of creditors, who would take
the jews advantage of blood with the
pound of flesh, which have ever justified the
wisdom and policy of bankrupt laws in all
countries in which they have been enacted.
In fact, if any exception were to be
made in favor of any claim outstanding
agaist an unfortunate debtor, it should be
that in which the greatest amount of for
bearance had been shown by the creditor,
and the least possible advantage sought,
over other creditors. in the way of colec-
ton. One creditor has no advantage over
another in respect to his claim ex-
cept as the law gives him priority
of lien by judgment; and we have always
doubted both the justice and expediency
of such law. 1t has been a fruitful
source of oppression and wrong, as we'll al
of corruption and fraud and in many o
the states it has been so far modified tina
no advantage could be taken by means o
prior judgments, when the debtor YVES ii
Strengthened or failing circumstances.
The Dispatches objection to the nev
bankrupt law must 60 then to the YER
principle on which all such laws are er
acted. But the wisdom of such laws, eve
to the protection of homestead and Gel
tain descriptions of personal property, ha
been too long recognized, and too univel
sally sanctioned by the usages of nations
to be seriously questioned in principle {
this late day. And certainly, if there eve
were people entitled to consideration III
der an exemption law, it was those Of vi
GINA at the close of the late war--a WI
that scourged and desolated the state b.
yond parallel in modern times.
But perhaps The Dispatch would hay
the consequences of the war, and the tie
rible desolation it produced, fall entirel
upon the debtor class in the state, and nj
at all upon the creditor class. Thel
might be some justice in this, if it coul
show that the first named class were er
tirely responsible for the war, and that tt
last named had no share or lot
precipitating it upon the country. Th
showing it will hardly attempt to make
for the sequel would bring out the very u
savory fact that many of the creditt
class-especially those whose claims ha'
been pushed to swift judgment-were
eager to desolate Virginia during the WI
as they have been to push her debtor cla'
to ruin since its close.
The Dispach mistakes the temper Of Il
people Of Virginia, if it supposes that tt
originators and supporters of the ne
bankrupt law can be brought under u
popular anathema for what they have ]
bored SO strenuously to secure-the e,
emption of an inexpensive homestead
the thousands of families in the state wi
were all but ruined by the war. Let Il
Conservative party take the high NOR
ground that to the swiftest legal credit
shall belong the meager homestead of evel
debtor in the state, and that all the destru
ton and desolation consequent upon Il
war shall fall upon the unfortunate debt'
class, and not upon the plethoric credit
class, and we shall see what we shall S
in the next November election.
A CIRCULAR has been issued from Il
Department of Agriculture at Washingto
furnishing information for the benefit
manufacturers and Others who may Co
II Il.