Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-01-24

Reading Matter on Every Page.
WASHINGTON CITY:
FRIDAY January "a. 1879.



The country is again discussing the bankrupt
act. Indeed, when has it not been doing so for
the last fifty years d? In 1928 We had a bankrupt
act; an 1871 another, and then in 1865 another,
which is the present law, supposed at the time
OF its passage to be piece of permanent and
weIl-adyised legislation on the subject AMI an
end of our experimenting to do with and to do
without law Of this character. While in Eng
land they have had a bankrupt law for a CEN
fury, and in all countries where there is ANYTHING
like an enlightened system of Jurisprudence, it
IS regarded in some form as indispensable in
trading and commercial community; here we
are constantly enacting and repeating these
statutes as the pressure of the classes Interested
u brought to bear with greater or less weight
upon Congress. Shall We ever be done with this
shuttIe-eock sort of legislation, which is fruit
fnl source of evil to the just administration of
the laws and the rights of trade &? We suspect
not until Congress acquires strength to resist
the LOBBY OF the present day and deny all de-
msnds for class legislation.
There is great opposition to the bankrupt law
among certain classes of business men with
whom it interferes in their methods and chances
OF collecting debts of failing customers. They
are mostly your sharp, hard-going creditors,
whose maxim is that the time to collect a debt
II when it is due. They trade or loan on short
time, have all their agencies arranged to make
money out Of falling creditor in the shortest
possible time, and they know how to do it. The
bankrupt act has two objects. One is to give
the insolvent debtor his discharge on his paying
hity per cent Of his Indebtedness, aud the other
l. to secure fair distribution OF the insolvent's
estate amongst all his creditors. IL does not
allow one or two men, more fortunate i'm obtain
ing information, by their diligence to take pre-
eedenee Of others and swoop up the entire es-
tate Of the insolvent, or to obtain preferences
by way of mortgages, deeds OF trust, Sc, to
the prejudice of a score of others who are
equally entitled with them to a share of the
debtors estate. When man is insolyent-and
that means inability to pay his debts-the bank
ruPt Law throws its protection, when invoked,
over the estate, and saws to the surrounding
crowd ofeager creditors, Gentlemen, there must
be no grabbing here; fair play and a pro rata
must be the rule in dividing what is left for YOU
all Any preferences obtained within four
months ofthe bankruptcy with knowledge OF the
inSOivent condition OF the debtor are void, and
money OF property 50 obtained must be returned
to the assignee for general distribution. Now,
sueh a law designed to protect the rights of all
creditors and insolyent estates from the dill
gence and sharp practice OF attorneys and col
lection agents of our commercial cities, does not
suit the class OF business men We have named.
the debtor has stopped payment they want to
proceed at once to be the first to issue execution
AMI make levy, first TO take their pound of flesh,
ana they are sure TO take it from the center Of
vitality in the poor subject, that whoever
comes after, on a similar eTrand, will find moth
ing bat bleeding and exhausted Carcass that
will not pay funeraleNpenses- Before the bank
rupt act went into operation these gentlemen
alTayo had a sort of monopoly of the proceeds
OF the estates of insolvents- They were keen
scented and swift-fcoted, and always obtained
the lions share in commercial failure.
They were enabled generally to make their
money well-secure it before the BODY Of
the creditors had any definite knowledge
Of the real condition of the debtor
These gentlemen don't want a bankruptlaw; il
Is In their way, and an obstacle 70 their business
They don't want any exemption or stay laws
poor laws or taxes; all such are regarded by
them as a fraud on the rights OF a legitimate
trade They can take care of themselves, and
are ready to meet competition in the collection
o. debts as they are TO meet competition in the
sale OF goods, wares, and meTchandise-by the
employment of superior skill and capital. They
have personal interest in the repeal of the act,
very much The same a the New York importer
has foT the repeal OF the tariff ON foreign i'm
ports. There are others who have objections to
the workings Of the bankrupt law, which arise
out OF their ignorance of its real character and
merits. OF these We have neither time nor
space To speak at present, or to answer Objec-
tons which they urge.
Ono thing is very important in this connec-
ton, that whatever Congress does on this sub
iect in the present aspect OF the matter should
be done upon full deliberatiOn and discussion.
This marching up the hill and then down again
every few years alternately, is terribly democrat
iziug TO legislation and the people who seek it.
Repeal the present law, and in two years YOU
have another effort and general howl for bank
rupt law, and 50 We go, revolving with the years
aud the supreme legislature OF the land.