New national era. [volume] (Washington, D.C.) 1870-1874, 1873-10-23
Bankruptcy.

ID. A. Straker, Esq, lectured before the
Commercial School, corner Ninth and d
streets, on Friday last, to an intelligent and
attentive audience. He said, substantially
In ancient times bankrupt was viewed In
the light Of a fraudulent person, nay even
more-a criminal. Such was the rigor of the
law of the "Twelve Tables" among the
ancient Romans that creditors were allowed
to cut their debtors body into pieces, each
taking his prOportionable share. Somewhat
less rigorous, but none the less inhuman, was
the practice of imprisoning the debtor and
subjecting him to stripes and hard labor, and
sometimes selling his wife and children into
slavery. But this has all passed away in
proportion to civilizing influences and the
present law of bankruptcy is calculated for
the benefit of trade and for the protection OF
all parties concerned. The creditor is bene-
fitted by compelling the bankrupt to give up
all his effects to their use, without any fraud
ulent concealment. The debtor is protected
from the rigor Of the general law, which
makes debtor liable to punishment. This
is but justice, since bankrupt is but broken
trader, whose foresight has not been equal to
the incidents of trade, the shoals and quick
sands in the ocean Of purchase and sale. The
law, therefore, has given such persons failing
in trade the liberty of their person upon con-
ditiOn that they surrender their whole estate
Ii is to-day among jurists and legislators a
disputed question whether the debtor should
even after the cession of his goods, be liable
to corporal punishment when the debt is not
completely liquidated. But debtor is not a
criminal in the sense of violator of public
peace, and the most that should be expected
of him is that he should deliver up his goods
to reimburse his creditors for the loss OF that
of which he is the sole cause. Nor in the
light of equity should he be expected to dis
possess himself of all his goods to the detri-
ment of his family, rendering them paupers
and himself useless to them. Trade cannot
be carried on without unusual credit on both
sides, and if BY accident there is failure, OF
non-payment with justification, it is but the
debtors misfortune and not his fault The
| law Of Imprisonment for debt is the law OF
| tyranny and oppression.
The first statute made concerning English
bankrupts was 81 Henry VIII, the time when
trade began first To be cultivated Subse.
quently the statute of - Ellz. e. !, was
enacted, modifying and somewhat altering
the former, as to who should be bankrupts
and what should he bankruptcy, combining il
to such persons only as used the trade OF
merchandise. And by later statute of {
George III, C. 80, bankers and factors were
declared liable. And yet later the act known
as the " Bankrupt Law Consolidation Act y
was passed, in II and l3 Victoria, by which
all prior acts were repealed, and all person.
using the trade Of merchandise, BY wsy O
bargaining, exchange, commission, consign
ment, were deemed traders, and liable TO The
bankrupt act.
By the act of Congress ls4l, August I9
bankrupts are divided into two classes
First, those who become SO upon their vol
m mr.
clared bankrupts upon the petition of one O,
more Of the creditors whose debts IN tbe
whole amount TO not less than $500. There
are several nice distinctions made concernino
the acts and extent of parties buying and
selling so as TO constitute them traders. bul
rs there Is no time TO enter upon the,s,
will only state that it has been decided ir
several important cases that whoever get
! his living by buying AID selling does enough