Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-12-28
THE BANKRUPT ACT

The Neiy York BuUetia of the Odd
instant advocates the repeal of the
bankrupt act by Congress as law that
does more harm than good. Probably
there is no other statute ON which more
may be said on both sides byintelligent
business men and lawyers withouu de-
parting from facts or sound logic. A
national bankrupt law is legitimate
child of the. credit system. With no
mercantile or other credit, we should
need no bankrupt machine; But faith
in man, his industry and honesty, be-
gets trust and credit, and credit leads
to disappointment, losses and bank
ruptcy. Insolvency is not myth, but
q condition, however unpleasant and
disastrous, that must be dealt with.
How viii You deal with it to protect, as
far as may be by legal rights and re-
straint5, the interests of both debtor
and creditor? They have generally
common interest in the insolvent estate.
1t is conceivable that Chancery Courts
may be so organized and their proceed
ings so arranged by learned and expert
lawyers, that fees and costs will con-
sumo all the property Of the bankrupt
whatever that may be, before the credi-
tor or debtor is permitted to come to
the table of this professional feast.
Where the carcass is the eagles gather,
but small birds had better stay away.
Many an honest business man has been
thrown into bankruptcy by lawyers and
money sharks for the fortunes that
might be built up in part by acts at
once legal and corrupt. On the other
hand, dishonest debtor may, by the
assistance Of legal adviser of the same
character. use the bankrupt law tot force
too confding creditors into settle
ment Of their claims on terms which
practically rob them of their property.
A leading merchant, Mr.. George OPP
dyke, of the city of New York, told a
reporter of the Bulletin that under
leach of our bankrupt laws l have had
about FIVE hundred debtors; from not
one did l ever receive one cent" Can
any court Of justice bring forth worse
results? No wonder that so many bus
mess men petition Congress to repeal
the act altogether. But the Parha-
ment of Great Britain has found it ne
cessary to have law Of this kind for
many years, although her chancery
court ie machine that brings more |
toll to the profession than profit to the
public. If the law-making powers in
London and Washington should do |
their best to reform the rules, fees and |
practices of these courts, their victims |
would have less cause for complaint. |
1t is impossible for any court to |
do wrong, or sanction wrong
in others, and be held |
innocent. The remedy and sovereignty
are with the people, and all wrong is
treason to their moral sense and COM
mon sense. These demand at the |
hands of their Representatives, not a
repeal of the bankrupt law, but such |
wise pruning and grating as shall |
make it bring forth valuable fruit, in
stead of that which is at once sour, bit |
ter and contemplate. 1t is curious
fact that the most bungling, expensive
md unscientifc work done in America |
IS that of legislation, and the execution
IF the laws of the land. VIII any
reader give the public a good reason
why this is so? A law is needed to |
protect with small expense and prompt |
decision, all honest men from dishonest |
debtors, dishonest creditors, and above |
all dishonest lawyers. If the reform of |
legislation generally, and of the bank |
rupt act in particular, demands some
reform in the virtue and intelligence of |
the ballot-box as d condition precedent, |
let us recognize the fact, and search for
a remedy. Certainly it is no utopian
idea TO believe and say that there is SUI
ficient common sense in Congress to
enact a bankrupt law that will promote.
upright dealings between man and man
in cases Of misfortune Like the winds !
and tides of the ocean, there will be
Gains and storms in trade, and ship