The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1873-02-20
THE BAgRUPrBILL.

~ aSIeeo " IcpuIt tne AlouSe Uili u0oA"1 "eoAy |
0 the bankrupt act, which was introduced
by Mr.. Platte, of Virginia, and passel by q
two-thrds vote. 1t will be remembered that
the House, few days previous to the pas
sage of Mr. Plates bill, had passed a bill,
absolutely repeating the bankrupt act. The
question before the Senate Committee is the
adoption Of the repeating bill, or the deciara-
tory bill, aid from the information We have
received, the latter will be recommended by
the Committee, to which the matter was re-
ferred. This latter bill secures an exemption
Of So 600, as provided for in the State Con-
stitutiou of Virginia, homestead clause,
against all liens, judgments, &C., created be-
fore or since the passage Of the law, and APP
plies to I'll cases now in Court or that may be
filed prior to the 1st day of'July 1873. If
this becomes alaw, the exemption will amount
to about $1,000.
The interests of commerce and the coun-
try demand that well regulated and guarded
bankrupt law should become fixed institu-
ton. England has had one since the days
of Henry VIII, and to suggest The repeal of
it would be regarded as blow at one Of the
most salutary statutes and conservative pill
lars Of the government In fact every other
civilized government has long lad bank
rupt law. In this country where the spirit Of
t..s,s =
trade is much more reckless and adventurous,
its necessity is more apparent. Men rise in
the morning wealthy and 90 to their beds
poor. When man. in the fluctuations of
trade, becomes insolvent and gives up all be
has except shelter for his innocent wife
aud children, the law should protect him
from the lawyers aud she.iffs. As has
been heretofore, all he IA axes goes to pay the
costs of litigation, derriving his family of his
earnings and the State Of his creative ensr-
gies. With good law fixed aud settled, all
| transactions could be made with reference to
it. No one would suffer from it, unless no
did so wilful.y, and the family would be Sc
cure in their homestead. We should regard
lit as humane and christian law, and SO
would community generally when they had
become accustomed to its working.
The difficulties and hardships incident to
the introduction of this feature of our juris-
prudence, would be in the inauguration
There are parties who would suffer from it,
but they would stand as one to twenty Of
those who would really be benefited. After
the law had been once established, tae bene-
fits would be general, and al new contracts
and transactions made with reference to it.
It ia not sound policy to enact a bankruf t
law, periodically. Were it to become the
settled principle OF our government, We are
very sure the conclusion Of every fair min led
man would approve it..
/ We cannot agree with our cotemporary of
the Old Commonwealth, that Messrs. Lewis
and Harris have misrepresented their constit-
tucnts 10 favoring the bill before Congress.
It furnishes the occasion for a very graceful
tribute to the virtues and heroism Of two de-
parted Virginiaps, and the expression Of a
sentiment that will 6nd a responsive throb in
every Virginian's heart. But we must re-
member that we are living in different times
surrounded by painfully different circumstan-
ces, to those Of other days. We must look
at matters practically and address ourselves
TO the pressing necessities which face us, in
stead of indulging in rose tinted sentences
which do to attract the admiration Of the del
icately esthetical, but DO not meet the stern
demands Of business life
The State requires tho energies Of her PEG
>ple-their creative labors. Many of her best
citizens are pressed to the earth under the
burden Of debt, with 60 possible avenue Of
escape from the environments Of ingeniously
devised webs, to direct every cent they earn
to the satisfaction of lisigant fees, depriying
their families Of the absolute necessities o.
life, and hedging them around With dark ant
lowering clouds in the future. In very many
cases, this condition Of things has bean the
result Of no fragrant Encouragement Of them.
selves. 1t has been brought about by events
they could not control, and hence it is but a
suggestion Of humanity that shelter for thsi,
families aud bed to lie upon, DO secured te
them, that they may feel encouraged to again
commence the battle of life and do some SER
vice for community.
IF this act becomes a law, We hope it will
become likewise the settled policy Of the
country. It will do much towards breaking
up the miserable credit system that prevails
in Virginia, and is paralyzing every branch
Of trade. There is not government in Eu-
rope that mas not for many years regarded
similar statutes as the most salutary in their
Jurisprudence, and we cannot see wherein
the people Of the United States SO widely DIFF
fer from them in the fluctuations of trade, and
mutations Of fortune, that they should be
held up as an exception.
DECLARED VACANT.
= The special committee appointed to inves
fioate the case of Senator Caldwell IF Kan