The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-06-12
The Bankrupt Law Condenanea.

The Bankrupt Law Condemn ee'' :
The resolution passcd by the Bar Assocla-
ton Of New York city declaring u"'
bankrupt law ought to De rePea'cu' =. .'.s
40 amended as to make it less destructive ~
.ho commercial interests Of the country,
,-,,,rh, 70 be Endorsed by the honest mon OF
every city In the Union. A bankrupt law,
,,roner,r framed and rightecusly administer.
Oh is \ good thing. IT enables men to rid
themselves Of those money-lovers who VIII
never agree TO allow debtor to continue bu-
s;ness in peace after he has become embar-
rassed In his finances, but dun him constant
Is, and If he accumulates little property,
or even little business, pounce down upon
him and shut up his shop. 1t affords to the
honest man chance to make money enough
TO paY OF his debts. 1t acts as a sort OF safe
tv-yalyc for too ambitious or too enterprtsins
specuIs,ors. and enables them to "blow of"
occasionally not, indeed. without bursting
up," but without imperilling their lives,
their regulations, or their business talent.
The steam once Of, they can commence ope-
ratons again, and may profit by their expe.
ricnce. 4 bankrupt law has been in opera
ton in England for-weil say for hundreds |
ofrcars. BLACKSTONE wrote q hundred years
ago, and he tells all about it. But there it Is
law which benefits both debtor and cred
i'oT. Such should be made the character of
the bankrupt law of this country or, falling
this, it should, as the New York lawyers. de-
clare, be repealed.
What iethc bankrupt law as il is known
in tue South? 1t is a contriyance for cheat
ing the creditor out of his money. 1t is an
instrument by whose aid the bankrupt keeps
his property, and, getting discharge from
his debts, secures good title to property
which really belongs to his creditors. It en-
riches class of lawyers that are supposed
TO be influential with the bankrupt courts.
II puts fees into the pockets Of Federal offl-
Gals, but next to no dividends into the hands
of the creditors. 1t exaspcates honest men,
rlultplies the number of dishonest ones, and
aids and atets those previously and naturally
dishonest in wronging their creditors. As
the emancipation of the slaves in the South
reduced all negroes, thrifty and unthriIty,
the skilfu and the unskilful. the free-born
and the slave-born, to one common level of
being "nothing but free negroes so the
bankrupt law enables the dishonest to force
themselves into the company OF the honest,
and reduce, all bankrup.s TO one common
level Of seeming dishonesty. ...s.-
We know that there are good. honest men
who have taken the benefit of the bankrupt
law. For such we have no reproaeheS. |
these will pay their debts some day if they |
ever become able. and will allow no bank |
r"Mt exemption to prevent them from SO |
dr,nG. We symrath2e with such. 1t IS |
ipr the sake Of Guch that q bankrupt law |
ought to exist. and for the benefit of such |
was it that the first one was ever passed. |
But as the present bankrupt law is adniti>-
tered, it obstIucts trade and depriyes men |
OF credit whose credit is their only capital. |
Il demoraizes the community. AMI coDfers |
DO compromising benetts-none at least con-
mensurate with the damage ii does. Ii New |
York city cannot stand IL as administered |
there, what would her business men do if it,
were administered there as it Is administered |
by the Radical, incompetent Judges in The |
South? The Raleigh News speaks Of one of
these judges as follows:
Judge Dicks ability az i judge j. nc
thing to trag of. He was or ON supreme
Court bench when Justice Reade delivered |
rhe opinion Of the court in Hill Is. kessler. |
10 the effect the retroactive homestead laws |
are constitutional. Justice Dick concurred |
N this decision. He is now irclined TO |
doubt whether the recent case Of Gum rS. |
Barry, in the United States Supreme Court, |
,yverrp!es the case Of Hill Us. kessler. But |
i must be remembered that Judge Dickwas |
:. member OF the court that held with JUS |
tee Reade, in affirming the principle of the |
constitutionality Of homestead laws against |
,tetts contracted previously to the passage
of such laws. +%" *''s $T.'+ ia
Judge Dick is more conyerSant with tire
beauties of the Scripture than with the in
triracics of Coke upon LittletUn.",
The value OF the property in New York is
more than duube-shall we say quadruple:-
the value Of all the property in Virginia.
When such community, acting through It's
most intelligent aud influential class, ca Ills
for u new bankrupt law or none, there IS
some reason TO hope that It's voice Will be