The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1874-01-15

wiped out all existing obligations and begun to
be prospective in their bearings, aud contracts
had been made in view of them, another freak
should seize the Legislatures, land they should re-
peal the statutes, what confusion would folo"
Yet, this is the very course Congress has hereto
fore pursued in regard to Bankrupt law, ana
which it is now asked to repeat in respect to the
present law. And not only does this course I'M
pair credit and embarrass business at home, put
other lands it injuries character as peo-
pie and excites doubts to the wisdom OF re-
publican institutions. Unconditional repeal
would not only blot out a system generally bene-
fetal, and which should be permanently lncorpt-
rated into our pelicy,but inasmuch as agreements
and en- gagements Of all kinds, AMI to immense a.
mounts, have been entered into with the confident
expectation thay the law would remain, its sud .
den repeal would arouse feeling Of general DIS
trust among the commercial and trading classes
From these premises the conclusion clearly fol-
lows that it is the duty Of Congress to remedy the
defects in the existing law, and not to destroy it
altogether by total repeal One the objections
to the bankrupt system generally land even TO
the present law is based on the erroneous idea
thati is framed solely forthe benefit Of edebtor
class. The most powerful opponent of the act of
1S41, Senator Benton said; 'sThe law, in its prm-
ary and nitlatory provisions, is WIDELY and sole
ly for the relief of the debtor and wtout regard
to the wishes of the creditor" Surely this Sc
we're criticism does not apply to the present stage
Of the existing law Indeed, it is charged that
the involuntary features of the act and the pro-
visions in regard to paying dividend of fifty
per cent, Sc, place debtors too much at the mer-
cy of their creditors, and undoubtedly these claus
es of the law need modification. But the system
would certainly be liable to the sweeping objee-
ton of Mr.. Benton if, after Bankrupt law had
sponged away large share of the debts of the
country, and about as soon as it began to oper-
ate for the protection of creditors well as the
relief of debtors, it was to be repealed And yet
this is what done in regard to the two former
Bankrupt acts, and what some are asking to have
done in regard to the existing act. The poin;
aimed at in our present law is, on. the one hand,
to protect creditors from fraudulent unjust, and
ruinous preferences the part of debtors. aud to
deliver them from the conflicts, incongruities, and
in eK ciencies of the State insolvent laws; and,
the other hand, to afford hone st. fair but Unfor-
tunat debtors deliyerance from crushing burr
dens. believe that American merchants are the
most upright, and certainly the most enterpri7
sing, in the world If they are libel al in giving
credit are they not entitled by law to equitable
treatment from hose whom they trust? If through
defective iud yment or unforeseen circumstances
they are unfo rtunate are they to be forever kept
down A wisely-adjusted law will cover and eq-
uiaby adjust tl2e interest of both these classes
proper law cannet only provide checks against
raud in all parts OF the Union, but can give the
creditor national EN- edies for Furnishing II. And,
on the other hand if TIE debtor honestly yields to
its progsions it will relieve him from his liabili-
ties, and protect him aga inst his prosecutors-
No State law accomplish all this One Of
the main objections urged against the present law
when it passed was, that it was retrospective, and
destroyed existing relations Of debtors towards
creditors. The obvious answer to this is, that
such is always the case when adeLt is discharged
in any other way than by payment in full. But
hundreds of thousand of agreements Fave been
made since this law passed, and in view OF its
provisions. Repealit and you destroy in a grea.
ter degree the present relations Of debtors toward
creditors