The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1874-01-20
The Bankrupt Inv.

1t is said by the Washington CORES
pondents that the Senate Committee or
the Judiciary will consider the proposed
amendments to the Bankrupt law, on the
return of Senator Thurman. His return
has also been announced so we NAV ex.
pect an early report from that Committee
and then discussions upon them 10 the
open Senate
Late developments have shown that
the honorable senators and representa-.
tlves do have some respect to the septi.
ments of their constituents with regard
to their legislative action. Then il
becomes desirable that the wishes of
the people be known. Perhaps on no
subject which has been before Congress
inns session. except the salary grab now
happily settled have the people more def.
mite and pronounced opinions than upop
the present bankrupt law. There are
some good features in it, and if they could
be retained without the obnoxious fea.
lures the people would rejoice. But as
1t now stands, its tendency is only evil.
IL Is used as an engine for the gratifca.
ton OF envy or spite, oftener than for its
legitimate purposes. But the worst of
all Its evils, is that in its administration
there Is SO much cnance for overcbarpes
unnecessary delays. in closing up estates,
so much liability to fall into the hands of
rings who have no further care about the
matter, than to feather well their own
nests. For instance there may 90 an un.
ders'andlns between the judge, register
clerk and messenger of the court, the
three latter being appoDtees OF the Judge.
ana some leadiog law firm in any locality.
ana this combination can usually make It's
own choice OF the next aud most essential
Ink IN the chain, the ps,isncc. Then
fees and services and perqni>it,.. and in.
terest on deposits and TIM, con he .r.
ranged to suit the conveni,.,ce and on.
pidity of the army of commoianr, whose
especial privilege it may hapIoa t, il, %
ia'ten upon the bankrupt estate.
Now whether such a state oil thing, "a
we have supposed exists in any locality.
we do not know. But this we do know.
that bankrupt estates do not average
twenty cents on dollar to the creditors
And even those in which the debtors were
supposed TO be solvent, and it is at first
announced that they will pay one hundred
cents on dollar, in The end prove ONLY
little better than the others. Another
liability to abuse is the protection it at.
lords to designing Adventures. BY the
Judicious use ofa very small amount of
capital, credit can be obtained for large
sums. Then the bankrupt law protects
from molestation until the outraged cred.
ltors can endure it no longer, or until the
debtor has everything arranged and goes
into voluntary bankruptcy with assets not
much more than nominal, with which to
meet enormous liabilities. But how does
1t protest him, it may be asked. When
one shrewd creditor finds that any firm il
lnsolvent or approaching insolvency, he
dares not proceed at once, to secure him
self, but by bolstering up their failing
credit, he enables the failing firm to
transfer his claim 10 some other victim.
and meanwhile helps them to extend their
liabilities and involve many others. it
may be, in hopeless ruin. These and
many other considerations lead the people
to feel that burden is added rather than
lifted by this piece of legislation. Why
is 1t retained when involving so much
hardship, and when it is so objectional to
the mass of the people,