The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1874-02-19
The3ankrHsaG Law.

tetAgent. synopsis OF the amended bankrupt |
Law as it passed the Senate last week,
which fact we poticed in our last issue. 1t
is quite probable the bill as thus passed ard
acted upon by the higher branch of Con-
gress Wiilsm with the approval of the
House of Representatives,. It will be OBJ
served that there are no changes in the ex
emptious, and the variance from the law
now 10 force is applicable to cases of invol-
uIutary bankruptcy and the costs Of applica-
ton. The old law is still 10 force, and will
so continue, until the enactment of the SEN
ate biit or something similar to it.
There are many who are opposed to a
bankrupt law Of any kind. Of these there
are some who have educated themselves to
the conclusion that there is no honorable
method Of getting rid of debt except to
pay il. They recognize the slavery Of the
debtor until fortune or death shall relieve
him, and do not seem to regard the icter-
ssts Of community as at all implicated in
the emancipation of their fellow men from
such thraldom. There are some who are
opposed to the law, because Of selfish inter-
est, being themselves of the creditor class,
and having all to gain and, apparently, moth
ing to lose by the erasure ofsuch legislation
from the salute book. There are others who
are opposed to the law BY reason Of their
vocation. finding their profits in litigation.
These different phases Of antagonists are
natural and excusable viewed from one side
Of the question. But there are always two
sidesato every issue, and sometimes three
sides, or phases. This is the case with the
bankrupt law. There is the debtor side, the
creditor side, and the community side. II is
not right to lglsate especially for any one
Of these interests, regardless of the others.
As to the first two, when we study their re-
iation to each other, and to community, and
balance the suggestions growing out Of them,
We think it will appear that each would be
benefited by the formal incorporation Of a
bankrupt law into tie economy of govern
ment. When man owes more than he can
pay, it is very transparent that the interest
sfseach and all demands that, after he has
given up his assets, he should be released
from his embarrassments. So long as these
exist he can neither paJ the creditor nor OPP
crate to advantage for himself, and The con-
tinuancc of debt-slavery can advantage neith-
or creditor nor debtor. While this is the
logical result as to these parties, community
which has claim upon each and every con-
stituent member, is deprived of the active,
creative energies of the enslaved debtor, and
is therefore damaged. So hopeless iudebt-
edness is positive harm to every phase Of
industrial aud social existence. In the de-
gree that the emancipated energies Of the
debtor would contribute to the wealth and
prosperity of community, would the inter-
est of debtor and creditor be promoted as
constituent parts of community. It was up
on this principle that Imprisonment for debt
was abolished in Virginia. That was a rel
let OF the feudal ages, just as is the ponage
slavery of Mexico. Indeed there was more
charity in the act of imprisouing and there
by feeding the debtor, than in hedging him
around and plastering him over with execu
tious, so as to destroy his capacities for prof
table labor, and compelling him to feed him
self To have the freedom of physical loco
motion while tho energies are oppressed with
burdens that cannot be borne, is mere mock
cry Of freedom.
There is, however, serious mora' obliga
ton resting upon the bankrupt whichit isno'
wise to disregard. The kindly Offices Of the
Law in relieving him from the exactions Of
legal process, do not destroy the ethical de-
, nands iu the case. These will last as long as
: life continues, or until the debt is discharged
by substantial equivalent. That man light
" esteems his moral responsibility, who &C
! eepts the discharge in bankruptcy as re-
lease from his obligation to pay his honest
debts, as soon as possible consistent with his
duties to his family. The vigilance and the
pressure of the faithful officers Of the law
may be dispensed with by the decree of a
bankrupt court, but the demands Of con-
science and refined moral constitution
will constantly keep watch over the matter
and put in their plea for payment. The
disregard of these is infinitely more serious
than henecessitious evasion of the creditors
claims.
We believe it to be religious duty for
{ every man to pay his honest debts when he
can. We do not think any legislation will
release him from the moral responsibility to
do so. It is but little short Of highway rob-
berry, in moral sense, FOR a person to re-
aceive his discharge in bankruptcy, and then
refuse voluntarily to pay his debts, should he
become able. The bankrupt law, in its es-
,seuce, is designed to encourage honesty, al
though dishonesty is too frequently the ben
eficiary, and the man who pervcrts iG from
its legitimate purpose is a robber OF heart
We should shudder to be in his place, though
10 wera surrounded hv and had at his com.