, 1875-11-06
Snecuyaf;ye Failures.

there Is widely received, and Oy no
means upjustifiabIe opinion either,
that large number Of the recent fail.
uTes were unnecessary, or that a large
number of those who failed might
have paid, had they chosen, better
| dividends to their creditors. There is
I little doubt but that the Ndti0Jt cor
rectly reads public opinion. There is
\ class of business men who are ready
at any time to fail, to make money.
! They do not constitute any large pro-
portion of the whole number, but they
are numerous enough in the aggregate
to make quite a show in the list OF
! failures. There are Others, who, find
ing themselves compelled to so into
! liquidation, take good care that the
operation shall not be disastrous to
themselves. The recent reyerses bring
these men to the surface They have
perhaps done 4 profitable business for
wears, divided the profits among men,
berS of the firm, become rich as midi
viduaiS; and When business from any
cause becomes Improbable, they sus.
pend, and OTTER the assets Of tie firm
TO their creditors. They act as if their
! private fortunes were not affected by
their failure as a firm. Bankruptcy
no longer implies financial ruin. 1t
implies, rather, settlement with the
business world, from which the bank
rupt issues released from the pecuniary
obligations he had previously incurred.
The standard of commercial honor
is entirely in the hands of business
men. 1t can be raised or lowered,
according as business men shall de-
termme. So long as men are permit
ted to fail, settle with their creditors,
and live in style on their prifate for
tunes, without incurring the Udium of
commercial diShonOr, Just so long men
will 1e found to avail themselves Of
this method Of getting rich. The
temptation is great. \ merchant
who can compromise with his eredi-
tors once in ten years or SO, has
great advantage over his neighbOr,
who pays his debts dollar for dollar,
unless his credit suffers thereby. The
only remedy is a united action among
honorable business men, by which
speculative failures shall be character.
izcd as they deserve. We would net
urge that rigid AMI merciless sentence
which makes misfortune IN business a
crime, or even a calamity from which
no one can recover; bnt calm and
eniis Judgment, which should
teach the rich bankrupt that his
method Of obtaining wealth is not
more creditab!e, or /: is not more hon
est, than that Of the torger or counter
fci.er. This can be done by following
the example of Boston merchant,
who WAS called upon by a customer
in another city, who had some months
before settled with his creditors by
wing forty cents on the dollar. The
bankrupt had concluded to 90 into
business again, and kindly selected
his old creditor as best entitled to his
patronage-his proposition being TO
purchase entirely for cash. But the
! Boston merchant, who remembered
well the statement upon witch the
! forty. Cents.on the dollar settlement
| had been effected, could not compre-
| heni how his old customer should
have so much money, AMI pcremptor-
| iIy declined further business relations.
Of course, the bankrupt could 60 to
some other establishment and purchase
/ for cash; but if merchants would
make such examples as this the rule,
instead Of the exception, the way of
the fraudulent bankrupt would be less
liowery than il now is.