The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1876-02-24
The Bankrupt Law.

we hOticeu rev weeks ago the prccipitatc
action OF the House OF Representatives IN re-
peaiing. absolutely, the Bankrupt law, to take
erect January 1877. There was no time given
fortlebatc. but the repeating act rushed through
without a moments discussion. or any consitl-
Grafton whatever. 1t was due to question in
VoiviilS interests so rainitiet that it should, at
least, have been thoroughly considered, and
not to suddenly reverse legislation which had
affected the business relations of almost every
community. We have been, and are now OF
the opinion that prudently framed Bankrupt
law should become Il part OF the settled juris-
prudence Of the co,lntry-that a Bankrupt
court should always be open for The relief of
those who have become really bankrupt-tlmt
it is to the interest Of all classes of community
that such should be the case, and that public
policy demands a law OF this kind. The expe-
rlence OF all settled, civilized governments has
vlndlicsted this policy, and the Unte,l States
will not likely prove an exception to it.
We arc aware that there is serious objection
urged against Bankrupt law. But when we
| consider that, III this country, where the advcn
lures in commerce and trade are constantly
changing the fortunes of business men-ttat the
| prosperous man OF to-day is the bankrupt OF
| tomorrow. and that it is not public policy ter
individual energy to be paralyzed by the OPP
pressons OF insurmOuntable debt, the neces-
| sity for the existence of Il well matured aad
ll-guartled Bankrupt law becomes apparent
| These remarks are not intended as peculiarly
applicable to this immediate community. In
fact, they are not. But a Bankrupt law to be
constitutional must be uniform, and it should
be so framed as to meet the necessities of COM
munities where the fluctuations i'm trade-the
vicissitudes of fortune-are the more frequent
and violent. With provisions to meet the mis-
fortunes OF business men in such communities,
all sections Of the country could avail of them,
and in this way the active energies Of life he
kept free to create new wealth and new enter
prises for the benefit of all.
The fact that there have been over four hun
dred suits brought in Augusta county to the
March term of the Circuit Court, is evidence
that Our community cannot boast immunity
from the necessity of a Bankrupt law. and
while we would not advise any man to take adj
vantage of its provisions, unless he is really a
bankrupt, there can be no question that in
many cases that is the only relief that can BE-
apr ealed to.
We are not surprised that the Senate mas not
sympatllized with the indecent haste Of the
House in its action on this important matter.
The following paragraph taken from the Wash
ington correspondent of the Baltimore Sun,
shows that there is to be due con sideration of
the subject, and proper regard had to the COM
mercial interests of the country:
WASHINGTON. February 1S.-It is not by
any meansa certainty that the Senate judiciary
Committee will report favorably the House bill
repeating the Bankrupt law, nor il the Com
mittee shnnld do so that the bill will pass the
Senate. 1t is true that some Of the Lar gest
business houses iii the commercial cities have
petitioned Congress for the repeal If the Bank
rnpt act. and that there is strong feeling in
that direction. Yet it is doubtful even that the
House would have passed the repeal had any,
thing like careful consideration been bes.ow-
ed upon the subject. There is no difference in
the opinion that The law. as it exists, works
| hardship in individual cases, and has not uil-
frequently been male the means of perpetrat-
ing fraud by dishonest debtors. But the ques-
ton is wether If tie law is repealed the inter
estS OF business communities would not suffer
much more than Under its operation. 1t is be-
lieved by some of the ablcst lawyers in Con-
gress that if the Bankrupt act is unconllition-
ally repealed, it will not BIZ long before petit
tons will be pouring in for the enactment of
another act. IL is noticed that the balk OF the
petitions for the repeal of the law comes from
quarters given to the initiation heresv. and
therefore naturally opposed to any checks being
placed on reckless trading. The better way. it
would seem. is to preserve the undeniahly good
features of the present act and cure It's defects
This is likely to lie the course which will pre-
| vail in the Senate.