The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1876-04-06
Bankrupt Law.

Bankrupt Law.
| Mr.. Thurmaa's bill for more uniform sys-
tenn of bankruptcy has passed the Senate. In
explaining 1t Mr. Thurman said that the OBJ
iect of the bill was to put an end to the dis
cordant decisions which had made the bank
rnpt law one thing in one district, and another
in another district. This bill does not conflict
OF interfere with the one now in preparation
in the Judiciary Committee, as a substitute for
the repeating bill passed by the House of Rep
resentatives. 1t is understood that the Com
mttee will report bill correcting the defects
in the present bankrupt law, which will prob
ably receive the sanction Of Congress, as the
action Of the House repeating the law was
nasty and inconsiderate.
The policy OF the country, it seems to us,
should be to have a we'll framed bankrupt law
as part of its Jurisprudence. The vicissitudes
OF fortune, the uncertainty Of all adventures,
and the disposition to venture, SO characters
tic of the American people, demand legal
method of escape from overwhelming embar-
easements, and release Of the energies OF the
country from the tyranny of insurmountable
debt. 1t is to the interest of all classes and
conditions Of the people that such should be
the case. Individual energy is really the
wealth Of the nation, and where it is virtually
destroyed by the expressions of obligations
that cannot be discharged, the whole people
suffer.
| The present bankrupt law may be, and
doubtless u.s. defective. Like all the enact
| 4
alton, perfection cannot be Appropriated ex-
cept by experience. The apparent defects
have doubtless in some instances been aug
mented by designing men, seeking to exhaust
the bankrupt's assets before they reach the
creditors. But the simple fact that its provis-
ions secure the release of the applicant from
the debts that Cypress him, and leave him an
exemption of $500, in addition to the State
exemptions, is an attestation that it means
well-that it contemplates the utilization of in
divdual energy and the advancement of the
general welfare.
| 1t is quite fashionable to denounce the bank
rupt. who canddly acknowledges he is not
able to pay his debts, but is willing to give up
his property to be divided equally among his
creditors. We cannot agree with this kind of
affected honesty. We think it is equally as
credtable to avail Of the legal release that is
offered by the bankrupt law, as to be badgered
about in the courts, hunted at every corner by
the officers of the law to respond to legal pro-
cesses, and to be harrassed by incessant arx-
iety and fear. A man in that condition is no
account to himself, his family or community
1t is Infinitely more courageous to face the sit
uation, recognize the true condition of things.
and appeal for relief to the most speedy and
thorough agency that can effect it. We would
not advise any man to apply for the interview
ton OF the bankrupt law, unless he was really
a bankrupt. When that is the case, we be-
lieve it is for the good of community that he
should seek its protection. And while the
thonghtless may condemn. the wise eco 1omist
will readily perceive that public policy must
Justify it, for it restores to the active avenues
of business the creative talent that enhances
values and conseryes material interests.
The Findicator grows exceedingly exubcr-
ant over the proceedings of the Republican
| Convention to appoint delegates to the Lynch
burg Convention, and the result thereof. We
are pleased that our contemporary has found
some solace for the humiliations that have at
tended its curb-stone mannuvres in it's own
party. and congratulate it that the long night
OF its dependency and chagriu has been for
time dissipated b, the action of the Rcpubli-
cans. Naturally sympathetic, we do not know
that we would not have preferred that the very
results that followed the proceedings in the
''basement'' should have occurred as they did,
had we thought for moment of tie hilarious
effect it would have upon the nervous system
of our neighbor. 1t has been in the ''slougI
OF despond" for so long time, the prey of
disappointed ambition j; the laughing stock of
community in its abortive antics as the curb
stone organ and the appropriate subject for
the VIRGINIANs sport, that it would appear
extremely selfish and cruel did we not recog-
nze the relief it has experienced in the hit it
now has on lis. We do not blame our cotem-
porary for the manifestation of its JOY nor
do we complain that it has dressed its comments
and utterances i'll such attractive style. Had
| it not taken advantage of the TRANSFORMERS
that it criticizes, we should certainly have re-
garded it as hopeless case of melancholia. re-
sulting from blasted political hopes, and nll-
merous distressing defeats. We are glad, in
deed, that we have been the occasion of revi-
wing the dropping spirit of our contemporary,
and lifting the weight Of gloom that has been
| so sadly pressing upon it. We are very sure
had it been placed in our stead, we would have
done the very same thing. and recognized it
as aproper source of SPORT So let orr neigh
Dor make the most of it. 1t will be our time
next.
The indicator makes merry over the Hitter
acy of the colored people, and what it assumes
is their ignorance OF parliamentary proceed
ings. Its party friends, in the special election
between Messrs. Stuart and Ope last winter,
thought the negro in politics was very prop
er thing, and coquetted with him in the most
approved style Of the curb-stone politicians
Carriages and liquors were at his service ; dri-
vers and footmen at his beck and call and