The New York herald., 1877-01-20
4, rd

bnlru quarter.
or THE BANKRUPT LAW.
But the Increased number of failures Of the pnst
year rs not altogether chargeabe to the business 0pcr
ntons oi 1916 Tor other Influences have been al work
against which is difficult for business TO contend.
The choi OF these adverse influences that fruitful
source OF failures, the national Bankrupt law What
ever laudahie purpose plat IN The enact
mcEt oi such Law, II is vastly overbaanccd BY tho
encouragement II affords TO those who desire 10 force
ther creditors into accepting less than the iacc o!
their claims. so long as the law Is allowed TO remain
In force III its present shape just Ion. Will unprin-
ciplcd traders. with the nolp o local ard tnlorous
creditors. be able TO dictate terms TO those whose
interests should enuc them TO the pcrma-
nent control OF the bankrupt's estate. As at
present applied. the law not unircqucnly cgalizes
fraud upon creditors which disgracciul TO tho
country as II Is disastrous 10 It's trndc. The dispos,-
ton is already sufficiently strong on he part ot whole
sale dealers TO Vmpromise indebtedness, and thus
permit parties 10 remain IN business who, by ihc'r
failure demonstrate ihcr lack Of character capacity
carni hut II IN addition to this The parties them
selves by the aid Of The Bankrupt law force their
creditors into agreeing their terms, the instead
OF preventive, becoEcs IA virtual encouragement
OF fraud. renders business unsafe and places Inc hon
est traacr, who is anxious 10 pay hundred cents on
the dollar at tremendous disadvantage. The
"Aecdins out" process which these hard times
should produce IN order that tue restricted
trade n the hour may not be divided among number
large as TO yield profit To mono, Is virtually at
siantsl for the number Of those who go out OF bust.
ness in proportion 10 those who ail, Is mere baga
tciIe The whole future OF tho mercantile trade OF the
country Is board up IN this consideration The natural
laws which govern commerce. as to the nnmbcr which
can lve on The business o any gwen locality should
bc allowed 10 prevail Certainly u never the in.
cniion that legislation should intervene 10
their action and TINS lcgnzc failures enforce COM
promises. unscttlc values OF goods each locality
ant encourage competition for n limited trade, in
which all the advantages arc In favor ot the
most unprinciplcd. There arc possibly many snb-
jecls OF grave importance that Congress can 0ccnry
itself with during tho present session. but II, on ITS
jccs OF really practical advantage To tho trade Of tho
country, there l. none TO which lis best ability could
be more probably directed than to the repeal or tho
amendment oi the Bankrupt law.
EscougAGiSG rRosrxcrS
The same conditions which favored an Improvement
in trade in tue autumn OF tho year just closed, and
witch some extent were participated In, siill pre-
vail II Is true that tho gloomy cloud OF tho political
contest utscurcs these condii0ns somewhat aud that
a winter OF extreme severity, with difficulty o, trans
portation und other causes. rciards their action 10
some extent; but that these iayoring conditions
not only exist and continue 10 increase,
can doubt Tho year just closed has been
most prolific one IN largely augmcntng
tho wealth oi the country Cotton. grain, sugar.
tobacco. gold and silver, petroleum ana numerous
her Oh this great continent nave been pro-
duccd in quantities sufficient 10 yield nearly
soo0 600 Ooo While the producing power OF tho ma
ton has thus hccn exhibiting itself on the one hand
the economy OF ITS people has been equally clearly
demonstrated on the other. Tho importations have
dw,ndlcd to dimensions smaller than was nj ono time
thought possible, and tho restrcicd purchases OF do
mestc as we'll as foreign goods, IN all sections OF the
country afford the strongest possible indication that
the foolish cxtravsgancc which universally prevailed
IN the rst vo years tho decade Is beng
by less, ned living ana business expenses and safer
basis generally is thus being reached
Even tho severity OF the winter. which to many IL
which may contribute 10 Improved spring business
The abundance OF snow, which is termed the poor
mans manure aud which unqucstionably enriches ind
irrgncs the SOIL also protects tho all crops, besides
providing nm abundance OF water for the cattlo
on n thousand hills which wero Impoverished
for need OF il all tho carly spring last year.
II also makes magnificent country roads, tho
advantages OF which arc obvious when II Is Tencm
bcrcd how seriously irndc last year was interferod
with at this later periods when the roads whole
sections OF the country impossible ron tho
OF tros, and snow TIC delivery OF gram, pork and
other inrm produce will during the present season
throughout tho North and Northwest be At least double
that oil the winor months OF last year. while tho opera
tions OF lumbormen Will DO greatly facilitated Tho
consequence " III be much frecr purchases country
stores, urgcr absorption OF goods aud more active
circulation OF currency than has been witnessed In
some years past.
The steauy Improvement in the value Of tho cur.
rcncy the stability OF the credit OF government issues
the approach par OF gold and other values by nat.
ura causes tho steady demand at excellent prices Tor
which point 10 a healthy condition. IL needless
to add TO these other considerations which self.
evident ard lanar tanplI such as tho variety OF
possessed by hWcounry at large the fertility
OF It's SOIL the industry and trugality OF It's producers,
the positive prosperity OF the agricultural community,
the vast developing wealth OF It's mines tho
pletepcss OF tho E.cans OF intcrcoinmunicaton and
transportation, excellence and extent O Its
tactures md above all the genius OF It's people; all
these Enough known and appreciated, may ncvcrthc.
loss be guarantees OF the future that
the face OF the puny figures which for the moment
illustrate our distress, all these placed under
trbuton toward return OF prosperous and safo con
t of