Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1878-10-09
The InsOlyent Law.


pealed The injury that resulted to the
people of the country under thisaw and the
extravagant expenses attending its admins
tration became so burdensome that Congress
was compelled, in obedience to the almost
unanimous wishes of the public, TO put an
end to it. And there are many people who
believe that the loss OF confidence in the
mercantile aud commercial community
which resulted from the operation of this
law had more to do with the depression in
trade and what is called the hard times than
anything else.
AT the last session Of the Legislature an
insolvent law was passed. 1t was framed
upon the same general principle as the ma
tional bankrupt act, and has the same gen
eral scope, except that while it compels a
debtor to give up all his property, 1t dis
charges him only from his debts existing in
this state thas, of course, no extra terri.
torial force and cannot discharge a debtor
from debts, which he may owe, out of the
state The act commits the administration
" WHO law W bht otNtibi BiObdbt IouIiA III
the state, with the right of appeal to the
county court, in respect TO the allowance
and rejection of claims. This law has had,
and could have no operation or effect while
the national law was in force, but now that
that has been repealed, the state law be-
comes operative. This law, exceedingly
voluminous and complicated, went through
the Legislature two years ago, without any
particular attention or criticism; first, be-
cause it was seen that IL could have no OPP
GRAFTON so long as the national law continued;
and, second, it was sure that when the ma
tional law was repealed, if it ever was, the
Legislature could repeal the insolvent law,
if necessary.
To any one who has looked into this law,
it is quite apparent that it is destined
quickly to go off the statute book and il is
respectfully suggested that the Legislature
should look into it now rather than that the
public should founder about among its mys-
ferrous provisions for the two years to come,
and then repeal it. The idea that the com
plicated questions arising in the settlement
of insolvent estates can find any solution in
the decisions of the several probate courts
to which the administration of the law is
committed, is, Of course, ridiculous. APP
peals to the county courts will be number
less, and the delay in the settlement of
estates, which such appeals will necessitate,
a1npa will rapIar ba IL IA
may confidently be predicted that no estate
of magnitude, while there is any chance for
litigation, could be settled in five years, and
it needs no prescience to understand that in
the meantime the entire estate would either
be wasted or absorbed in the numberless fees,
commissions and percentages which the Off
GERS Of the law know so well how to exact. A
little attention to this law will demonstrate
that it has all the evils of the national bank
rupt act, with but few of its beneficial results
Under the national law if man gave up
his property he was discharged from his
debts everywhere. 1t is true that his prop
erty was usually consumed in the legal ex-
penses attending the settlement of the es-
tate, aud so the creditor got little or nothing.
But this affected the creditor alone; the
debtor was discharged. He could begin life
anew, and so the law was effective and ben
efcial to this extent and for the accomplish
ment of this purpose. The creditor might
be ruined, it is true, but the debtor seemed
to be let out. But under the state insolvent
law, while the expense and delay attending
its administration is likely to be much more
onerous than the national law, it has not the
beneficial effect to discharge the debtor from
anything but home debts, and so is in every
way less beneficial to the debtor than the
national law. This law ought to be struck
from the statute book. 1t is an invention
Of the arch enemy to feed lawyers and sup
port a small army of officers.
1t may be true that our attachment law
ought to be modified. Perhaps it is right
that no mans property should be seized for
debt until the validity of the debt has been
established by judgment. No doubt many
wrongs have been perpetrated, and much
injury has resulted from the issuance of un.
attachments; aud ii the law was
modified so as to conform substantially to
the New York law, where no attachment or
levy is permitted, unless in few exceptional
cases, until Judgment is obtained, it would
probably commend itself to the good sense
of the people. But to attempt to put in
operation the insolvent act will prove use
less. Our people would not become accus-
toned TO it, nor the business community
its details in quarter of CEN
fury. 1t would be mystery to everybody
but the lawyer and the court for the next
generation. If the old attachment law has
its evils the insolvent law has many more,
and even if the former cannot be modified
the latter, al least, should promptly be re-
pealed.