The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-08-31
aaalsrnpt Act ane Credit.

Bankrupt Act ane Credit.
III NAV naturally be siippoaed that the re-
neal or che bankrupt act Will tend 70 break
He credit system throughout the country.
Undoubtedly IL Will cause much dissuEp ts,
for tine. bus it Is reasonable 70 Dellefg
that In the end IL will produce Q saier anu
more healthy distribution OF GREATS, Tatner
shan a Ammunition In theis aggregate vol
-as,,,s In states where public sentiment gives
( no redress 10 creditors, capital will be witt-
drawn and credits refused. while In States
vrhare npbilc sentiment and the laws give
annie protection to creditors, capital will
ranifiN concentrate, and loans will be
offered In abundance at low rates. Those
who dance will have to pay the piper.- feo
York Tribune.
Differing from the Tribune in its idea
that cit may be naturally Supposed that the
repeal Of the bankrupt act will tend to
break the credit system" we concur with
1t in the belief that sit will produce safer
ana more healthy distribution Of credits,
rather than diminution OF their aggregate
volume" The repeal OF the law takes away
vicious interference of government De-
tween debtor und creditor, and brings
them nearer and more frankly together.
There will be better understanding OF
their relations. The man who asks for
credit will be more prudent and less reck-
less about mourning obligations. Knowing
that he will be left to the State law.
and not in any sense protected from the
remedies that are afforded the creditor, he
will desire to incur 10 greater liability nan
he can well meet, and will. further Jre,
desire to avoid any act that may tend ln-
pair the confidence the creditor has in d 20.
Nor will the creditor be disposed to. act
iliberally towards the man who trade with
honest intentions and prudent dispr ions.
Commerce conducted with ouch disp ions
must be satisfactory, and can hardt suit
disadrantageousy.
The mischievous bankrupt act which ex-
pires to-day has furnished forcble illus
tration Of the imrolicy Of governmental in
reference between debtor and creditor. 1t
cherished the most unfortunate doubts and
suspicions, and gave birth to the meanest
passions, and often to the worst possible
devices to escape responsibility. 1t was
blight upon credit and upon commerce.
Who felt no anxiety in trusting men, unless
their Indebtedness was amply secured at the
time it was incurred? The merchant who
had trusted much to his customers was all
the time in fear, lest more than he had eX-
pected should be paid of by bankrupt no.
tees. Indeed, during the existence Of the
act the creditors, have been universally dis
for al; aio ~
their debtors. Some Of the best, most ener-
cetic, and valuable commercial citizens have
been driven to failure by the criminal faith
Iessness Of men who bad made the fairest
promises.
This sort OF faithlessneSs has been en-
couraged by the policy OF the Government.
Stay laws and such bankrupt laws as that
to be brought to an end to-day form sort
OF Government morality that affords i'm
munity to iaithlessness and prevarcation.
Thousands of men in business have bought
supplies, and made fair promises while buy
ing them, with the intention Of paying of
the bills they contracted with bankrupt no.
tices. The history Of the law and its effects
is the blacklist page OF the commercial his.
tory Of the Union. Such was the general
distrust occasioned by the law and the uses
and abuses Of it that credit was almost
dead. 1t had but sickly existence; and
the stagnation OF commerce. was due more
to the mischieyous law than to any other
cause.
Therefore we are sure its death will do q
cyroat dool T., rosrS toto nosn,na rne and ro.
inspire confidence amongst men. We date
the real recovery Of business from this day.
From this day the process OF recovery will
be steady and, we trust, slow; because it
must be prudent to be altogether success
ful, and if prudent il must be slow.
The resumption OF specie-payments will
surely take place in January. The country
is prepared for it, and it would be calami-
tous to put it off and force the country to
prepare again to resuTe-a process that re-
sembles the grinding movement OF an ava
lanche. Many are crushed into ruin by it.
The country has gone through this opera
ton, and it would be rs cruel as it would
be unwise to require that it shall be re-
peated.
The bankrupt law dead and specie-pay-
ments resumed we shall have quiet and
confidence and order in the steady process
OF complete restoration, and, what is glori-
Gus, we shallsee the wild schemes of finance,
and the impracticable measures oStensibly
for the relief Of the people but really to
help impecuious partisans TO get into office
and live out OF the public treasury, fade
away from public observation until they
cease forever, and their authors and sup
porters die out Of the memories Of men and
depart away without accomplishing any
thing more than their own disrepute. The
fortunately evanescent nature OF even their
bad achievement will become consolation.
for they will be glad to escape the notoriety OF
being frustrated in their hapless schemes.
-
JOHN w. DANIEL AS BoLTER.-Mr. Flick
LEN, it is now announced, will probably
withdraw from his contest with RAN. TUCK
Err. joan w. DANIEL, in aspeechin Lynch
burg Thursday night, referred to the duty
OF a representative, and described him to
be the servant OF the people. whose duty it
was to obey their behests. No man would
more readily follow Mr.. TUCKER than he il
the platform now recommended be accepted
by him. He was not here to favor any fac
ton: the country was already disgraced by
n ,Isnrper in the presidential chair Flo