National Republican., 1878-04-29
THE BANKRUPT ACT-A SECTIONAL
VIEW.

mendable.
THE BANKRUPT ACT-A SECTIONAL
VIEW.
The wisdom of some provision Of q gem
cral and national character under which the
creditor class may be relieved from the op-
preston of otherwise irromediablc financial
misfortune is attcsted by the experience of
all the civilized and commercial countries Of
the globe. The same experience attests the
wisdom of tho same provision in protecting
the debtor class against the dishonesty Of
rascally creditors. A bankrupt law Of q
national character, so that its effect shall be
the same in every part Of the country, free
from the conflicting or autagonizing forms
Of different State legislation, is, therefore,
an acknowledged necessity But our ma
tional lawmakers, blinded by q prejudice
arising from deficiencies in the existing
bankrupt act, overlook this necessity and
are seemingly bent upon wiping out all of
its provisions, instead Of amending 1t or
substituting for it another and more per-
feet act.
This law was first adopted in 1867, al
though it has been amended since then, and
was brOachcd as an olive branch for the I'M
poverished South, which section had just
emerged from the war literally buttonless,
ribbonless, Yankee-notionless; in short,
stripped of the necessities and conveniences
of life, and overwhelmed with debts occa-
stoned by the losses of the people during
and ut the close of our civil strife. Every
one knows that the exhaustion Of time, to-
gether with the eliectual blockade Of sea-
ports and the utter absence of manufacture
ing machinery and facilities in the South,
combined during that struggle to produce
this stripped and beggarly result at its close
The arguments, therefore, which were used
in securing the passage OF the act in ques-
ton mainly rested upon these facts for sug-
gestions that its adoption was an immediate
and pressing necessity. The North at that
time was enjoying unparalleled financial
comfort and success. Prices were high, it is
true but labor was correspondingly remu-
nerative, speculation was rife, and money
was plentiful. Prosperity and contentment
blossomed everywhere in that section as
the legitimate though fading growth
of public spirit or enterprise
which had for prolific germ
the development of new and hitherto un-
suspected resources. The causes that have
progressive condition to one of discomfort
and retrogession such as now exists are too
well known to require elucidation now. II
is sufficient to say that while the South
then in dire need OF financial renovation
eagerly took advantage of the privileges O
bankruptcy, settling scores of long standing
between ncighbors of that section, as well
as wiping out thousands and millions oi
dollars of debts due to the North, the latter
section gradually lost its grip upon the
fieeting impetus of war-born prosperity un.
til now, after tho North has paid millions
upon millions of the war debt incurred by
the treason OF the South, the two sectionl
have changed places. Starting anew witt
clean states and beginning from the bottom
rs it We're, the Southern people, with cheaper
labor than they have ever before known
; are on the high road TO prosperity, whilC
|
grade.
) This is purely sectional view of the sit
: uation, but it is nevertheless sensible one
and one which demands of Congress tn,
most serious and statesmanlke attention
: 1t shows that an absolute repeal Of the &C
will necessarily be followed by its re-enact
ment at no very remote period, for the con
dtion of the North will imperativcly com
; mand it. Failures recorded so numcrousl,
, now will continue to he so recorded, evel
, when the country settles down to hard-p pal
> after specie resumption shall have beer
: legally accomplished. And until the work
ingmcn are put to work, ths parsmoniOu
/. policy of the present Congress is pat to q,
$ end, and the slumbering energies of the ell
D tire country are reawakened to active re
= muneratiOn, there will DO no relief
D In view of these facts no sensible ma
; will hesitate 10 recommend an amcudmcu
D OF the act and wise men will hesitate t
d expunge it from tho statute books. Stril;
u out the fees, cut down the expenses, am
e simplify the machinery of the provision
of tine existing law; but never, no ncve
wipe it out. As we have said, the expt
=" rence of older nations than ours ju5tili,
the wisdom Of national system of bank
ruptcy But the lawyers, largely repr,
sented in both branches of Congress, are Of
:, posed to ii, because its existence takes froi
them revenue derived from litigation /
the State courts. This fact may accour
for the precipitate action Of the House /
. passing the repeal bill; but, fortunately, a
amendment tackled on in that body rC
quires concurrence by the Senate. The la,
may yet he saved.
4 THE PROMOTERS or THE FLORIDA EN
POSTURE.
The attempt to connect Senator CONF
!, LING however remotely, with the caus'
" that have led to the recent sO-called Florid
5 exposure has proved to be futile. The onl
d foundation for 1t resides in the fact tbs
0 ALFRED MOTION, the alleged manipulate