The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-05-11
of INC bankrupt Law.

morality Of tho Bankrupt Law.
Il Is quite probable that the Senate
amendment to the bill repeating the, bank.
rupt set, fixing the time for repeal to go
into operation next January, will DO con.
CURED in by the House. Perhaps II Is as
well to put the brakes down gently and
prevent the iervid rush Of debtors upon
the Registers, and give those officials
some breathing room.
The morality Of the operation Of the
present law may well be questioned. II
certainly has had tendency to benumb
the moral sensibilities Of business commu.
mites. Senator Thurman, in a recent
speech on the bankrupt act, went under
the surface Of things in very incisiye
manner. Bis whole speech was good, but
the following extract is peculiarly strong:
GThe great objection to this Law that is
usually urged is that nothing comes out
Of II 10 the creditor: he gets absolutely
nothing; It Is all eaten upin costs and ex.
penses and he gets nothing. That Is the
great objection that is usually made to the
law. There Is an objection that Is not
publicly uttered. II may exist in the mind;
It is no doubt in the minds Of many oil the
creditor class who are endeayoring TO
exact the LAST penny: and that ia the vol
uutary feature Of the law. These men
do NOT want voluntary bankrupt law at
all; they want 4 real bankrupt law such
az was known 10 this country before the
act Of 1871, when We had no bankrupt
law but such as was known In England
and on the continent Of Europe, That 10
what they want; q law wholly in the
interest Of the creditor; but our bankrupt
laws now and sInce the act oil lS4l are
almost wholly 10 the interest Of the debtor,
as Ia supposed by many. Why, Mr.
President, III would have very much sur
prised an Englishman or subject OF one
Of the continental powers Of Europe, un:
acquainted with our laws, to have heard
what has been said on this floor to-day in
respect to a bankrupt law-to hear q
bankrupt law spoken Of as one Of the
beatitudes Of the debtors Of the country.
Why, there Is no such thing as volun.
tarly bankrupt law except inthe United
States, so far as know or ever heard.
All the bankrupt laws In Europe, SO far
as / know or have heard, are laws for the
creditor to compel the debtor into bank.
rupt court. and not for the debtor TO 90
voluntarily into bankruptcy and obtai
n discharpe from his obligations, So
severe are those laws that the old
maxim in Italy, where bankrupt
lava originated, when Venice and
Genoa were the great commercial cities
Of the world, was that every failure Of q
merchant to pay his debh was to be esteem.
ed fraudulent until the contrary was pro.
we'd. Every trader who was unable TO pay
his debts, and who came within the scope
Of the law, was deemed TO be fraudulent
debtor, a fraudulent bankrupt until the
contrary was proved. The burden lay on
him 10 show that It was misfortune, and
not fraud, that made him bankrupt.
The thing was expressed in 3 single sen.
tence OF the bankrupt law Of that day, in
the Latin language in which twas writ.
ten, decoetuS semper doloSts pruestmitur IN
judicio civil, doaee eontrGrium prO6etur.'
The failing man was always deemed to
be fraudulent In the court until II was
proved to the contrary, and pains and
penalties followed that presumption, and
bis being declared a bankrupt, not TO say
anything OF the criminal punishment 10
which be was subjected. The moment he
became bankrupt be was almost ciyilly
dead, he could receive no attorneyship or
mandarin as II was called, no agency; he
could do little or no business whatsoever.
That also was expressed in another short
sentence, which I need not trouble the
Senate 10 hunt up. That was the kind Of
bankrupt law they had, and that Is the
kind Of bankrupt law that existed in
England. Now undoubtedly 1t has been
greatly modified on the continent Of Eu-
rope and in England. 1t is by no man.
ner OF means as severe as 1t once was;
but when 1 hear Senator'S speak about
bankrupt law being in the Interest Of
the debtor, l can not help thinking that
they never read what bankrupt laws are
on the continent Of Europe, or Great Bri.
thlut NueuSo NC ueIlNe tnu iuca VI JANA
rupt law. A bankrupt law Is the very
last thing that debtor on the continent
OF Europe or debtor Of Great Britain
desires to exist. But / grant you that
such bankrupt law as ours Of 1874,
which was a voluntary bankrupt law as
we call il, and the voluntary part Of the
bankrupt law now in existence, are
things that a multitude Of debtors may
desire. That Is very true, and i do mot
say that there may not be times when it
is necessary that we should have such
laws. Think that there have been and
may be. l do not deny that there may
be times Of such great distress and Gala.
nifty that we ought, like the ancient Jews,
to repeat what / once before said, to have
a year Of jubilee, and let the honest deb.
tor go free upon a surrender Of his ef-
fects."
Tried by the standard mentioned by
Mr.. Thurman, it Is very likely that a
large number Of persons filing petitions
would be found with q faint Of fraud
upon them. Formerly bankruptcy was
red ruin 10 man; now Il Ia the medium