The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-03-27

limited and technical sense, as determined
by English law"
There seems however to be no well found
ed doubt in the minds of constitutional law
yers with regard to the constitutional right
to pass abankruptlaw. The objections chiefly
urged are, that there is.too much waste and
expense attending the proceedings bank
ruptcy, with the growing belief. grounded
upon all experience, that a bankrupt law is
"a mere sponge to wipe off Indebtedness"
To object to a bankrupt law because it
wipes out indebtedness Is to object to
law because 1T accomplishes the very pur-
pose for which it was enacted. Such OBJ
jections would wipe out all efficient laws,
and leave only those upon the statute books
that are virtually void from the fact that
they do not accomplish the purpose their
makers had in view. We are not dis
posed to assert that the bankrupt
law as it stands is perfect; on
the contrary, we are inclined to the opin-
ion that it is far from perfection. 1t is pure
ly radical statute, and was doubtless so
fashioned as to afford wide margins for
stealing and general corruption. 1t should
also be remembered that from the date OF
the passage of the law down to the present
day the forces set in operation by the radical
party have been driving men by thousands
and tens of thousands into bankruptcy and
rum. For the six past years nearly $4,000
citizens have failed. Doubtless in this vast
army of ruined men, some have been dishon-
est, and the law was so framed as to give that
class an easy egress from their liabilities. with
something left with which to resume bust
ness; but vast majority Of the bankrupts
it is safe to assume, were honest men; men
who battled against the curses of radi ,al
legislation as long as they could, and went
down only when they could struggle no
longer against adverse winds and tides
Those who clamor for the repeal of the
bankrupt law assume that the necessity for
its continuance has passed away. The facts
do not warrant such a conclusion. There
were S,S72 failures in the United States dur
ing the year 1877, showing Liabilities
of $190669,936; of these Indians's share
was 352, showing liabilities of 1910, 5S4.
Authentic advices are to the effect that fail
ures are now more frequent in Indiana than
at any previous period, averaging in the In
dianapolls office alone about light each week,
or ZIG for the year. against 352 failures for 1877.
With these facts staring congress in the face,
it can not be said that the necessity for a
bankrupt law no longer exists, if at any
period in the history OF business such law
was demanded. What is now wanted is the
repeal of the resumption law, for it involves
the absolute payment of national bank notes
in coin or that they be retired. The coin
can not be had hence contraction, still
greater shrinkage in values, and more
bankruptcy. To continue on the statute
laws that tend directly to business failures,
and thus deny the unfortunates the privi-
lege of coming into court and surrendering
everything, that he may try again to rebuild
his fortunes is not the part of justice or
wisdom. We are of the opinion that the
bankrupt law can be improved, and this
ought to be done, but its absolute repeal,
while other laws are in force making it a
necessity, ought not to meet with general
favor. When the legislation that has filled
the land with business wrecks and business
gloom is wiped out, the repeal of the bank
rupt law will be IN order. Till then give the
unfortunate show for their lives.