The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-02-26
TIRE BANKRUPT LAW.

Having disposed of the silver question
TO the satisfaction Of great majority of
the people of this country, we think it is
incumbent on Congress TO do something
to improve the present bankrupt law.
No existing statute is so unsatisfactory to
the mercantile world, and none SO provo
cative of dishonesty among business men.
Several of It's provisions are nothing
moro than premiums upon fraud, and
their ruiEous workings are only too ismil-
lar in every community.
The hard and trying times of the past
two years have acted rs an incentive to
these evils and have stimulated men unto
the performance of corrupt acts. From
all sides comes tho cry from honest
merchants and manufacturers that are
being robbed by their INSCRIPTIONS
neighbOrs who do not hesitate 10 cover
their sins with the ample cloak
provided by this statute. Some men
have become SO skillful in taking ad.
vantage of tho Law that they make a
business Of failing, and reap large profits
by the transaction. Creditors are forced
iDto the acceptance of almost any COM
promise to avoid being cheated out OF the
entire amount of their clsim through
legal delays and the many loopholes
Afforded by the law, the object OF which
seems TO be to place every obstacle
in the way of the creditor who attempts
TO obtain possession of his property. This
was not the original intention. IL was
intended TO give equal justice to both
creditor and debtor and guard the int.
rests OF each. In practice it has been a
failure, and is little better than n Silence"
to hide stolen goods behind. Every day
honest men are called upon to take action
in securing property which they
have loaned or sold on credit
TO those who have willingly or
unwillingly failed. The only legal
course open to them lies in proceedings
in bankruptcy, and here they are totally
at the mercy OF their debtors. We have
no intention of saying that all men who
are bankrupts are necessarily dishonest
for many b cone insolvent through no
fault Of their own, but We refer to thst
class of men who have rsscslly inten-
tiops. Creditors have to accept compost
tions varying from ten to forty per cent.
because they are well aware that any at
tempt to bring about an honest settle
ment would result in greater loss TO
them. A shrewd, keen merchant can
obtain considerable credit, dispose OF his
stock and invest the proceeds either in
costly house or hide them in some place
beyond the reach of the law. Surely
such state of affairs is fright
full to behold, and to it can
be attributed great part of
the present unsettled condition of the
business world. The creditor is put to
considerable expense when debtor goes
into bankruptcy, and in q majority of
cases he gets no return whatever.
The enormous fees allowed TO registers
in bankruptcy is another great defect
in the law. In the large
cities this office pays better by far
than the Presidency of the United States.
Many prominent business mon think
the country would be better off without
any bankrupt law at all, but this is sn
extreme view. The proper course would
be for Congress TO amend the existing
obnoxious features, or TO pass rew law
based upon what has been learned during
the past ten years taking into con.
sideration the opinions o, the Circuit and
District Judges of the Federal Courts,
whose views would DO of great assistance
in framing az ew law.