Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1881-10-27
TUE1MS.
A Bankrupt Law.

fishing uniform system Of bankrupt laws
is again being considered, and at tho last ses
zion Of Congress committee was appointed
to sit during the recess for tho purpose of
devsing somo unobjoctionablo system, which,
while giving relief to the unfortunate
debtor, will not con6scate his estate in costs to
tho prejudice Of the creditor, aud which also
will provide against fraud and dishonesty
in tho bankrupt. With this view the COM
mittee issued circulars to tho different cham.
bcrs of commerce, asking such suggestions as
in their judgment would contribute to tho end
in WOW, and it is very probable that new
bankrupt law will be before the next Con-
gross.
Tho right to establish uniform laws of
bankruptcy belongs to Congress, and in our
history this power has been exercised threo
times, to wit: In the year 1909, in tho year
l84l and tho recent Act passed since the
war. All these efforts have developed sue
Objectionable features that they have been
repealed after trial Of few ycnrs. Will
the fourth attempt be more successul2 Does
the country need such law? Do not such
laws stimulate risky and often dishonest
tle proprosy Of temporary bankrupt laws
after sucli revolution ms that of 1861 to
1866, when four Gf,hs Of tho property Of the
Southern States was swept away, and when
tile valuo of money and commodities vie
brated daily, and when, too, The whole i'm
dustrial system of the country was changed.
Men could neither foresce nor provide
against the changes of day, and often in
fair and legitimate trade they were reduced
from afiuence to hopeless penury. In such
cases it was both mercy and justice to ex-
tend q means of relief to the honest unfor-
tunato and enable him to begin again IN
honest career in business
Tho Inst law hns served good purpose,
Notwithstanding it's cxpensvencss and i'm.
perfections. but do We need such law now7
Money now has fixed and uniform value
and the products of the SOIL Of the manufacr
tory and Of commerce adapt themselves to
this Standard according to tho law Of do
mand and supply. The variations arc slight
and such as occur in every country and in
every normal condition Of society. 10 tho
honest and Legitimate trader the risks arc
small and never ruinous: These mon mon y, n":a =:
b~utUIcTS III luturC9 or IN
produce by making corners in grain, cotton
or other articles, are.en,itled to any mercy or
protection. They venture their oil on a
hazardous speculation, like the turning OF
card; they disturb and unsettle values; thcy
produce nothing, but on the contrary rcterd
production; by their money power they in
jure the producing classes in bold strike
for vast fortune, and if they 60 down, the
country is benefited by their ruin and by
keeping them down. The inordinnto thirst
for money, which gives rise to their venture-
some speculatons, tends to rcvoutionizc
trade and gives to products Of all kinds
fictcious values. 1t should be restrained
and not encouraged by opening door of
easy escnpo to those who become hopelessly
involved by their own folly. Beside, credi-
tors know from observation and experience
that when an ordinary estate goes into tho
bankrupt court it dissipates like mist before
the morning sun. The creditor rarely sees
any OF it and often incurs cost in vain
effort to get part Of his debt, 80 that
compromise with his debtor becomes pre :
torable to bankrupt claims. We believe that
in nine cases out of ten, where an honest
debtor has been unfortunate either from fire
or failure of crops or other cause, his credi
tors will deal moro gently with him than the
law and will compromise on such liberal
terms os will enable him to continue bueis
ness.
Such is our observation, and even whilo tho
late bankrupt law was in force We know men
hopelessly involved who compromised their
old debts by securing to their creditors
higher percentage than tho assessed valuo of
their property, kept their property, paid
their debts and left something to their child
ren. This was better for all parties than
bankruptcy, which would havo consumed
the estate in cost Should creditors refuse
In any instance to settle with their unfortur
nate debtors, all the States have assignment
and insolVcnt laws which arc in tho nature
OF bankrupt laws, arc less expensive and
effect virtually the snme end Under an
assignment all parties accepting dividend
can be required to reloase tho debt, and under
insolvent laws all suoing creditors as
we'll as nonsueing creditors who accept q
dividend, reeaso their debts. At all events
we sec no need of q bankrupt law, unless
after some unusual revolution, and hopo the
measure will fail
e---