Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1892-10-21
I BANKRuPIM law NEEDED.

4 BANKRUPTCY LAW NEEDED.
The time was, In the very remote
ages, when an insolvent debtor might
be put 10 death by his creditor; com.
ing along down the shore Of time, with
the sun Of more perfect Christianity
rising higher and higher and an I'm.
proved civilization growing and spread
lux among men, the savagery Of such
laws was finally recognized and they
gave way TO measures less rigorous.
AZ far back as the medieval period, we
believe, or say about the time that the
good Qloen Isabella disposed u her
ewolry rather than go In dobi to give
Mr.. Columbus world.seoklng outfit,
the more mcrcliul treatment Of
only lmprisoning the man who
couldn't or wouldn't pay his obliga-
tons was 10 vogue, and the race hiss
not entirely gotten rid Of this relic Of
modified barhatism yet; still, 1t is only
In few places where civilization pre-.
walls that this Is done, and It 10 not as
a rule invoked IN them excep, In the
more aggravated cases.
Few things In this lifo are more
genuinely annoying than for a coniii.
ing creditor who may DO In need
of his duos 10 be put Off and
avoided and himself and his busi.
ness made to suiier through the dc.
fault Of Others; but like almost
everything else Ia this life. there il
another side 10 The question. Perhaps
the debtor, through lack Of n business
faculty or some stroke Of misfortune,
has become unable 10 meet his obliga.
lions, anu ~ there Is nothing orimi.
nal In this, thote IN nothing 10 be
gained by either the creditor or society
at large IN punishing the debtor; In
cases where there IL criminal or
fraudulent dsfalcation or avoidance, It
Ia altogether different and the law ann
ply provides ior dealing with such
trAnsaclions.
The relation Of debtor and creditor
has always existed aud always will 40
long US men buy and sell. Immediate
payments are practically impossible;
belides, even II such things could be,
they would create more hind
rance, damage and loss than
they would avoid. This ~ TN
age Of refined civilization aud compre.
hensive enlightenment, one In which
transactions nro not az a rule conducted
on the bssis ofan Immediate exchange,
but rather on that Of risk or an ex.
pertinent. This man who buys stock
Of goods, Tor instance, aud opens up "a
store, takes upon himself a risk at the
hands Of the people among whom he
locates; ho must conform TO their
customs and circumstances II lac sells
anything ut all. II they are a farming
class who receive money as n rule only
after the sale Of crops, lac must give
them credit I'll after such sales, and In
the meantime must keep up his stock
without perhaps, having the ready
cash TO do II, 80 he in
turn must have credit from the
concerns with which he doals. These
latter, and the vlllsge dealer also, ARE
thus constantly involved IA risk; tho
people trusted may not pay II sufficient
proportion OF their obligations ut tho
appointed time 10 settle with the
greater ones, or the farmers crops may
fail altogether and they be- thus unable
to pay anything at all, In which case
the small concern goes to tho wall
hopelessly and its fall may seriously |
IOsilo II II does not completely over.
turn some one or more OF tho places |
from whence came the suppliei. This
kind OF thing or something similar
sometimes happens, hut not very often;
but II It occurred every day,
we stlll could not dispense with |
the credit systvm ami It's at.
tondant risks. Just fancy store
In which o man has dealt Tor years aud |
always paid up, reiusing further credit |
because II has been determined 20 |
abandon that system OF dealing! Ora
hotel proprietor demanding the pay
for each meal and lodging upon the
receipt thereof from registered patron
who presents external evidence of
ability 10 pay! Os u New York mer.
chant refusing 10 honor tclegrauhic
order from reliable Hrm Ia salt LaNp
until the money arrives, although tho
goods might be- wanted Immediately
and would steadily diminish In de-
mand corresponding with tue delay!
o, course no one thinks OF such thiug,;
and they all go to show to what tx.
tent the commercial world places
confidence I'm iA constituent oar.
ucles. Yet this confidence Is
sometimes misplaced, oftener than
otherwise through Unforeseen cllam.
ltles; and this oil makes 1t necessary
for each nation to establish ard main
tain Il comprehensive rule Of bank.
Wptcy,
a bankruptcy law was passed ia thia
country In 1900 and permitted to live
but three briel years. In 1871 It was
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