Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-08-25
Bankrupt Law.

The Nashville "American" is calling
for national bankrupt law. Very
likely there will soon he general de-
mand for such q measure.
Before the present financial strain is
over, there will be numbers OF persons
who will be found to be insolvent, and
il would be better for them, and for the
country, that they should be allowed TO
start afresh than to leave them to strug-
ole under the burden OF debts which
they can neither pay nor be discharged
from. We expect soon to hear loud
cry, particularly from the West, for a
national bankrupt law. Indeed, such a
law has been long needed; but the recol-
lections of tho last law on the subject,
and of the hardships then suffered by
creditors, have dlsinclined many South
ern congressman to favor any OF the va
rious bills proposed.
What this country needs is simple,
speedy and economical law. We should
Ike TO see the fees Of court officers
made low and the provisions OF the law
made SO explicit that lawyers could af-
ford to charge moderate fees for their
professional services.
The last bankrupt law was admins
tered in many parts of the South by
court officers who were Odious to the
people, and many Of them proved to be
dishonest Adventures. Hence the very
name of "bankrupt law" stinks in the
nostrils of many very worthy people
and makes them hostile to all proposed
measures OF this character. 1t is not to
be wondered at that this feeling pre-
walls. But little consideration ought
to convince all such opponents OF n
bankrupt law that we need have little
or no apprehension of this sort now.
Few of the bankrupt harpies of olden
times remain with US, and these could
not exert such power as they used to be
allowed to exercise.
The New York journal OF Com
merce" saws that ever since the repeal
Of the former bankrupt law the business
men of the East have sought for new
one, but that many representatives. from
the West and South have been "under
the impression that they were serving the
interests of their constituents by oppos-
ing it, These persons, the Journal,
SAYS, were willing to have law proyid-
ing for voluntary bankruptcy, "but, as
the merchants in their districts were
often in debt for goods bought in the
East, they believed they were taking care
of the interests of their own people in
denying to the Eastern merchant the
power to throw his debtor into bank
ruptcy." Another consideration that
had weight continues the JournaD, was
the belief that under the State insolvency
laws the creditor who was near by had a
"good deal of advantage over the remote
creditor, and the opponents of National
bankrupt laws believed that they were
not only protecting their debtor con-
stituents, but their creditor constituents
also by their course.
1t is possible that few sordid persons
were influenced by the consideration
last mentioned but they were very few.
Southern hostility to the bankrupt law
was the outgrowth Of the wrongs our
people suffered by that law--or rather
from the persons who were appointed to
administer it. 1t is associated, too,
with the days of "oarpet-baggery and
" scallyawaggery." but we doubt not
that all these memories will be put aside
if bill IS framed, which will be just, and
as inexpensive as it is possible to make
such law. This sort of law is needed ;
such law Congress can and should give
the country.