The Republican journal., 1895-12-19
The Insolvency Question.

WHAT AN AROOsTOOK PAPER SAYS OF IT.
There are three standing texts on which
the press Of Aroostook can very profit
ably preach regular discourses to it's local
readers during the coming winter. One is
the necessity Of introducing greater
variety of crops, another the need of
greater economy and safer and more
| cautious policy in regard to running in
debt, and the third a reform Of the abuse
Of the insolvency law.
The first two are objects comparatively
easy OF attainment. Indeed, there are
abundant signs that the farmers Of Aroos-
took are alive to the necessity both OF
diversifying their methods of husbandry,
and Of bringing their business and their
habits of living on to basis Of closer
economy. When this is done it will Of
course, go far toward correcting the in
solvency abuse, as there will be fewer
debts incurred, and the means for the dis
charge Of those that are created will be
increased. But with the present facilities
which the insolvency law affords weak
kneed or dishonest debtors for evading
their obligations and cheating creditors,
and with the practice in that direction SO
long continued and wholesale that it has
almost obscured, in a large class, the
sense Of obligation to pay their just debts,
the insolvency evil is one much harder to
cure.
While it will be lessened by return of
good times and prosperity, 50 long as the
law offers premium for this species OF
business fraud it will continue to be
practiced. 1t may be urged that a method
Of decreasing the evil should be by black
listing insolvents, and putting them under
the han nf nuhlr rnnrnnrh Ilur thiv IL
neither wise nor practicable. This would
work the hardship Of putting the honest
debtor, who is compelled by misfortune
to seek relief from his debts, in the same
pillory OF disgrace with tile dishonest
debtor. IL was never intended, and is
not wise OF desirable, that insolvency
should stain a man with reproach in his
community, put a brand Of disgrace upon
him, Or 50 discredt and cripple him that
he may not begin anew, with the hand Of
credit and encouragement open to him.
The law should lie 50 framed and so
administered as to open the door sutfi-
GENTLY wide for relief out not wide
enough to encourage wholesale fraud and
dishonesty. In our Judgment to make
the law wholesome one, to free it large
| ly from its present abuses, and make it
better subserve the purpose for which it
was designed, the limit at which debtor
may avail himself Of its provisions should
be at least doubled in amount.
There is no good reason. ulder average
conditions, why man should ask to be
relieved OF a less Indebtedness than six
hundred dollars, and to fix it at that limit
would cause an immense percentage, whose
credit can easily be stretched to the pres
ent insolvency mark, to set their hands
and brains at work trying to pay debts
and avoid mourning Them rather than
scheme to run into debt to the convenient
point where the legal tide will serve them
TO embark on the easy and convenient
voyage OF insolvency.
The long and short of the matter is
that the limit should be fixed at point
sufficiently high to make it an object and
incentive for people to strive to avoid
debt, and resolve by industry and economy
to pay the debts they have incurred. AT
present it merely affords a standing invi-
tation to plans for getting rid Of debts and
defrauding just creditors
The present insolvency law is simply
honey combing the community with fraud !;
it has resolved itself into systematic and
deliberate theft Of creditors; it is sowing
the fouIest and most corrupt seeds in all
business relations: it is damaging all who
are affected by it, and more or less de-
moralizing all who have hand in its
practice and application. There is no
law Oh the statute books of our State for
which there is q more crying need Of
amendment, and none i'm regard to which
our law, makers, seem to be so willfully
deaf and blind to its abuses and mischiefs.
Star Herald.