Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-08-10
NOT so BAD As PAINTED.

The Morning News, Of Savannah. evil
IDENTITY assumes that the new bankrupt
law will prove a loophole through which
debtors may escape all kinds of oblga-
tions. Referring to the far-reaching mea-
sure, which went into effect, or rather
was supposed 10 so into effect, on August
list, il says:
Come into court, all We weary and
heavy laden. and drop your load of debt.
This Is a paraphrasing OF Scripture with
especial application TO the bankruptcy
law, which went into effect yesterday.
Any Savannah man who is tired OF buff
feting with creditors, who IS worn out
mentally with the constant endeavor to
renew notes and stand off claims. can
iiud relief in the United States Court from
now on. His day of liberation has come
and 1888 may be called the debtors year
of jubilee"
This statement, though true In the
main, may possibly create a false i'm
preston, which will prejudice the public
against the new measure almost before it's
practical operations have been noted. in
the first place, not every debt is exempted
by the law Exceptions are made in four
liability for taxes due the United States,
his state, county, district, or munich
pality.
II he has suffered a judgment arising
put of an action for fraud, or for obtain
ing money under false pretences or rep
vesentaiions, or for wilful or malicious
injuries to the person Of another. bank
xuptcy will avail him naught.
The person who, while acting as an off,
Ger or In flduciary capacity, has embez-
Eied or misappropriated funds or default
ed, Will md no consolation In the law.
And. lastly. a discharge in bankruptcy
will not release a debtor from obligations
which have not been duly scheduled in
time for proof and allowance, with the
name of the creditor, is known TO The
Bankrupt. unless such creditor had notice
Or actual knowledge of the proceedings In
bankruptcy.
1t will thus be seen that the dclin-
quent taxpayer, the embezzler. the &c
faulter. the financial Juggler, and the per-
son guilty OF malicious assault do not
come within the benefits Of the new lesis-
lation. Even If the dishonest man es-
capes the criminal processes for the Of
fences above mentioned, his pecuniary
liability will remain lin statu quo" He
cannot drop his load of debt" start out
afresh, and when ultimately successful
defy and snap his fingers in the face OF
those 20 whom in right and justice he |
owes money.
But the unfortunate merchant, the |
chronic victim of adversely, and the care
worn businessman, who have been the |
piaythings OF circumstances, will stand |
In a better position. II they honestly sur.
render all their possessions and do their
able. the law will extend TO them its very
liberal provisions. Nay, more, the house
holder or head OF family may reserve
his homestead Gas under the Virginia law)
and still go into bankruptcy. True, his
homestead may be all he has, and its
may leave his creditors mo-
hing. but they would meet the same diff
,ulties II there were no bankrupt law.
AS We take II. the whole object OF the
aw rs to allow the honest man some
nance for the future-to give him am
'ther opportunity in this hard. cold world
After business failure II Is at best oii.i-
;ult TO start life anew, and past debts,
hanging like the sword of Damocles over
he head Of one seeking TO re-establish
iimseif. are veritable millstones around
he neck. The mere thought OF them is
n Itself sufficient TO demoralize and over ,
sheim the most energetic and determined
SO. let us deal gently with the bankrupt {
4 the medium for his salvation proves ,
'seh cumbersome piece OF legislative 9
machinery II can soon be altered and SIS a
Wis eliminated. The honest man will I
lot seek 10 take undue advantage OF n. ! .
md though lighting for wind" he viii
-s~f his adversary fairly. And the dis ] =