Year: 1867

prison, or pit under surveillance, and
after an examination into his affairs
by the Tribunal Of Commerce, he can
be released on bail Or unconditionally.
After the investigation is completed,
he can: be condemned to imprison-
ment, with or without labor, if fraud
be proved against him. The English
has some peculiar features. A bank
rupt who obtains his certificate of dis
charge, is allowed a per centage to a
limited sum out of the proceedings of
his estate, when the dividends reach
certain amount. When fifteen shil-
lingsin the pound is realized BY his
creditors, he receives ten per cent. on
the cwhole assets to sum not exceed
ing 900 pounds and SO. improper
ton for smaller dividend: This af-
fords bankrupt 6 small capital with
which to commence life anew. One
provision of the English law would
hardly suit the United States. A
bankrupt. is not entitled to,his dis
charge if he has lost certain amount
within the past year Immediately
preceding his bankruptcy, either at
gambling or stock7jobbing.


tits objected by some that bank
ruptcy laws are protection to fraudu-
lent and dishonest debtors.> A, gool
law must always be the reverse: Our
present system, without any general
law at all, is oppressive only to. the
unfortunate and honest debtor, and
affords the rogue every facility he
can desire to cheat his creditors. 1t
is also ane incentive or temptation: to
men of weak and unstable principles
to become dishonest. When a per-
son who ssis doing business with an
Intention and wish to estabiishSa
good reputation finds misfortune
coming npon him he has: now no OPP
portunity to redeem himself, and will
III a large majority Of instances, set
to work to put his property out Of the
reach of his creditors. IfEhe goes
down, he argues, he can never get up
again, and self preservation is the
first. law Of nature. A fair.bankFapt
law would enable him to stop attonco,
to put all his property in the hands
of his creditors to pay as much as he
could, and to commence again with
out an incubus of debt weighing him
down. From dishonesty and fraud
no law devised by human wis lom can
entirely protect the creditor. Put q
good bankrupt law would afford him
moro protection than he at present
enjoys, since it would enable him to
take immediate measures for bis pro-
lection whenever evidence of intend
ed fraud should make itself apparent.


The lack Of a uniform bankruptcy
law deprivcs the community of some
Of its best commercial stability and
business enterprise. TJkeep man
constantly out Of business because he
has once been unfortunate, or to
compel him to resort to all manner
Of tricks and subterfuges to conceal
his property and cover up his inter
ests, cannot conduce either to the
good of. the creditor Or of the State.
The honest debtor, if he should be-
come bankrupt, would never fail to
pay uphis old obligation IN full should
lie subsequently secure the means to
10 So. The dishonest man would
never pay a debt at all if he could
avoid it. We have examined with
some care the law which passed the
present House at its first session, and
is ROW before tile Senate. Its main
provisions appear to be fair and just
both towards the creditor and debtor,
and it contains apparently stringent
safeguards against fraud and dishon-
csty on the part of Il bankrupt. AT
this period of our life as nation it
is cmincntly desirable that some uni
form law should be given to the coun-
try, and the subject should claim the
carly and the serious attention of the
Senate. 1t is one Ct the most i'm
portant matters that remains before
that body, and should be passed dur.
ing the existing session, so that ifany
amendments to the bill are found
desirable they mayvhe acted upon
by the present House, Which has al
ready mlturcly considered and
thoroughly debated Tie subject.