Year: 1866

he New York papers-at least the Time.
and Tribune, are urging the passage of the
Bankrupt Act very earnestly. The measure
is desired by large element of the business
and active men Of the country. We are no,
prepared to advise Congress in the premises.
The legislation and non-legislation of the
National Congress on Bankruptcy during all
our Government history is illustrative of the
knottiness, of the inherent difficulties, of this
subject. 1t requires skillfal plotting the
way lies between Scyla and Charybdis. 1t
should be measure of general Justice.
Neither the debtor nor the creditor class
should be victimized or sold out to the other.
Whatever is done should be done carefully
and considerably and any law passed should
remain in its principal features, a stable thing
on the Federal statute book


The New York Times thus urges the early
passage of the bill:


"Next to the speedy restoration of the
Union, the country has few wants more ur.
gent than that which it is proposed to satisfy
by the passage of Bankruptcy Bill. The
revision of the tariff is not matter to which
any class can afford to be Indifferent, consid-
ering especially the eagerness with which
certain interests are combining and working
Tor the acquisition of peculiar advantages
But this Is trivial affair compared to the
variety and extent of the interests involved in
an equitable adjustment of the bankruptcy
questionable injury resulting from the alb
sence of such law. the consequent demoral
ization, and the influence which a we'll
considered enactment may be expected to
produce upon the trade and industry of all
sections


II the question were new ore, there
would be little reason in request for its dis
posal on the eve of the dog days, and with
the session fastening to its close. But the
question In all its bearings is too well under
stood by every intelligent legislator to render
necessary prolonged discussion, or to Justify
loss OF time under the guise Of deliheration
The nice constitutional points upon which
rgld eonstructlonSts were accustomed to
dwell, have passed into oblivion with the pol
incians most prone to mise them. The
expediency Of the measure is all that remains
to be considered, and in regard to that, the
commercial community have sent forth no
uncertain sound. There are some who crave
delay with vague hope that they may mean
while exact the full pound af flesh, but it
were a libel upon the hberality, the good
sense. the proverhially generous feeling Of
business Americans. to suppose that they
share this illjudged greed to any considera-
BILE degree. Habitualy prompt in their
transactions, they prefer present settlement,
albeit entailing loss, to delay which makes
everything indefinite, and in the interim de-
prives society of whatever service the crippled
debtor may be capable of performing Hence
the opinion in favor of Bankrupt Law is all
but universal among those who will be mos,
affected by its provisions, and may be sup
posed to scan them with most jealous care
The gain that will accrue from the speedy
enactment Of the law is so vastly more certain
and more important that the loss it may
possibly entail, that every noticeable express
sion of public opinion has been in its favor
The Senate is therefore asked to deal with a
subject, every aspect of which has been thor
oughly canvassed, and in reference to which
the opinion Of tho trading classes is over
whelmingly on the side of early action"