Year: 1866

We nOld tndt t0e Statc mas no moral Tgnt 70
fetter permanently the energies and discourage
the hopes of It's citizens who may have been
once unfortunate in business. We deny that IL
is either polite or just to mortgage the future
earnings Of debtor who, being unable 10 pay
his creditors in full, has honestly surrendered
his whole property, and whose assets ear a
reasonable proportion to his obligations. We
affirm that TO hold the sword Of the law over
such mans head indefinitely is wrong to
him, no benefit to his creditor, and q serious
injury to society in general. Hence we believe
in Bankrupt law, and We earnestly hope the
House will tomorrow reconsider its vote of last
Wednesday and pass Mr.. Jenekess bill.


We must presume the House has examined
this measure, yet we hear Of no serious objec.
ton to any part Of it, The bill is not rejected
because of its imperfeetion, but because of its
perfection. 1t was before tho last Congress in
substantially the same shape as at present. and
was subjected to the closest criticism. Last
Tuesday the House went through it, section by
section, and its enemies could only object that
it was too well drawn. Indeed, the main fea.
lures and principles of tho bill are not
experimental nor theoretical, but have stood
the test OF experience in several States and are
firmly established by repeated Judicial decisions
Mr.. JcnckeS has framed his bill upon the model
of the Massachusetts, Insolyent Laws, which
have grown into system through the usage OF
many years, and are generally considered by
the profession the best existing in this country
or in England Those who oppose the bill, do
20 on general principles. They do not want
any Bankrupt law.


But we believe-nay, we are sure-the coun-
try does want Bankrupt law, and that the
measure is not less popular with tho creditor
class than with the debtor class. Business men
as rule know their own interests. They know
that man who has failed, has the life crushed
out Of him by a condition Of the law which per.
mts creditor to pounce on the first thousand
dollars that his debtor struggling up again in
the world can make. Whereas, if you give that
debtor legal release, you set him on his feet
you encourage him to start afresh, you enable
him to acquire the means eventually to pay
those very debts tho legal existence of which
would have prevented his making the
effort. You give comfort to his family;
you add wealth to society. In the wreck
and prostration Of business interests which
the last FIVE years have witnessed there are
hundreds of thousands waiting the passage of
this Bankrupt bill as the signal Of their emanci.
patton. Their property is gone; their creditors
will get nothing if the bill does mt pass they
cannot be any worse of if you pass dozen
such laws. The Chambers of Commerce of
New.York, of Boston and many other cities,
representing the creditor class, have recognized
this by their approval of the bill in question.
The House may well abide by the Judgment of
the only class which can ever theoretically be
deemed opposed to The measure.


The majority against the bill last Wednes'
day was small, the vote being 50 TO 73. A mo-
ton 10 lay on the table motion to reconsider.