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Daily Telegraph (Napier), Issue 3196, 26 September 1881, Page 2

In the last number of the Nineteenth Century Lord Sberbrooke proposes the abolition of all Bankruptcy Law. He says:—■•' If I am asked what I would put in its place, I answer without hesitation —Nothing. I cannot see that we require anything more except a very considerable shortening of the Statute of Limitations. If you want to make or keep people honest, you should above all things avoid putting severe and drastic remedies in the bands of the creditor. It is quite reasonable to trust a man for his wealth, his ability, his honesty, or his industry; every days experience shows us that nothing is so unsafe as to trust your money to the fear of disgrace or punishment. The effect of such a law would, I believe, be most salutary; with nothing but the estate of the debtor to look to there would be fewer bad debts ; trade would be more safely and therefore more profitably managed; and the ridiculous notions as to the peculiar wickedness alternately imputed to borrowers and lenders would be for once and ever exploded. You cannot call back what is lost, but you may make it less by bankruptcy. It is better that debts should be paid unequally than the property should be destroyed in the effort to ascertain an equality which yields a purely metaphysical and imaginary satisfaction to the thirsty creditor."