The Fielding Star THURSDAY, APRIL 12, 1883. BANKRUPTCY LAW.

Feilding Star, Volume III, Issue 90, 12 April 1883, Page 2

The Fielding Star THURSDAY, APRIL 12, 1883. BANKRUPTCY LAW.

1 n the Bankruptcy Bill to be brought, before Parliament during next sessions it is provided that if the Court is of opinion that a bankruptcy is attributable to rash and hazardous speculations, or unjustifiable extravagance in living, it may adjudge such bankrupt to be imprisoned for any term not exceeding 12 months, with or without hard labor. It seems to us that the jud^e of the Bankruptcy Court will have a somewhat difficult task before him to arrive at an opinion on this matter. He may be able to discover and explain the mean ing of "rash and hazardous specula rions" from the conflicting evidence.

as to what composes this portion of the supposed offence : but to know what " unjustifiable extravagance : ' means when put into juxtaposition -vith what he is to consider " justifiable extravagance" will, in every case, prove a difficult problem to solve. For instance, we will suppose that a bankrupt has subscribed (and paid, for tbe two words do not always go together) a guinea to a charity, while he owed his bootmaker a similar sr n. would this be considered "just. ...•._-- extravagance" if he pleaded thai, persons who dunned him for the buhscription were more unlortunate thau tbe tradesman ? or if his medical man recommended wine for "his stomach _ sake" and he followed the prescription liberally by spending the money that should bave paid his suffering butcher, baker, grocer, and other tradesmen, in the best brands of wine to be obtained. Ia this '* justifiable" or not ? A thousand other ways of socalled justifiable extravagauce could be quoted, We believe in the doctrine of punishing extravagance of any kind in a debtor who by his own acts is compelled to seek the benefit of the Bankruptcy Court. It is very galling to a tradesman who has a hard battle to keep his business together and pay his way, to see one of bis customers, from whom it is almost impossible to obtain money in payment for necessaries of life, daily expending more money in drink than would pay his debts j yet this is one of tbe cases that will most frequently occur, and for which there can be no punishment provided. The only plan that can suggest itself is by the persons wbo are compelled to give credit shortening the terms in cases of persons receiving wages or salaries to the dates of the payment of such wages or salaries. We have specially borne on che small debtors because, after all, they are the persons on whom the whole fabric of the credit system depends ; they are the consumers, and on tbem and the regularity of their payments rests the prosperity of dealers of every class or description, to whom must be added also all professional men. With the great financial bankrupts whose failure, are a source ot admiration and awe ro the outsider, we have nothing: to do. The law, and a feeling of sympathy or fellow-feeling among the persons who are principally the oufferers, generally lets them off very gently, because they *' have suffered much."