The Feilding Star. TUESDAY, MAY 22, 1883. Bankruptcy Laws.

Feilding Star, Volume III, Issue 107, 22 May 1883, Page 2

The Feilding Star. TUESDAY, MAY 22, 1883. Bankruptcy Laws.

* It is more than probable tbat an attempt willbemale during; tbe ensuing session to cimend tbe bankruptcy laws now in force in tbe Colony. The members will freely avail themselves of tbeir privilege to discuss and mutilate any Bill brought betore them, no doubt, and the production of their united wisdom and ignorance will either be shelved, as was Mr Dick'j Bill last session, or it will be so " fearfully ami wonderfully made " as to be a stumbling block to creditors and a rich feast for tbe lawyers. Our rtadors are aware, doubtless, that many valuable suggestions and alterations in bankruptcy laws were made and proposed by tbe Chambers of Commerce of the Colony, and that the judges have from time to time po nted out the weakest sections or clauses of tbe bankruptcy laws as they now stand. It is understood that a number of these have been adopted and inserted by the compiler of the Hill. We will suppose the Bill to be as near perfect as po*sible when it leaves the hands of the Government Printer and is handed to members prior to its lieing brought down, ihe wisdom and experience of ages have been used in its construction bv tbe hands and minds of learned pundits and mercantile men, F.very possible kind of bankruptc}' — honest or fraudulent or stupid — has been provided lor according to tbe opinion of its author-:, whthink it ought to come law without the smallest amendment. Unhappily for them o'.her members will view the matter differently, and will proceed to pull to pieces, contradict, and prove the utter folly and uselessness of half its various clauses, and at the sume time display an Amount cf fatuous ignorance and prejudice that can onlv be found among such a mixed body of men ; and all the while each and nil of them will believe that they are doing the best for themselves, their friends, and lastly, their country. Not one of these sapient legislators will have the honesty or modesty to confess tbat he has little knowledge to lend as assistance to the creation of a Bankruptcy Bill simple enough to be workable, and intelligible enough to be capable of interpretation by a bankruptcy judge. In the Old Country it has been just the same patching ami making new Bills out of old ones, with tbe dismal result of being as badly oif at the end as at tbe begin ning. The remedy lies outside of the Houses of" Parliament. We do not believe ti=at any law can ever be passed to make dishonest men honest. Many sensible and thoughtful men are arriving at the concision that the whole affair of bankruptcy and its laws might safely be dropped altogether. A man's known honesty or commercial integrity is now th-j foundation of his credit in almost every case, if he is in business of any kind. In the event of misfortune or calamity overtaking such a man there is never any difficulty in settling his affairs. Where a man has been a " living fraud " other laws are iu force whereby he can be punished. Ihe credit system requires amending, and that can only be done by the dealer who supplies the consumer. It is the latter who really in tbe foundation ot the whole commercia. world, nnd it is with him the reform should be commenced upon Let business bo done for cash, or where credit is necessary, as well ns safe, on the shortest possible terms. A day laborer has no right to expect or receive long terms of credit, or tn have debts more thau he can pay on any night or when he gets his wages. Yet we could quote scores of cases where such men have bee;, in debt for amounts equal in each c«S" to six months' earnings: If these men were pushed for payment they simply filed, and lauyhed at their confiding creditors. Check the present credit syst< m, which is unduly foscereu by too much competition, and , legislation for bankrupt c}' will become unnecessary, and the whole body of I the |n ojile would also bo much better off in money and position.