Plan for amending Debtors^ Law, 



1816.] 



^oukl be the proper altcnuitive, in case 

 a debtor found the stale of liis affairs so 

 impracticable as that lie could not ar- 

 raii<;e witb his creditors; and that it 

 should only be considered as an alterna- 

 tive in that case. I have stated the ge- 

 neral principle which I wished to submit 

 to the committee. 



You think it would be desirable to 

 make men ajjree with one another out of 

 court, ill order to save the ex pence of 

 law proceedings? — I mean to describe a 

 principle, which I am convinced is the 

 cause of all the difficulties tiiat exist, 

 namely, the present impracticability of 

 creditors settling with thtir debtors ; 

 because, though ninety-nine out of a 

 hundred may agree, jet, if the hun- 

 dredth resist, unless they choose to pay 

 that hundredth man twenty shillings iu 

 the pound, which they will not do merely 

 to gratify a bad spirit, or selfish conside- 

 rations, there is no alternative but the 

 imprisonment of the debtor, the sale of 

 kis profjerty at every disadvantage, or a 

 commission of bankruptcy. 



Do you mean that the court should 

 decide, whether the hundredth creditor 

 should be compelled to agree with the 

 ninety-nine? — No; my opinion is, that 

 at the meeting appointed, of which the 

 whole (whether the whole were present 

 or not) should have had notice, two tius- 

 tees or two assignees should be ap- 

 pointed, who should complete the ar- 

 rangement between the debtor and his 

 Creditors. 



Have you any thing to suggest re- 

 epecting the Insolvent Act? — Nothing, 

 except that, in two or three case^ where 

 I have been a creditor, I have found 

 that, though I have lost every thing, I 

 should not, apparently, have got any 

 thing, if the party had been detained in 

 prison, the debtor appearing, in reality, 

 to have no property- Oh a subject of 

 the bill which was brought before the 

 House of Commons in the last sessions 

 by Mr. Serjeant Best, to compel deb- 

 tors to surrender their property, a case 

 has occurred to myself of a person svlio 

 is now in the King's liench, and who is 

 understood to (xtssess considerable pro- 

 perty, but refuses to make any arrange- 

 ment with his creditors, lie is an el- 

 derly man, and the reason he assigns is, 

 that he can end his days better in piisoii 

 with property, than out of it without 

 fropcrty. 



Then you seem to imagine that your 

 plan would in many cases supersede a 

 commission of bankruptcy? — Doubtless 

 it WvulU; but, text iJiat «huuld be luuJu 



125 



an objection to my idea of giving to a 

 certain proportion of creditors the power 

 of settling with the debtor, I beg leave 

 to state, that I conclude tiie House of 

 Commons would provide the courts ami 

 other forms necessary to give clfcet to 

 the system. — My plan does not preclud» 

 the idea of a court under any forms 

 that might be thought proper, or any 

 restrictions or any penalties that might 

 be imposed to prevent frauds. 

 Charles Rtmniiigtoii, Serjeant at Law, 

 his Majesty's Commissioner fvr Re- 

 lief of Insolvent Debtors, called in, and 

 examined. 



Have you any opportunity of know- 

 ing whether jjcrsons, since the passing of 

 this act, have been less cautious in con- 

 tractuig debts? — I do notkuow whether 

 they have or not; but I should think 

 that the effect ol' the act of parliament 

 must be to prevent improper credit, and 

 to caution people against granting it; if 

 creditors will not be cautious, the I'aiUt 

 is in a great measuie their own. 



Do you believe that the cause of men's 

 ruiiiiiiig in debt is more the result of the 

 incautious credit given to them, than of 

 their own dishonest intentions? — I think 

 it is partly one and partly the other. 

 As far us general opinion may go up- 

 on so extensive a subject, I am one of 

 those who tliink there aie a great num- 

 ber of fraudulent creditors in this me- 

 tropolis, as well as fraudulent tlebtois. 



'l"he act of jjarliament authorizing the 

 liberation of a debtor after three months* 

 imprisonmenf on the terms provided by 

 the act, do you think that that prospect 

 of liberation occasions in the iniiid of the 

 person about to contract a debt a less 

 degree of api)rehension of the conse- 

 rpieiices of his insolveiu^y? — I do not 

 know wiiether it does or not ; and it is a 

 subject upon which no human being can, 

 I think, give a correct answer; but sure 

 I am that the grand feature of the pre- 

 sent law is of some importance to peo- 

 ])le in trade; tiiat of making the future 

 efl'eets at all times liable, an advantage 

 which they by no means have under the 

 bankrupt laws in general. 



Do you not think that discrimination 

 ought to be made belwecu a person who 

 contracts debts knowing he caimot dis- 

 charge them, and a jjcrson who by mis- 

 fortune falls into insolvency? — I should 

 agree in that opinion as a question of 

 morals, but that is for higher authority 

 than mine to (h'termiiie. 



Is such a discrimination made? — I 

 Ihink there is; fur instance, obtaining^ 

 uiuuey uuder false preteiice:<. 



Puttiiii; 



