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Passino- over the " Capital," whi.-h one speaker asserts is fnniished to fledgeling traders by the Insolvent A.t, and the flio-hts into Darwinism and '-bosh," in whirh a ,onvs])ondent of the WUnes>i indulges, these loud-sounding "Repealers"- may fairly be asked to submit the measure they propose to substitute for the existing law, so that their superior wisdom may not be in doubt. There is a marked indeii- niteiiess about their expressed opinions, whirh, however, may be the natural outcome of the obscurity within. If it be so, they are ill .alculated to lead in legislation against the undoubted talent and ability which framed the Insol- vent Law at present in force in Canada. The weakness of the "Repealers," in that respect would be a charitable ; '\1\L . • . . : ; . * • * . • • . • 51^541 9- — il'ii pitiiil)l(' — t'xpliination ol'thcir imsilliiuiiiious avoid- eiict' of discussion by a piickt'd iiUM'tin'i'callt'd by nobody. So liir as any can understand, their desire is repeal ; pun?, simple and immediate. Acceptins; that as corre- to lose, by what means they intend hereafter, to acquire control over the estate oi' a debtoi' in the Pro- vince of Quebec ' How are they <>oinir to cinumvont that beautiful institution, a ))i,iliH"s sale al nine o'clock in th(! morninu'. whereby assets are suddenly traiisjerred to a wife, while 1? .". .iides slick to the husband ^ Who is to notify creditors of the intention to perform this piece of lej^erdemain ? How are the Kei)ealers ffoing- to sociire the d«'bts due to the debtor? (there will })e no insolvents in the jvood time coinini>', of course not.) Is that cheaj), speedy and etlective instrument, a saisie arn'f, to be the weapon with which small debts are to be bagi>-ed ? And, if so, what is the mode by which th(> existence of debts is to be ascertained ? It may be news to some of tho.se misled that, after havin^i' obtained judjj'ment a'i'ainst a debtor at a " stunning- " cost, there is not, in Quebec, anything in the nature of a judgment summons, under which a debtor can be examined as to his means of pay- ment, and the creditor has the satisfaction of knowing that the debtor enjoys the debts, while a rather hollow judgment forms the creditor's portion. In ell'ect, apart from the Insolvent Law, there is no remedy lor a creditor in Quebec, unless the debtor is abundantly able to pay his debts, because during the time occupied in getting judgment, the assests vanish, and, should any " little effect " be left w^hen execution is obtained, they are ra- pidly discussed by the lawyers, who fyle " oppositions " at a rate of something like — twenty dollars a piece. Then how^ do matters stand in Ontario ^ What defence is there to Montreal merchants against judgments by «i 8 m (Iflaull uiul "prior fXcutioiiN .' ' Havi- the KN'pi'iilcis everriarnt'd the absciirc orniciiiis In nrrcst the (l('l)ts due to a debtor, otln-r wise than by lln' loiiir-wiudcd and v\- pf^Ufsivc proccsH ofa irariusht'c r which, to wholesale merchants, ih ,>iiin])Iy a denial of justice ? What is the policy oithe a})olitionists, or lia\e they any, whicji they pretend would coiidnce to the interest ol' the nierc;inlile community more than the existinu' laws :" 11' so, let them oi)enly and t'earh sly expound it. so that the iy-noraiit may not be in doubt as to wliere the bcnelits are to conic from. II" they have no such policy, ^ood taste ounJil lo restrain them iVoiu condcmninu' what thev are inn])rovin<»'. Now, as contrasted with the remedy in the powiM- ol' creditors prevous to ]st')4. the Insolvent A'o hard for an unscrupulous assignee to 1)uy a claim aii'ainst an ins<.]- veut debtor, if he cannot stumble on an ecpially unsi ru- |)ulous creditor to s(dl him the claim I I^et creditors deal honestly and straight forwardly with each other, and shar]>.shootina' assiijnees will soon havi' their quietus. Recurring to the '• Capital " so abundantly furnished by the Insolveut Act, can any case be cited in whiss" in worldly t)-on(l,s. aft.T failure, before tho days of insolvent laws. The attempt, thenabre, to revert to the days of friendly suits, hoi>-ns exec-utions, prefcri'Mlial inorl-jcaiivs, and other .ontri vaiiees to evado the ('(juitaldc distrihulion of insolvent estates, ouijht to he, and must he resisted to the utmost, hy every honest man, whoeotisiders that tlie jjroperly of a(hd)tor is bound to ffo ill satisfactioM of liis de])ts until they are paid. Let any merchant doiny- a u'eneral business inwious to IH(;4, and since, dispassionately ascertain the i)erc<'nta«v of loss durimr both periods, and, uiuler ordinary circumstances, it will be fouiul that tho rate of loss has not been g-reater in the latter than in the former period, while the savin"- in time, and annoyance in the attemi)L to recover de)»ts, has been incalcvihible under insolvency, as compared with the day.s of prior executions and bo of debtor's who have b(M>n stripped of every thiny, is qu.>stionable, as well on the score of o-ood taste as of souiul policy. ■' The worst xise that can Ik- made of a man is (o hano- him," and next to that, is to .ondemn him lo trudge along much of the road of life with a mill-stone of debt around his neck. The prosperity of the community is made up of the fruits of the la})ours of its mem])ers, it is, therefore, unwi.se to have a class of them weiohtcnl down, for vengeance. Any man who will say that the bulk of the failures, which have occured since 1S72, are to be ascribed to any pi>culiar legislation, or to any suddenly developed dishonesty, or incapacity, takes little heed of passing events, or of the greatly enhanced value of money during these seven years. This is not the place to enter upon a disquisition on the serious effect of lluctuations in the value of money on credit busi.i(>ss. Those who do not understand its effects will find themselves well repaid by seeking after information, and those who do under- I a*t» -%. •^ wi ,'. I'l'liruarv 2S, ls7K. Sir. To (orrohoratc thi' ahly-writtcii letter in y(»uv paper Bipfned "Merchant." dated 1 1th Fel.iiiary.winVou kindly permit nn^ the s)»ar.- to eall attention to tli.' o|)inioii,s (it one of the most relial)le and hiirhest of our leu-al anthor- ities upon the necessity oj' an Insolveiii Law. irom his point oJriei/f. It was written in a pami.hlet form, puhlish- ed in IS-ty, and. among- other remarks, makes the follow- niq- : "That a gvneral Bankrupt Law. in which all rredit(.rs " are placed on the same Iboliiio-, will, if properly framed, " allbrd the hest means of se< uiint"- and e)ii'orciii<>- the " rio-hts of creditors tftMU'rally. ai the same time that it "grants a just relief to dehtors. Our ordiiuunc is, I " maintain, a o-ou'ral Bankru|)i Law, so framed as to " secixre both these important objects. The priniar\- object " of a Bankrupt Law is to provide the means of discover- " ing- and securing the e,state of bankrupts for the benelit " of their creditors " The warrant in bankruptcy 'writ of attachment," is " the most i)owerfu] un-ans that the law can devise for " this purpose. By this prontstandiiij,''dehts. (hey were ntlerly beyond " tile reach of his creditors. " The warrant in bajikrnptcy, in a monn-nt. places the '• whole (»r the bankrupt's property in the hands ofhis "creditors, inchulini;' the books of account and pai>ers, " which could never have Ix'cn obtained by any other •' means ; and the l)ankrnpl ceases to have the power of " collectin'f his (h'bts. which are vested by law in the " The vast importance of obtaininir possession of .1 " del)tor's books is manifest, if the books leave any inirl " of the l)ankru])t's conduct in obscurity, that alone is " such miscomluit as will jirevent a discharge: if the •' books have been rei)ears to be unobjectiona])le ; and " the possibility ol' our rni/i/or obt; anij (ulviitita»-c over '• otlit'rs is roinp/e(e/// exrlinlal. " As to the question of expense, it is sufficient to re- " mark that the Bor are unanimous in regarding the " Bankrupt Law^ as the severest blow to theiJ. pwfeammal " emolumenhr (The Act of 18()0 has not, howeA'er, been found so much so as it was first thought it would be.) " Such, then, \H thf hfiiclitial opi'mtiDM ol' otir hunk- " rupt ordiimun' wJh'H inli-rprctcd iin m irciifinl Mmiknipl " Law, Mol liiiiiti'd ill its optTiitioii to out- purticulnr rhiss " ol dfhts, \m\ ('iiibrjK'iiiii' nil dchts (Miuiilly. whether " contriiettMl helore or niter its eiiii.tineiil, whih' it. lit the •' Mame lime, neeiires the more (•||'eri\iiil way oriitlniiimeiit " of the two ' oiitiiiiiiil (il)je. ts of ii r.,inkriii>t I.nw -tlie " ecpiitahh- disl rihiil ioii of the ell'ccts of tin- debtor " amoMffst his erediiors, inid the ndiet'ol' the union umite. " thoun'h d»'8ervinn' dehtor. " So h)iirs may accept a compromise ; or he may, hv " some i'ortnnate s])eiuIatioii. iiicrcase his means, so as to •' meet tlie demand ol' his creditors ; h\\\ no situation in this life can he more utterly hoi)eless. or more deservinsf " of commiseration, than that ol an honest dehtor, who, " after havinii' been divested hy law of every vestiucof his ' property, is cast upon the world, destitute of all means. " hut still exi)osed to the rjaims of unrelenliny rreditors, " or i)Ossil)ly with aj'udsjrment hunj? a))out his neck for '• forty years of his lifetim*'." The public have now th;- views of two diamelrnally opposite minds before them ; the mercantile mind, forti- fmd by years of exi)erience, in the letter of " Merchant," and the emin(>ntly practised and trained legal mind, above (quoted. Opposed to this, what have we ! Mr. Colby and Mr. Hourassa, both men representinir consti- tixeucie.s, that can neither be reaarded as centres of trade, nor likely to furnish a very extended practice to their legal luminaries ; in fact, both these gentlemen show that their repeal of the law proceeds from the same poijil HMM ) 8 mel^Z;"?'^^'/^^"^' '^'* ^^'''^'''^ '"^^ professional men cannot avail thornsolv.. of it ; the other, that far- mers are not ro^ardod by it as traders ! iorZfl Tf ^''"'^"'r' '"' ""^ ''^""^^^ ^« «^"l^ifv their former acts from such peculiar motives. Yours, &c., •' Lex." mifpfiummif^-m