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Maps, plates, charts, etc., may be filmed at different reduction ratios. Those too large to be entirely included in one exposure are filmed beginning in the upper left hand corner, left to right and top to bottom, as many frames as required. The following diagrams illustrate the method: Les cartes, planches, tableaux, etc., peuvent dtre film^s d des taux de reduction diffdrents. Lorsque le document est trop grand pour dtre reproduit en un seul clichd, il est filmd d partir de Tangle supdrieur gauche, de gauche & droite, et de haut en bas, en prenant le nombre d'images ndcessaire. Les diagrammes suivants illustrent la mdthode. 1 2 3 32X 1 2 3 4 5 6 / ^•' ij Q^u <^'' ' '^ "^ "^^"^ ^ / o FALLACY — OF INSOLVENCY LAWS -AND THFIR- w BANEFUL EFFECTS, I i ^ f> r LETTER I. INSOLVENCY LAWS. Shflicn to be :i rang on account of their necessary relation to the dispensing oj rtcdit, leading to overt fading and all its attendant evils In replying to a deputation which, a few weeks ago, vaited upon the C'.overnmeni at Ottawa to advocate the enactment of the proposed Insolvency \\\\ before the House, the Premier spoke of the a; Mii-.y of traders and the public generally re- garding the subject. It is certainly very surprising that appar- ent indifference tlu.uld be maintained in so important a matter, and seems only to be acjounted for on the ground that people do not reflect ui)on it, or fail to recognize Us bearing and the principles inv(jlved. The main points in this Bill being the usual provisions, that when a per.son is unable to pay his debts in full it secures that what he possesses shall be distributed,/;^ rata, among his creditors, thus preventing one or more creditors taking what will satisfy their claims while the other creditors get little or perhaps nothing, and the debtor, having gone through the prescribed form and ostensibly given uj) all he had, be declared in the eyes of the law to be free ol liability : it seems to be a very innocent thing indeed, in fact a most commendable provision to make on our statute books. It appears on the face of it so just and fair and equal it is deemed supercilious and unkind to question its right to be there, though after all it 4 does not (juite appear why such benericenct- and even handed deaHng should nol he extended to all aHke, why farmers, or doctors, or clergymen, or lawyers for that matter should he ex- cluded from such kindly consideraticni. lint were one to sug- gest that this very righteous law extend to all classes he would probably be ridiculed, though in full view of the fact that the farmer or mechanic, who may have kindly and gratuliously aided tlie trader by lending his name on pajier, has no recourse or "city of ret'uge," but is remorselessly sold (nit of house and home, and even after that dare not (all anything his own but wliat may i)e seized to satisfy still ])endent claims of those benevolent gentlemen wlio are now t aliing loudly at Ottawa for ''The Insulvent Debtors Act." it is perhaps supi»osed to be sufficient solace to the unlucky farmer or non-privileged one to see his quondam friend, the discharged trader, a free man driving a few months later securelv in possession of a carriage and pair. lUit let such minor considerations pass, lliere are other asj)ects of the subject of a more limdamental character. Let it be admitted that a law providmg for the pro rata dis- tribution of the Assets of Insolvent Debtors is a correct thing in itself, and standing alone it is hard to deny it, for even though the credit(M- be as often, or ol"tener, the erring one as the debtor, still he ought to be protected in his just rights. Let the law provide for it, if this (an l)e done without doing still greater wrong than loss resulting to the creditor. But this is what is conceived to be im))0ssible, at all events until men cease to be sellish and rapacious, and then of course it will not be needed. ]xt us supi)ose then for the i>resent that the principle involved here is admissible, yet it must be remembered that a thing may be right in itself and yet become totally wrong owing to its necessary relation to something else. For example, it is a very projjer thing for a young man to get married to a lady of his choice, indeed it is a very com- mendable thing in itself, but if he hai)pens to stand in the re- 5 laiion of a husband to another woman it would become wholly and abominably wrong. Now it will be recognized, in the subject before us, that a fatal difficulty lies in the relation of such an art as that proposed to the dhpanw:< of credit, a diftHuliy which is insumvjuntable. The manifest j.lausibiliiy and reasonableness on the very sur- face of the demand for a Distribution Act is what hinders the general public enquiring deeper into the subject. Many an oppressive law in the past, fraught wuh deep wrong and injus- tice, has found a place in the Statute Books and remamed there unquestioned for centuries for a like reason. The only way to account for such a law as this in any free and enlighten- ed country is that people are apathetic and do not think upon its relations and conseciuences. Trade and commerce play a most important part in the civilization of this nineteenth ceniury, and people ought to arouse themselves to think, as it is the bounden duiy of all, farmers and professional men as well as traders, to endeavor to raise the moral tone of trade by letting their voice be heard for the right. The writer submits that there is nothing more demoralizing m trade at the present day than tiie manner in which credit is dispensed. The root of the evil is here, for this is really the occasion probably of nine-tcnihs of the failures in Canada. Do let the lash dien be api)lied to the right shoulders, do not punish the comparatively innocent for the truly guilty. While the dispensers of credit are chiefly responsible for the loss they bring upon themselves, for Parliament, by special class enactment, to aid these in inflicting injustice and wrong on thousand? of others by their reckless haste to increase riches and wilful perversion of the use of capital, is most pernicious and thoroughly vicious in principle. When the law provides for the distribution pro rata of the assets of insolvent debtors, the dispensers of credit rely to a great extent upon this partial security, and neglect the true (Tcww^nw/ <^r?>7V, honesty, integrity and ahility. Thus an in- definitely greater numbii ut industrious and legitimate traders, directly and indirectly, aie uiadf tt» suffer loss and injustice vnder a law than of those who would suffer loss tvithont a law. And further, there is this essentia/ differeme between the two. Under a' law for the distribution of assets those who chielly suffer cannot possibly avuid it, not being immediately connect ed either with the debtor or creditor beiore the court they are not in any way responsible for or connec led with the cau.se of their trouble. Wher.as those who suffer loss by the absence of a law have matters almost t.ntirely in their own haiuls, in withholding or curtailinu credu. And \cl these are the very ones who are calling for the Bill, and luive, moreover, the ef- frontery to try to persuade rurliamcnt, ;ts ihey tried to |)ersuade Sir John Macdonald tho other day, that they are ihe chief if not the only ones inlercsicd in the passaue c^i this Hill, where- as every citizen in ihis \vide dominion is de<.i)Iy interested in and will be i>ro(oundl) affected i \ it. One reason advanced by the advocates of this Bill and strenuously maintained by the deputation whit h waitt-d ui>on the Government at Ottawa is th.it, witluuit a law in (Canada providin'^ for the pro rata distributitin of assets, it is moredifti cult to do business in Clreat Britain and Foreign Markets, — that is to say, that under present circumstances wiihout a law of this kind credit is not dispensed there until those seeking it establish themselves as entitled to it. Now any one can read ily. see that this is a valid argument why such a law should not be enacted. The writer when in England last January met several gentle- men, having large business transactions in the Dominion, who were asking him why there was not an insolvency law in Can- ada, and strongly urged that there ought to be one for the credit of the countty and its fair fame \ But it came out in conversa tion that while firms in good standing in Canada had not the slightest ditiiculty whatever in procuring all the credit they askid for when not out ol -.roportion to their i>osition and means. \it ih;ii iIktc were (luue a number ol' instances, where the means and ability of certain importers seekmg credit did not seem adecjnaie t(^ the credit asked for, it was refused, to some wholly, to others partly. Hut note, it was admitted, and indeed put t'orward as a reason for a bankruptcy law, that in most of these lases all the credit sou^iu for would have been obtainetl /iidcnt of the Toronto Board of Trade in his circular to the House of Commons, namely, what is vulgarly termed drawing a red herring across the track. He dwells largely upon the need of credit, and expatiates elaborately upon the impracticability of doing busi- ne.ss in Canada without a system of credit. The public will, of coarse, not allow themselves thus to be thrown off the scent. The sNStvm of credit is not being attacked at all, its necessity is not even questioned in these letters, but on the contrary its necessity is taken for granted. It will readily be admitted that statutory law should be so framed as to lead men to observe the laws of nature, to have regard to the responsibilities of their position and observe the obligations they are naturally under to their fellow men. And conversely, ihe state has no right whatever to enact any law that will tem[)t men to break those, or even extend increased opportunity or facility to disregard the duties and responsibili- ties of their condition in life, and this all insolvency laws prac- tically do, especially the provisions relating to //v rata dis- tribution, which is what is being dealt with at present in these letters. The other portions respecting discharge, which are reallv the least objectionable, and yet are what those who are pressing for this Bill want omiited, will be attended to later. The essential part of any Insolvency Bill that was ever fram- ed is that portion which secures the pro rata division of the asHts of an insolvent, with the ostensible ol>]c( I of provtMiting a friuuiulcnt disposal ot them on the side of the dchtcir. No\v,aiiart Irom the injustice ()t puitiiiu a whole section <>f liie coniinunity, jnimherini^ many thousands (jf h-norable men, in tlu: eyes ot the law as about U) he uuiliy ol cr.act any law which will give the latter more power ovtr the former than wliat his extra thousands already give him. 12 But this is precisely one of the many wrongs which an insolvency law inflicts. It is well to enciuire here who they are who want this law. The farmers or mechanics or professional men do not want it, neither do any of the thousands of traders or general public throughout the Dominion want it, indeed a greater proportion than ninety-nine in a hundred of all who reflect on the subject at all are decidedly and emphatically opposed to it. Whence comes it then that such laws have ever found their way into the statute books of this or any other country ? They have been placed tliere simply and solely at the instigation of dis- j>ensers of credit, and, what is worse still, at the dictation of the least scrupulous of these. Strictly honorable and ui)right dis- jiensers of credit in good standing feel that, besides being unjust to the great body of the people, these laws are ojiposed to the best interests of the legitimate wholesale trade, as among other things it gives an opportunity for persons of no financial stand- ing whatever to enter into speculative ventures, by importing largely, and thus trading on the capital of British and Foreign Merchants and Manufacturers, which these would not permit were thev not secured by a law in this country jiroviding for a pro rata distribution of assets in case of insolvency. And, again, these speculating adventurers are tree to credit right and left to all sorts of persons, as they are themselves secured in a like manner. Now it is deplorable that such a state of things should exist and be encouraged by law. The silent, crafty manner in which designing persons set to work to impose upon our legislators is the only way to account for it, for they seem to control the press at the centres of public opinion, and thus shut off discussion. Wtre it not so serious a matter it would really be quite amusing to iiear some of the commercial journals and other ins])ired papers of Toronto and Montreal discoursing on the details of the insolvency laws of Ontario and the Dominion, discoursing so calmly and beneficently, as if they were perfectly 13 unconscious of anytliing wrong. They would make by the new insolvency law everything beautiful, bright and heavenly, so innocent are they that they appear perfectly unconscious of any- thing but disinterested goodness and pure benevolence. They refer with horror to the dark days of the past when the dungeon awaited the debtor, but it seems now they would substitute for the prison the shackles of the slave and a wiiip of scorpions. But the people of Canada, from Halifax to the I'acitic, are getting their eyes open to the truth and are beginning to see the cloven foot in this angel of light. Jt is far from our intention to accuse all wholesale dealers or other dispensers of credit, or even a majority of tl'.em, of deliber- ately and of set purpose op{)ressing their [)oorer brethren in trade, but in the keen competition for busiinc^s the tendcnc y is to oppression, even among otherwise iionorable men, when the unscrupulous have entered into the contest with them Wealth has power, and sometimes tills power is injuriously exerted beyond the conscious control of him who possesses it. What is contended tor is tiiat the state has no right what- ever to bestow upon it iiiore power than it naturally has, by providing an insolvency law. Look at the facts of tlie case as these now stand, even without a Dominion Distribution Act. Take for example the dry goods trade, and it is a fair index to other branches. It is stated on good au'diority that of those who engage in the retail trade but a very small per centage indeed succeed in making a living, and but a solitary one here an. there ac([uire enough to retire comfortably in old age. Df the rest, those who have put large means in their business anil exercised [:)rudence and ability in the conduct of their affairs, together with those who have put little in, and those who had nothing, honest and dishonest, capable and incapable, all fare alike and are made to minister to the selfishness and rayiacity of certain disjiensers of credit who are now asking Parliament to aid them further in their tyranny. J«. ' 14 These arc no idle wurds, Mr. Editor, but simply the plain unvarnished facts, stated soberly and earnestly, and vouched for bv thousands throughout the length and breadth of the land. Do wc not on every hand hear the sighs of these oppressed ? Side by side, the other day. with an article in the columns 01 one of the leading commercial j^apers published in your city, asking tor the passage of the obno.xious Bill, came one of these laments in jileading terms, (rying how /on^i^- .' How long will credit he not only recklessly dispensed but actually pressed unsolii ited upon the unscrupulous and dishonest, thus frustrat- ing and defeating everywhere all earnest and sincere endeavor toward honest dealing? The worthy young man who has earned for himself behmd the counter a good name by his industry and honorable conduct, and saved a few dollars outot his scanty wages, no sooner sets out in life for himself, nobly resolved to do the right, than his bright hopes for the future are speedily dashed to the ground. He finds it impossible to follow his calling and not be dishonored. His good name and little savings stand to liim for nothing. The schemer is pre- ferred before h.im. In bestowing credit commercial morality is thrown to the wir-,ds. Again, look at this, l here arc about four thousand com- mercial travellers, paid agents of these worthy dispensers of credit, industriously euiployed throughout thelength and breadth or the land, urging aUkegood, bad and indiflerenttocome under liability to their principals, all this involving an outlay of the enormous sum of ujiwards c>r live million dollars annually, and ;he whole of this immense sum is spent by these gentlemen in almost forcing credit on their victims. And yet these men, because they can afford to spend this vast amount of money and have millions on millions at the back of it, have forsooth the audacity to come l)efore Parliament to aid and help ihetn in their deeds, and ask I'arliament to remove by special enactment in their favor the chief, if not the only thing that will check tlicm in ibcir reckless indifference and selfish dis- regard of the well being of others, tlie honest, industrious and jirudent who happen not to be as rich as thev. This reckless ness is, in all conscience, great enough and disastrous enough now, when no provision exists for the pro rata division of assets of insolvent debtors, but will be increased manifold and greatly intensified when the creditor is assured by law of an even distribution of the bankrupt's estate, and relieved altogether o\ the wholesome fear of loss l)y prior judgments ami i)referential claims. A few designing men, under the pretext that it is for the good of the people and our country's fair fame ami all such wretched cant, have actually succeeded in prevailing u}>on the Ontario Local House to place an insolvency law upon the statute books at Toronto, and arc now urging with all their might to have it enacted by the Dominion Parliament \Vas ever an oppressive law of the past yet made by the veriest despot but what he tried to i)ersuade himself and other? that ii was for the people's good? The most unrighteous laws that have ever cursed the statute books of past ages have been enacted under the most plausible j)retexts of benevolence and goodness. Now, it can be shown conclusively that, had unscrupulous wholesale dealers and dispensers of credit their way. under an insolvency law it would l)ecome to tlieir iatere^ts to have the whole trade of any locality in such a condition that the traders supplied could not possibly pay one hundred cents in the dollar, as by having them thus entirely under their thumb, they could charge just what they pleased, without any limit whatever other than what they might choose to dictate among, themselves. The loss resulting by Periodical settlements, at fifty or twentv- fwe cents in the dollar, would be made up ten times over by the extra price they could then charge for the goods. Honest men who are able and willing to meet all their liabilities would be the only hindrance, and these the dispensers of credit would seek to drive to the wall or otherwise get out of the way. Thus these men could bleed the whole country. Farmers JL-. LJ- i6 and the general public little dream how they might be affected by an insolvency law and made tributary to a (ew rich mer- chants in Montreal and Toronto. Now it is admitted to be almost incredible that any class of men could be found so utterly oblivious to all moral principle as to be guilty of trying to bring about such a result, and it is not asserted that any large number would deliberately or of set ])urpose countenance such a thing. But practically as the case stands and as facts show, under a law for the distribution pro rata of the assets of an insolvent debtor, it becomes in their power and is rendered possible. Many such things actually are done, in most cases perhaps unconsciously, which if i)ut in plain language the ])erpetrators would each and all exclaim, am I a dog that I should do such things? LETTER IV INSOLVENCY JAWS. In the interest only of the unscnipnious and dishonest,— exper- ience confirms the ivhole ar^^unient. It has been the practice of late in all crooked attempts at questionable legislation to try and cajole the farmer into acquiescence, and this Bill before the House at Ottaw^a is not an exception. The Toronto Board of Trade and journals inspired by the advocates of the Bill particularly emphasize a clause relating to produce sold by a farmer to a trader who be- comes insolvent, though, by the way, this clause does not meet T7 the numerous cases of oppression instanced in the first letter. Hut why should the farmer be particularized at all ? Is not the farmer as much a man as the starched gent who sells pins and needles by the gross? It is very condescending to be sure in these big dealers in calico or coffee to ask the Government to legislate for the farmers in the way it is found needful to do for infants and the red Indian, but it is very doubtful if the farmer will thank them for their kind < onsideration and fore thought on his be'' 'If Hut let this pass. In conclusion it remains to hv shown that insolvency laws are opposed to the material interests of the dispensers of credit themselves, that is such of them who really desire to do a fa/r. honest and Ui^itimate business.and conversely, that such special legislation is only to the advantage of the luiu-rupuhms and dishonest. 'IMie creditor is usually also a debtor, there are the two as]iects of his position in almost every instance, and in as far as this is the case it becomes unnecessary to dwell upon this phase of the subject, for the same princii)les and truths un- folded in the foregoing letters apply with equal force to the creditor here as they do to the debtor there. But take for example the Montreal and Toronto importers.who are the prime movers to get this Bill through. It was distinctly shown in a former letter from facts and experience that when the law in Canada provides for the//r^ rata distribution of assets in ease rj insolvency, credit is dispensed in Great Britain and Foreign Markets to persons to whom otherwise it would not be granted. In this way importers with very limited capital, and often with none at all, are enabled and permitted to speculate illegitimate- ly on the capital of others to the great embarrassnient and mjury of those other importers who are striving to do an hon- est and fair business in proportion to their means. l?ut it is unnecessary to enlarge here. As has been repeatedly shown, the only things which the advocates of insolvency laws bring forward with any show of reason for their cause, such as prior i \ ,, i8 judgments, &r„ may justly be regarded as wholesome warnings, and if left alone act as safety valves in the machinery of trade. It will have been observed that the discharge clauses of the Hill have not yet been referred to, this is because the portion dealing with the distribution pio rata of assets is the essential and fundamental part of any insolvency law, the other pc^r tions are incidental and hinge on this, consequently, that having been shown t.) be radically wrong, it does not appear how this can reasoiubly be dealt with, though it is really the least f)b jectionable feature. It would be well it a capable, honest man who has become unfortunate could be assured of a discharge. But practically not much ditilicultv will arise in connection with this. In the fust place there will be nuich fewer failures inthe absence of a!i insolvencv law, because, as is nt)w quite appar ent, it is itself the occasion of the great majority of these, and secondly, without a 'aw voluntary settlements will be more easily obtained by upright men. It will be a matter of rareoc- currjnce where a trader, who has become insolvent through no fault of his own and who can show a clear record for honesty and business ability, catuiot obtain a discharge from his credit- ors. There are cases of course constantly arising where credi- tors are hard and grasping, readv to take the del)tor by the throat, but usually, whire a man is thus naturally harsh and ex- acting, self interest will stay his hand, for such a creditor, though mean and inhuman, will at least be touched by a fear of future loss or ho[)e of gain, as he well knows that if he persists in his baseness in refusing a discharge he will be avoid- ed as a hard man and dangerous to deal with by other traders whose custom he depends on for a living. To sum up, it has been shown, first, that all insolvency laws are wrong because of the relation in which they necessar- ily stand, as long as there are men selfish and rapacious, to the dispensing of credit, leading to overtrading and all its attend- ant evils. Secondly, they were shown to be wrong on account of being in direct conflict with the constitution of things, the 19 established order under which wc Hvc, furnishing occasion and opportunity for men to overlook their responsibiUties and ne gleet their obligations to Ood and to their fellow men. Thirdly, they have been proved to be positively unjust and op- pressive by putting more power into the hands of the rich man than his extra thousands already give him over the i)Oor man. And fourthly, iheywere shown to be wrong by being opposed to the interests of the very men who are calling for them, that is, if they desire to deal honestly, honorably and fairly. And lastly, if our legislators will not be convinced by reason let them look to the experience of every country and every age, and see how utterly these laws have failed. Then, if from nothing else, let them learn wisdom from the past, and at least, •'Rise on stepping-stones Of their dead selves to higher things." CONCLUSION, Have stringent laws enacted for the punishment of the fraudulent person and the wrong doer, bul banish forever all laws which give occasion to, or encourage fraud and oppression. By all that is right and just between man and man,and as we are responsible to our Maker, see to it earnestly that these laws are repealed which have found their way on the Statutes of Ontario, vide the "Creditors' Relief Act," Caf). lo, 43 Vic , 1^80, and an Act "Respecting Assignments," Caf). 26. 47 Vic, 1885. And waich carefully that designing men do not succeed in getting them placed on the Dominion Statutes. Let County Councils, and Town and Village Corporations, together with merchants and the general public throughout the- Dominion take prompt action in the matter by resolution and petition to the Ontario and Dominion Parliaments.