THE BANKRUPTCY LAW.

Taranaki Herald, Volume XXX, Issue 3960, 7 February 1882, Page 3

THE BANKRUPTCY LAW.

Lord Sherbroke proposes iv an article in the Nineteenth Century to .abolish all bankruptcy law. He says : — " If lam asked -what I would put iv its place, I would answer without hesitation — Nothiug. I cannot see that we require anythiug more except a very considerable shortening of the statute of limitations. It is quite reasonable to trust a man for his wealth, his ability, his honesty, or his industry ; but every day's experience shows us that nothing is so unsafe as to trust your own money to the fear of disgrace or punishment. The effect of such a law would, I believe, be most salutary; with nothing but the estate of the debtor to look to, there would be fewer bad debts ; trade would be more safely, and therefore more profitably managed, and the ridiculous notions as to the peculiar wickedness alternately imputed to borrowers and lenders would be for once and ever exploded. You cannot call back what is lost, but you make it less by bankruptcy. It is better that debts should be paid unequally than that the property should be destroyed in the effort to attain an equality, which yields a purely metaphysical and imaginary satisfaction to the thirsty creditor.' '