and provides for the punishment of perjury in any person examined by the commissioners. And as doubts had arisen whether the commissioners could collect debts due to the bankrupt, this act authorizes them to appoint an assignee who should collect them in his own name. It is provided, however, that no debtor who should pay the bankrupt without notice of the assignment, should be affected by it.

In 1623, the 21st of James the First, another act was passed "for the further description of a bankrupt, and relief of creditors," which sets forth more particularly who shall be deemed a bankrupt, and what shall be considered acts of bankruptcy. It declares that the bankrupt's wife may be examined for the discovery of his effects, and gives authority to the commissioners to break open his doors, if necessary. And it makes goods in the possession of the bankrupt liable to pay his debts; on the principle, as it would seem, that he who lends goods to a bankrupt to support his credit should not be in a better situation than he who lends him money. The statute limits the time for suing out a commission to five years after the act of bankruptcy committed, and extends the benefit of the bankrupt laws to strangers as well as native citizens.

A short statute was passed in 1662, the 13th of Charles the Second, declaring that no person was a trader within the meaning of the bankrupt act, for merely owning stock in the East India or Guinea company.

Thus far it appears that no provision was made or intended, in these several acts, for the relief of the debtor. He was considered a criminal desirous of evading the pay

ment of his just debts. And the only design of the Bankrupt Law was to wrest his property from him, and divide it among those from whom, it was supposed, he unjustly with

held it.

The subsequent alterations of the law will be considered in a future paper.

Dec. 15, 1821.

No. II.

WE resume to-day the history of the English Bankrupt Laws, which we commenced a fortnight ago. The subject may not be very alluring; but it is one of general importance. For the practical operation of a system of laws cannot be better understood, than by attending to the successive alterations and amendments that experience has proved necessary to be made in them. If a bankrupt law should be passed in Congress,-and it appears certain that one will, at some time, be enacted,-it will be convenient to examine continually the English statutes upon the same subject, to observe in what manner their intention has been fulfilled, or evaded. It is no small advantage to us, to have upon this occasion the experience of an intelligent and commercial nation, for nearly two hundred and eighty years.

The Bankrupt Law, we have seen, continued unaltered in principle from the year 1623 (the 21st of James the First) to the 4th of Anne, 1705. But it was found, from the experi

ence of nearly a century, that the bankrupt could not easily be induced to surrender his property to his creditors, for whose benefit alone the several statutes had hitherto been passed. It was therefore enacted in the 4th year of Queen Anne, that if any person should become a bankrupt after the 24th of June, 1706, notice that a commission of bankruptcy had issued against him should be left at his usual place of abode, and also be published in the Gazette; and if such person should not, within thirty days after such notice, surrender himself to the commissioners, and submit to be examined upon oath by them whenever they should require it, and disclose all his goods, effects, papers, accounts, and writings, which he had had at any time before or after the issuing of the commission, and also surrender up the same to the commissioners, so far as they were in his possession or under his control, such bankrupt, upon conviction thereof, should suffer death as a felon. felon. The Lord Chancellor might, however, in special cases, enlarge the time of surrender as he should think fit, not exceeding sixty days. The commissioners were empowered to commit to prison any person who should refuse to appear before them, and testify concerning any acts of bankruptcy of the debtor. Although the bankrupt did not become a felon if he submitted himself within thirty days, yet immediately upon proof before the commissioners of his having committed an act of bankruptcy, they might certify that fact, and require any judge or justice of the peace to issue a warrant for his apprehension; upon which he might be arrested and committed to any gaol, until he should surrender himself and his property to the commissioners.

After these severe enactments for the benefit of the creditor, it gives some relief to find a provision in favor of the unhappy debtor. As a reward for complying with the directions of the statute, it gave to the honest bankrupt five per cent. out of the neat proceeds of his estate, providing that it should not exceed in the whole two hundred pounds; and it discharged the bankrupt from all debts due at the time of suing out the commission. Thus it appears that the Bankrupt Laws existed one hundred and sixty-three years, before any thing was done for the relief of the debtor.

This statute introduced many salutary regulations, most of which have been incorporated in subsequent acts. It provided, that when the bankrupt's estate did not produce eight shillings in the pound, his allowance should be only such as the commissioners chose to give. And it deprived any bankrupt of the benefit of a certificate, who should have lost in gaming five pounds at any one time, or one hundred pounds in twelve months. The act was to continue in force only three years.

The next year, 1706, an act was passed to explain and amend this act, and to prevent frauds frequently committed by bankrupts. The statute of the preceding year had made it felony without benefit of clergy, for the bankrupt to conceal any part of his property;-this statute made it a capital crime, only when the concealment was to the amount of twenty pounds and upward. And it rendered void all securities given by a bankrupt to his debtor to induce him to sign his certificate. In this act, provision was made, for the first time, for the choice of assignees by the creditors; "to

whom alone the commissioners should assign the bankrupt's estate and effects." And to prevent the taking out of commissions fraudulently or maliciously, it was provided that no commission should issue, unless upon the petition of one creditor to the amount of one hundred pounds, or of two to the amount of one hundred and fifty pounds.

Another explanatory act was passed in the 10th of Anne (1711), which contained but one section of any importance at present. That section declared that a discharge of a bankrupt should not operate as a discharge of his solvent partner.

In the 5th year of George the First (1718) all the preceding acts were incorporated into one statute, which at the same time introduced several new regulations. The petitioning creditor was required to give bond to the Lord Chancellor that he would prove his debt, and prove the party a bankrupt; and in case a commission was fraudulently taken out, the Lord Chancellor might order satisfaction, and assign the bond to the party aggrieved. No creditor whose debt did not amount to ten pounds, was permitted to vote for an assignee; and the Lord Chancellor, upon petition of the creditors, might discharge the assignees and cause a new assignment to be made. And in case the petitioning creditors by agreement with the bankrupt, or otherwise, received from him more than the other creditors, the commission should be superseded, and a new one granted. It was also declared that the commissioners should not be capable of acting till they had taken an oath to discharge their duty faithfully.