I could argue it from the nature of the act itself, which, indeed, was made, and is effectual, chiefly for the relief of creditors, not debtors; to secure the bankrupt’s effects for the use of those to whom it of right belongs, and to prevent the extravagant expenses of the commission, which before were such as often devoured all, ruining both the bankrupt and his creditors too.  This the present law has providently put a stop to; and the creditors now are secure in this point, that what is to be had, what the poor tradesman has left, they are sure to have preserved for, and divided among them, which, indeed, before they were not.  The case is so well known, and so recent in every tradesman’s memory, that I need not take up any more of your time about it.

As to the encouragements in the act for the bankrupt, they are only these—­namely, that, upon his honest and faithful surrender of his affairs, he shall be set at liberty; and if they see cause, they, the creditors, may give him back a small gratification for his discovering his effects, and assisting to the recovery of them; and all this, which amounts to very little, is upon his being, as I have said, entirely honest, and having run through all possible examinations and purgations, and that it is at the peril of his life if he prevaricates.

Are these encouragements to tradesmen to be negligent and careless of the event of things?  Will any man in his wits fail in his trade, break his credit, and shut up his shop, for these prospects?  Or will he comfort himself in case he is forced to fail—­I say, will he comfort himself with these little benefits, and make the matter easy to himself on that account?  He must have a very mean spirit that can do this, and must act upon very mean principles in life, who can fall with satisfaction, on purpose to rise no higher than this; it is like a man going to bed on purpose to rise naked, pleasing himself with the thoughts that, though he shall have no clothes to put on, yet he shall have the liberty to get out of bed and shift for himself.

On these accounts, and some others, too long to mention here, I think it is out of doubt, that the easiness of the proceedings on commissions of bankrupt can be no encouragement to any tradesman to break, or so much as to entertain the thoughts of it, with less horror and aversion than he would have done before this law was made.

But I must come now to speak of the tradesman in his real state of mortification, and under the inevitable necessity of a blow upon his affairs.  He has had losses in his business, such as are too heavy for his stock to support; he has, perhaps, launched out in trade beyond his reach:  either he has so many bad debts, that he cannot find by his books he has enough left to pay his creditors, or his debts lie out of his reach, and he cannot get them in, which in one respect is as bad; he has more bills running against him than he knows how to pay, and creditors dunning him, whom it is hard for him to comply with; and this, by degrees, sinks his credit.