Passage of the Bankrupt Bill
May 24, 1866
The Bankrupt bill will help regulate relations between debtors and creditors in the U.S. The bill also eliminates Southern states' imprisonment for post-war debt.
Correspondence of Baltimore Sun. Passage of the Bankrupt Bill- Its Character- Mr. Sherman on the Funding Bill- The Indictment against Mr. Davis- Attorney General's Opinion of it &e. The bankrupt bill has passed the House, and will undoubtedly pass the Senate. The creditor no less than the debtor interest favors the measure. It is intended as a permanent system, taking the place of State bankrupt and insolvent laws. It is to regulate, by a uniform code, the relations between debtor and creditor in the United States. This act does away entirely with all that remains in any of the States of imprisonment for debt. The criminal code of each State covers all cases of fraud, and this bill is so well guarded as to discourage instead of inviting fraud. as the insolvent laws often do
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“Passage of the Bankrupt Bill,” Reconstructing Virginia, accessed February 20, 2018, https://reconstructingvirginia.richmond.edu/items/show/174.