An Essay Upon Projects Part 10

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That your pet.i.tioner being unable to carry on his business, by reason of great losses and decay of trade, and being ready and willing to make a full and entire discovery of his whole estate, and to deliver up the same to your honours upon oath, as the law directs for the satisfaction of his creditors, and having to that purpose entered his name into the books of your office on the --- of this instant.

Your pet.i.tioner humbly prays the protection of this Honourable Court.

And shall ever pray, &c.

The secretary is to lay this pet.i.tion before the commissioners, who shall sign it of course; and the pet.i.tioner shall have an officer sent home with him immediately, who shall take possession of his house and goods, and an exact inventory of everything therein shall be taken at his entrance by other officers also, appointed by the court; according to which inventory the first officer and the bankrupt also shall be accountable.

This officer shall supersede even the Sheriff in possession, excepting by an extent for the king; only with this provision:-

That if the Sheriff be in possession by warrant on judgment obtained by due course of law, and without fraud or deceit, and, bona fide, in possession before the debtor entered his name in the office, in such case the plaintiff to have a double dividend allotted to his debt; for it was the fault of the debtor to let execution come upon his goods before he sought for protection; but this not to be allowed upon judgment confessed.

If the Sheriff be in possession by fieri facias for debt immediately due to the king, the officer, however, shall quit his possession to the commissioners, and they shall see the king's debt fully satisfied before any division be made to the creditors.

The officers in this case to take no fee from the bankrupt, nor to use any indecent or uncivil behaviour to the family (which is a most notorious abuse now permitted to the sheriff's officers), whose fees I have known, on small executions, on pretence of civility, amount to as much as the debt, and yet behave themselves with unsufferable insolence all the while.

This officer being in possession, the goods may be removed, or not removed; the shop shut up or not shut up; as the bankrupt upon his reasons given to the commissioners may desire.

The inventory being taken, the bankrupt shall have fourteen days'

time, and more if desired, upon showing good reasons to the commissioners, to settle his books and draw up his accounts; and then shall deliver up all his books, together with a full and true account of his whole estate, real and personal, to which account he shall make oath, and afterwards to any particular of it, if the commissioners require.

After this account given in, the commissioners shall have power to examine upon oath all his servants, or any other person; and if it appears that he has concealed anything, in breach of his oath, to punish him, as is hereafter specified.

Upon a fair and just surrender of all his estate and effects, bona fide, according to the true intent and meaning of the act, the commissioners shall return to him in money, or such of his goods as he shall choose, at a value by a just apprais.e.m.e.nt, 5 pounds per cent. of all the estate he surrendered, together with a full and free discharge from all his creditors.

The remainder of the estate of the debtor to be fairly and equally divided among the creditors, who are to apply themselves to the commissioners. The commissioners to make a necessary inquiry into the nature and circ.u.mstances of the debts demanded, that no pretended debt be claimed for the private account of the debtor; in order to which inquiry they shall administer the following oath to the creditor, for the proof of the debt.

I, A. B., do solemnly swear and attest that the account hereto annexed is true and right, and every article therein rightly and truly stated and charged in the names of the persons to whom they belong; and that there is no person or name named, concealed, or altered in the said account by me, or by my knowledge, order, or consent. And that the said does really and bona fide owe and stand indebted to me for my own proper account the full sum of mentioned in the said account, and that for a fair and just value made good to him, as by the said account expressed; and also that I have not made or known of any private contract, promise, or agreement between him the said (or any body for him) and me, or any person whatsoever.

So help me G.o.d.

Upon this oath, and no circ.u.mstances to render the person suspected, the creditor shall have an unquestioned right to his dividend, which shall be made without the delays and charges that attend the commissions of bankrupts. For,

1. The goods of the debtor shall upon the first meeting of the creditors be either sold in parcels, as they shall agree, or divided among them in due proportion to their debts.

2. What debts are standing out, the debtors shall receive summonses from the commissioners, to pay by a certain time limited; and in the meantime the secretary is to transmit accounts to the persons owing it, appointing them a reasonable time to consent or disprove the account.

And every six months a just dividend shall be made among the creditors of the money received; and so, if the effects lie abroad, authentic procurations shall be signed by the bankrupt to the commissioners, who thereupon correspond with the persons abroad, in whose hands such effects are, who are to remit the same as the commissioners order; the dividend to be made, as before, every six months, or oftener, if the court see cause.

If any man thinks the bankrupt has so much favour by these articles, that those who can dispense with an oath have an opportunity to cheat their creditors, and that hereby too much encouragement is given to men to turn bankrupt; let them consider the easiness of the discovery, the difficulty of a concealment, and the penalty on the offender.

1. I would have a reward of 30 per cent. be provided to be paid to any person who should make discovery of any part of the bankrupt's estate concealed by him, which would make discoveries easy and frequent.

2. Any person who should claim any debt among the creditors, for the account of the bankrupt, or his wife or children, or with design to relieve them out of it, other or more than is, bona fide, due to him for value received, and to be made out; or any person who shall receive in trust, or by deed of gift, any part of the goods or other estate of the bankrupt, with design to preserve them for the use of the said bankrupt, or his wife or children, or with design to conceal them from the creditors, shall forfeit for every such act 500 pounds, and have his name published as a cheat, and a person not fit to be credited by any man. This would make it very difficult for the bankrupt to conceal anything.

3. The bankrupt having given his name, and put the officer into possession, shall not remove out of the house any of his books; but during the fourteen days' time which he shall have to settle the accounts shall every night deliver the books into the hands of the officer; and the commissioners shall have liberty, if they please, to take the books the first day, and cause duplicates to be made, and then to give them back to the bankrupt to settle the accounts.

4. If it shall appear that the bankrupt has given in a false account, has concealed any part of his goods or debts, in breach of his oath, he shall be set in the pillory at his own door, and be imprisoned during life without bail.

5. To prevent the bankrupt concealing any debts abroad, it should be enacted that the name of the bankrupt being entered at the office, where every man might search gratis, should be publication enough; and that after such entry, no discharge from the bankrupt should be allowed in account to any man, but whoever would adventure to pay any money to the said bankrupt or his order should be still debtor to the estate, and pay it again to the commissioners.

And whereas wiser heads than mine must be employed to compose this law, if ever it be made, they will have time to consider of more ways to secure the estate for the creditors, and, if possible, to tie the hands of the bankrupt yet faster.

This law, if ever such a happiness should arise to this kingdom, would be a present remedy for a mult.i.tude of evils which now we feel, and which are a sensible detriment to the trade of this nation.

1. With submission, I question not but it would prevent a great number of bankrupts, which now fall by divers causes. For,

(1.) It would effectually remove all crafty designed breakings, by which many honest men are ruined. And

(2.) Of course 'twould prevent the fall of those tradesmen who are forced to break by the knavery of such.

2. It would effectually suppress all those sanctuaries and refuges of thieves, the Mint, Friars, Savoy, Rules, and the like; and that these two ways:-

(1.) Honest men would have no need of it, here being a more safe, easy, and more honourable way to get out of trouble.

(2.) Knaves should have no protection from those places, and the Act be fortified against those places by the following clauses, which I have on purpose reserved to this head.

Since the provision this court of inquiries makes for the ease and deliverance of every debtor who is honest is so considerable, 'tis most certain that no man but he who has a design to cheat his creditors will refuse to accept of the favour; and therefore it should be enacted,

That if any man who is a tradesman or merchant shall break or fail, or shut up shop, or leave off trade, and shall not either pay or secure to his creditors their full and whole debts, twenty shillings in the pound, without abatement or deduction; or shall convey away their books or goods, in order to bring their creditors to any composition; or shall not apply to this office as aforesaid, shall be guilty of felony, and upon conviction of the same shall suffer as a felon, without benefit of clergy.

And if any such person shall take sanctuary either in the Mint, Friars, or other pretended privilege place, or shall convey thither any of their goods as aforesaid, to secure them from their creditors, upon complaint thereof made to any of His Majesty's Justices of the Peace, they shall immediately grant warrants to the constable, &c., to search for the said persons and goods, who shall be aided and a.s.sisted by the trained bands, if need be, without any charge to the creditors, to search for, and discover the said persons and goods; and whoever were aiding in the carrying in the said goods, or whoever knowingly received either the goods or the person, should be also guilty of felony.

For as the indigent debtor is a branch of the commonwealth which deserves its care, so the wilful bankrupt is one of the worst sort of thieves. And it seems a little unequal that a poor fellow who for mere want steals from his neighbour some trifle shall be sent out of the kingdom, and sometimes out of the world, while a sort of people who defy justice, and violently resist the law, shall be suffered to carry men's estates away before their faces, and no officers to be found who dare execute the law upon them.

Any man would be concerned to hear with what scandal and reproach foreigners do speak of the impotence of our const.i.tution in this point; that in a civilised Government, as ours is, the strangest contempt of authority is shown that can be instanced in the world.

I may be a little the warmer on this head, on account that I have been a larger sufferer by such means than ordinary. But I appeal to all the world as to the equity of the case. What the difference is between having my house broken up in the night to be robbed, and a man coming in good credit, and with a proffer of ready money in the middle of the day, and buying 500 pounds of goods, and carrying them directly from my warehouse into the Mint, and the next day laugh at me, and bid me defiance; yet this I have seen done. I think 'tis the justest thing in the world that the last should be esteemed the greater thief, and deserves most to be hanged.

I have seen a creditor come with his wife and children, and beg of the debtor only to let him have part of his own goods again, which he had bought, knowing and designing to break. I have seen him with tears and entreaties pet.i.tion for his own, or but some of it, and be taunted and sworn at, and denied by a saucy insolent bankrupt. That the poor man has been wholly ruined by the cheat. It is by the villainy of such many an honest man is undone, families starved and sent a begging, and yet no punishment prescribed by our laws for it.

By the aforesaid commission of inquiry all this might be most effectually prevented, an honest, indigent tradesman preserved, knavery detected and punished; Mints, Friars, and privilege-places suppressed, and without doubt a great number of insolencies avoided and prevented; of which many more particulars might be insisted upon, but I think these may be sufficient to lead anybody into the thought; and for the method, I leave it to the wise heads of the nation, who know better than I how to state the law to the circ.u.mstances of the crime.

OF ACADEMIES.

We have in England fewer of these than in any part of the world, at least where learning is in so much esteem. But to make amends, the two great seminaries we have are, without comparison, the greatest, I won't say the best, in the world; and though much might be said here concerning universities in general, and foreign academies in particular, I content myself with noting that part in which we seem defective. The French, who justly value themselves upon erecting the most celebrated academy of Europe, owe the l.u.s.tre of it very much to the great encouragement the kings of France have given to it. And one of the members making a speech at his entrance tells you that it is not the least of the glories of their invincible monarch to have engrossed all the learning of the world in that sublime body.

The peculiar study of the academy of Paris has been to refine and correct their own language, which they have done to that happy degree that we see it now spoken in all the courts of Christendom, as the language allowed to be most universal.

I had the honour once to be a member of a small society, who seemed to offer at this n.o.ble design in England. But the greatness of the work, and the modesty of the gentlemen concerned, prevailed with them to desist an enterprise which appeared too great for private hands to undertake. We want, indeed, a Richelieu to commence such a work. For I am persuaded were there such a genius in our kingdom to lead the way, there would not want capacities who could carry on the work to a glory equal to all that has gone before them. The English tongue is a subject not at all less worthy the labour of such a society than the French, and capable of a much greater perfection.