The Bankrupt Law, Passed by the Thirty-Ninth Congress, March, 1867.
[Bankruptcy]. [United States]. The Bankrupt Law, Passed by the Thirty-Ninth Congress, March, 1867. Popular Edition. New York: James Porteus, General Agent [Baker, Voorhis & Co.], 1867. 39 pp. Octavo (9" x 5-3/4"; 23 x 14.5 cm). Stab-stitched pamphlet in printed wrappers, which have publisher advertisements. Faint vertical fold line, negligible light wear to edges, light foxing to wrappers, early owner signature of Albert Wadhams to head of front wrapper. Moderate toning to interior, light foxing and early marks in pencil in a few places, Wadhams's owner label to head of title page. $100. * The Bankruptcy Act of 1867 was the third attempt to create a Federal bankruptcy system. The first two acts, passed in 1800 and 1841, both lasted about a year. Never popular, they were seen as safeguards for financial recklessness and were allowed to expire. Other attempts, most notably a bill proposed in 1841 by Daniel Webster, were defeated. Around 1865, however, Congress began to see bankruptcy protection as a way to encourage the economic redevelopment of the devastated southern states and the expansion of the national post-war economy. These needs informed the passage of the 1867 act. Again, the act proved unpopular and was repealed in 1878. Bankruptcy protection would not become a permanent part of U.S. law until 1898. Albert Wadhams [1819-1884] was a lawyer who practiced in New York and, later in his career, Goshen, Connecticut. Kilbourn, The Bench and Bar of Litchfield County, Connecticut 299.
Price: $100.00
Book number 83655