History of the Great American Fortunes, Vol. I: Conditions in Settlement and Colonial Times — John Shaqi
History of the Great American Fortunes, Vol. I: Conditions in Settlement and Colonial TimesMyers, Gustavus
History
History of the Great American Fortunes, Vol. I: Conditions in Settlement and Colonial Times
Myers, Gustavus
United States -- Economic conditions; Wealth -- United States
Poor debtors could be thrown in jail indefinitely, no matter how small a
sum they owned. In law, the laborer was accorded few rights. It was easy
to defraud him of his meager wages, since he had no lien upon the
products of his labor. His labor power was all that he had to sell, and
the value of this power was not safeguarded by law. But the products
created by his labor power in the form of property were fortified by the
severest laws. For the laborer to be in debt was equal to a crime, in
fact, in its results, worse than a crime. The burglar or pickpocket
would get a certain sentence and then go free. The poor debtor,
however, was compelled to languish in jail at the will of his creditor.
The report of the Prison Discipline Society for 1829 estimated that
fully 75,000 persons were annually imprisoned for debt in the United
States and that more than one-half of these owed less than twenty
dollars.[51] And such were the appalling conditions of these debtors'
prisons that there was no distinction of sex, age or character; all of
the unfortunates were indiscriminately herded together. Sometimes, even
in the inclement climate of the North, the jails were so poorly
constructed, that there was insufficient shelter from the elements. In
the newspapers of the period advertisements may be read in which
charitable societies or individuals appeal for food, fuel and clothing
for the inmates of these prisons. The thief and the murderer had a much
more comfortable time of it in prison than the poor debtor.
LAW KIND TO THE TRADERS.
With the law-making mercantile class the situation was very different.
The state and national bankruptcy acts, as apply to merchants, bankers,
storekeepers--the whole commercial class--were so loosely drafted and so
laxly enforced and judicially interpreted, that it was not hard to
defraud creditors and escape with the proceeds. A propertied bankrupt
could conceal his assets and hire adroit lawyers to get him off
scot-free on quibbling technicalities--a condition which has survived
to the present time, though in a lesser degree.[52]
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