3. There is the moderate creditor, who seeks but his own, but will omit no lawful means to gain it, and yet will hear reasonable and just arguments and proposals.
4. There is the rigorous severe creditor, that values not whether the debtor be honest man or knave, able or unable, but will have his debt, whether it be to be had or no, without mercy, without compassion, full of ill language, passion, and revenge.
How to make a law to suit to all these is the case. That a necessary favour might be shown to the first, in pity and compassion to the unfortunate, in commiseration of casualty and poverty, which no man is exempt from the danger of. That a due rigour and restraint be laid upon the second, that villainy and knavery might not be encouraged by a law. That a due care be taken of the third, that men’s estates may as far as can be secured to them. And due limits set to the last, that no man may have an unlimited power over his fellow-subjects, to the ruin of both life and estate.
All which I humbly conceive might be brought to pass by the following method, to which I give the title of
A Court of Inquiries.
This court should consist of a select number of persons, to be chosen yearly out of the several wards of the City by the Lord Mayor and Court of Aldermen, and out of the several Inns of Court by the Lord Chancellor, or Lord Keeper, for the time being, and to consist of,
A President, A Secretary, A Treasurer, | } To be chosen by the rest, and named every year also. |
A judge of causes for the proof of debts. | |
Fifty-two citizens, out of every ward two; ofwhich number to be twelve merchants. | |
Two lawyers (barristers at least) out of eachof the Inns of Court. | |
That a Commission of Inquiry into bankrupts’ estates be given to these, confirmed and settled by Act of Parliament, with power to hear, try, and determine causes as to proof of debts, and disputes in accounts between debtor and creditor, without appeal.
The office for this court to be at Guildhall, where clerks should be always attending, and a quorum of the commissioners to sit de die in diem, from three to six o’clock in the afternoon.
To this court every man who finds himself pressed by his affairs, so that he cannot carry on his business, shall apply himself as follows:—