Now all this is only possible because of the second factor in our treatment of the insolvent poor, namely, imprisonment for debt. The insolvent rich—if we may use such a phrase—do not nowadays fear imprisonment for debt. At the expense of a few pounds borrowed from a friend, they file their petition in bankruptcy and shake themselves free of all their creditors as if by magic; for not being traders their discharge is of little importance to them, and they go absolutely unpunished. I set down a few cases from an Annual Report of the Board of Trade for comparison with some other cases, which I propose to set out later:—
“Bristol. No. 64, of 1896.
| Liabilities expected to rank | £36,631 |
| Probable value of assets on realisation | £100.” |
Debtor, younger son of a duke. Creditors, mostly money-lenders and tradesmen. His expenditure, which included losses by betting, largely exceeded his income, and knowledge of his insolvent position for some considerable period was admitted.
“Kingston. No. 21, of 1896.
| Liabilities expected to rank | £21,741 |
| Probable value of assets on realisation | £667.” |
Debtor, formerly in the army, lived on his wife’s income, lost money in Stock Exchange speculations and betting. No income except £135 derived under marriage settlement.
“No. 471, of 1896.
| Liabilities expected to rank | £298,166 |
| Probable value of assets on realisation | £1,700.” |
Debtor, a peer. At the time of his succeeding to estates in 1864 his liabilities were £30,000, and have apparently continued to increase in consequence of his expenditure being larger than his income. His discharge was suspended three years on account of unjustifiable extravagance in living.