which appeared in your last Number, I must be allowed to observe, that (though the views of that Article may hold good as regards the large towns of this kingdom), I consider it certain that the main desideratum is to render the administration of the Bankrupt Laws local. To protect creditors from fraud, it is even more important to make the Bankrupt Courts accessible, than it is to give that character even to Courts for the recovery of debts; for a dishonest bankrupt may owe 10,0007., and yet the bulk of his debts may consist of sums of 201. or less. By accessible Bankrupt Courts the interests of commerce and far higher objects would be promoted, viz. the amendment of the Law and the improvement of the public morals.

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Many of the present commissioners are men of large knowledge and experience. But the system over which they preside is inefficient, except with reference to the immediate neighbourhoods in which their Courts are held. To secure

the punishment of fraud, and, what is more important, to promote its prevention, the complete adoption of the Local principle (which puts the poor man on a level with the rich), is especially necessary. To recover debts (where if they succeed they will be paid in full), individuals of limited means will not shrink from incurring travelling and legal expenses. But prudent men will not risk their time or their means, in going from home to resist the schemes of a dishonest bankrupt, who to dishonesty may unite utter insolvency, whether real or pretended.

"Believe me to remain, dear Sir,

"Yours very faithfully,

"A. J. JOHNES.

"P. S.-I have lately become acquainted with a case in which a Joint Stock Bank, with liabilities to the extent of several hundred thousand pounds, suddenly stopped payment. There is no probability that the bank will pay more than seven shillings in the pound. The conduct of the directors had been most fraudulent, quite equally so with that of the most un

scrupulous projectors of bubble railways, when the mania was at its height. The bank had been originally a private one, which, when in a state of complete insolvency, was converted by the proprietors (who still continue directors) into a joint stock concern, of which they issued shares and sold them at a premium. The shares thus issued, were largely purchased by small landed proprietors, farmers, professional men, and shopkeepers; and thus in numerous instances entire ruin has been brought on private families; for these small shareholders have lost not only the purchase-money of their shares, but all they possess in life, in consequence of their liability (as partners) to make good the deficit created by the unprincipled speculations of the directors.

"One of the directors, who has been identified with all the worst transactions of the company is now passing through the Bankrupt Court of the town to which the district in which he resided belongs; and there appears to be every probability that he will obtain his certificate, though his acts have been such as (if placed before the learned bankrupt commissioner) would undoubtedly bring upon him a long period of imprison

ment.

"You will ask, perhaps, why then has not his conduct been laid before the Bankruptcy Court? My previous remarks involve the answer to that inquiry, and I may here be allowed to recapitulate briefly the results those observations embrace.

"1. The Law of Bankruptcy involves mixed principles, viz. those both of a civil and of a criminal nature. So far as creditors seek the recovery of their debts through the medium of Bankruptcy, the redress is of the former class; when they endeavour to punish the debtor for embezzlement, peculation, or fraud, it is of the latter (i. e. of a criminal nature).

"2. Now, as regards both its objects, viz. civil and criminal all experience shows that, as a general rule, the Law of Bankruptcy will be made a dead letter by the passiveness of creditors; if they are exposed to risk and expense. Creditors will not incur costs for the sake of a doubtful dividend, nor for the purpose of inflicting punishment for offences which concern the Public at large.

"3. But on either of those objects, individuals, even of the humblest class, are commonly willing and anxious to expend liberally their mere personal trouble and exertions. Hence the necessity of an administration of the Law of Bankruptcy in the immediate neighbourhood of the bankrupt's residence.

"In the case above alluded to, the Bankruptcy Court was at a very moderate distance from the district which was the scene of the transactions to which I have above alluded. But no creditor could have interfered effectually, without sleeping from home and incurring inn expenses, considerations which suffice in such cases to turn the balance in favour of neutrality."

ART. VII.-THE NEW PILGRIM'S PROGRESS.

CHAPTER VI.1

VANITY FAIR.

THEN I saw in my dream that when Madam Equity and the Lady Common Law had once agreed to become united and set up house together, Pilgrim and Hopeful resolved to go on their journey. It is not to be supposed that all thought alike as to this union, and they soon found that many opposed it as adverse to their trade and pleasure; and presently, as Pilgrim and Hopeful journeyed on, they saw a town where those who opposed the union chiefly dwelt.

The name of that town is VANITY, and at the town there is a fair kept called VANITY FAIR. The fair is no new created business, but a thing of ancient standing. I will show you the original of it.

Almost one thousand years agone there were pilgrims seeking the Temple of Justice, as these two honest persons are. And Beelzebub, Feudality, and Chicanery, with their companions, perceiving by the path that the pilgrims made,

1 See Chapters I.-III., 5 L. R. and 6 L. R.; Chapter IV., 7 L. R. 346. ; Chapter V., 13 L. R. 295.

that their way to the city lay through this town of Vanity, they contrived here to set up a fair; a fair wherein would be sold all sorts of vanity, and that it should be held more especially four times a year: therefore at this fair are all such merchandise sold as houses, lands, places, honours, preferments, titles, judgeships, peerages, maces, baubles, wigs, chancellorships, purses, coronets, bags, sinecures, lusts, pleasures, silver, gold, and what not.

And, moreover, at this fair there are at all times to be seen jugglings, special pleas, quirks, cheats, legal fictions, false pretences, games, plays, fools, apes, Queen's counsel, barristers, crotchets, conveyancers, knaves, rogues, attorneys, solicitors, and that of every kind.

Here, also, there are to be seen, and that for nothing, thefts, murders, adulteries, false swearers, and that of a blood-red colour.

And, as in other fairs of less moment, there are several rows and streets under their proper names, where such and such wares are vended, so here, likewise, you have the proper places, rows, and streets where the wares of this fair are soonest to be found. Here is the Equity or Chancery Row, the Queen's Bench Row, the Common Pleas Row, the Exchequer Row, the Masters' Row, the Benchers' Row, where several sorts of vanities are to be sold. But, as in other fairs, some one commodity is the chief delusion of all the fair, so the ware of Feudality, called commonly Conveyancing, and her merchandise, is greatly promoted in this fair; only the country, with some others, have taken a dislike thereat.

Now, as I said, the way to the Temple of Justice lies just through this town where this lusty fair is kept; and he that will try to get any Justice, and yet not go through one of these rows, must needs go out of the world.

Now these pilgrims, as I said, must needs go through this fair. Well, so they did; but behold, even as they entered into the fair, all the people in the fair were moved, and the town itself was as it were in a hubbub about them, and that for several reasons; for,

First, the pilgrims were clothed with such kind of raiment

as was diverse from the raiment of any that traded in that fair. The people, therefore, of the fair made a great gazing upon them some said they were fools; some they were bedlams; and some, not knowing what to say, that they were outlandish men and dilettanti.

Secondly, and as they wondered at their apparel, so they did likewise at their speech, for few could understand what they said; they naturally spoke the language of common sense, but they that kept the fair were men of the law, and hardly knew a word of it; so that from one end of the fair to the other they seemed barbarians each to the other.

Thirdly. But that which did not a little amuse the merchandisers, was that these pilgrims set very light by all their wares; they cared not so much as to look upon them, and if they called upon them to buy, they would put their fingers in their ears, and cry, "Turn away mine eyes from beholding your Law and Equity, which is vanity," and look upwards, signifying that their trade was for Justice.

One chanced, mockingly, beholding the carriages of the men, to say unto them, "What will you buy;" but they, looking gravely upon him, said, "We buy the truth." At that there was an occasion taken to despise the men the more, some mocking, some taunting, some speaking reproachfully, and some calling upon others to smite them. At last things came to a hubbub, and a great stir in the fair, insomuch that all order was confounded. There was word presently brought to the great one of the fair, who lived in a large building in Chancery Row, who quickly came down, and deputed some of his most trusty friends to take these men into examination, about whom the fair was almost overturned. So the men were brought to examination; and they that sat upon them asked them whence they came, whither they went, and what they did in such an unusual garb? The men told them they were pilgrims and strangers in the world; that they were on their way to the Temple of Justice, and that they had given no occasion to the men of the town, nor yet to the merchandisers, thus to abuse them, or to let them in their journey, except it was for that when one asked them what they would buy, they said they would "buy the