pay his debts.
In short, in the United States hereafter, he who has uncontrovertible property in plenty but little cash on hand — as, for example, he who is land poor — may yet be solvent and entitled to the time to realize and pay his creditors.
At first blush this seems broadly equitable, but what will be the result in actual practice?
Perhaps, had it been in force, the author of Waverley, with his vast genius as his property, would not have been insolvent, and that other Scotchman, Anderson by name, who possessed, yet would not surrender, the secret formula for a popular nostrum, might have proved it overworth his debts, and escaped the penalties of the law. On the other hand, into what dangerous controversies will it lead us!
Hitherto the proof of insolvency has been simple and easy.
Now it never can be. The expert on values has a new field open to him, as creditors and debtors, not to speak of lawyers and courts, may quickly learn.
In practice, the law will, therefore,