The bill admits, that the whole amount divided among all the [creditors], was not enough to satisfy the complainant’s debt. What a singular proposition then to maintain, that although the whole were only entitled, in Law, to a less sum than this individual claims, out of the entire proceeds, yet that this and every other creditor of the same grade, by standing out and standing off, and pursuing his remedy separately, would realize the sum total of his claim! And if such a procedure were permitted, when and where would these successive foreclosures and sales or sequestrations terminate?

Sounds vaguely familiar. 

The answer can be found here.