Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1864-12-19
Correspondence of n Y. journal OF Commerce.

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WASHINGTON, Dec. IL.
The passage OF a inll to Is abi>h I uni.
form system Of bankruptcy lhrougl ,ont the
United Stntcs, by a decided majority IN The
house of representatives.. renders it certain
that before the close Of the present session
a bankrupt law. As authorized and required
by the Constitution, will have place ON
our stature book. This will not only be
hailed with JOY by thOus ud, nf business
men heretofore unfortunate but it will be
q Gems lation 10 others who s,c,--as was
last year remarked by leading supporter
u the administration that when the ebb
tide ii this Fictitious paper money lr'sper
ity comes, as come it must, the shores o.
the great Sc . uf ado will be strewn with
more wrecks than ever yet were secn n
any panic or revnlsion." The house ct
r. representatives has done we'll to acknowl-
edge its Constitutional obligations, and to
exercise its power to remedy and anticipate
these evils. Surely the senate will concur.
The bill passed by the house is based up
on the Insolvency ait Of Massachusetts, and
is des gnc.l to bring the failing debtor AMI
his creditors upon ground Of negotiate ~
and scttlem mt equally bsr eiicial TO both
Our national bankrupt act Of 1870 was by
digest "f the English states Of bankrupt
cy to that date, ant was for the bcniit Of
g eslltors. As such it was repeale |. The
national bankrut act Of 1871, was suhstan-
tially for the benefit Of debtors, and was
short-livcd. Inc points aimed at in tho
house bill, As stated by Hon. Mr.. Jenckcs,
Of Rhode Islanl, WIN irsften it, arc: y
st. Tbc discharge or the honest dcstof
upon the surrender ri his properly and
2d. The protection Of The credi o. ayainst
the fraululcnt rracsit and ccckl,~s con !
dues Of h< drbt"r. -
o- The Dlstiic courts'arc to be made courts
Of bankruptcy, and the bankrupt business
where there Is no opposing inte est. ! 70
BE- transacted hy officers to be called regis
tiers, u Massachusetts, idea, incorporated in
to the English bankrupt law Of 1861.
When tn re are opposing interests, they
arc to make up the cases f,r the decision
Of the judge. They are to be hands and
the eyes Of the court. butarc neither to be
clothed with its power or it's discretion.
Re civing fixed salaries, it will be there in
tercst as well as their duty to discourage
litigation. - , .st,ss s'-4ts -.
Creditors are 70 have assignees, but the
Inv ignores the cmbrous machjmevvof oil.
clal assignecs. accountants, registry oil
co 'rts and &C. ountants general lnsOlven-
cy is matter between the bankrupt and
his creditors, AMI can hest be managed by
them under the direction Of the courts.
Every custom raised nv lltiganta contest.
ing tho bankrupt's discharge ,nust lie heard
and decided IN open court, III which respect
this bill difF.rs from other laws. Commits.
st"Acrs apo ntssj by the s6pftmc sdburt are
To establish q code Oc rules to SECURE uni
form practice. t0' fd1J tf5dT
Hcncst debtors ate "a receive IN allow
spec, So that they may not be turned upon
the world without currency note, IT thct
hare surrendered t1cir effects for admins
trstion and distribptiop among their casd-
TORS. E%ssssI .9lFgs5
Another provision gives debtor an op-
portunity to meet his crsslitors. and. il. they
are satisticdsof hiS Integrity and ahlIiy. to
wind up his Affairs under Z trust deed with
! the same effect = if'ths einrs had
been conducted il til: cJurt Of bankruptcy.
The sbtgs prOeisieas< with oahers. rous
.slttutc the law which will now co,s,c i,cfor,.
THE senate ~ trc It twill .hs enacted. Il
hnpelesx insolvency BE- cons,rercial death.
lheh. viii this constitutional statue open &
/ the honest bankrupt freedom from. his in.
cumbranccs, And the rad e new CONNER
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The folIoSjng viii show theexpsrtsof
asHces~ c.,.,,es ~ go nF NJ. VI e ~