, 1866-04-30
THE, BANKRUPT BIx1.
An Unexpected Provision Of the csn-

tFrom the National Inte1llgencer.l
Tie New York Hotd, and other papers that
favor UNIFORM system Of ofbankrup,cy,a arc mis-
inkcu iu s1lpposing the bill which was late]y
rejected by the House will not be received and
passed. IT Is no party measure, and was sup-
ported and opposed alike by Republicans aad
to sc.
TIE bill was lost on account OF the absence
of5l members from their seats when the vote
was taken. In full house it would have
passed BY q decided majority, IS It may get
do before the close of the session.
l, was taken for granted By the CONNER
caa1 world and loyal public tAat the bill, hay
Ing passed the House at the session. aud hav.
tailed in ihc Senate only for want oftime, Tss
to be enacted at this session, and its passage
Was, m tact, only mere matter of form. Tho
subject had bccn fully discussed In Congress
debtor and the creditor interest, and the
measure was maturcd to the satisfaction Of
all.
The demonstrations which have been mndc
In favor Of q bankrupt system nne Of The bilt
which was reported by Mir. Jenckes, Of Rhode
ject, have been more earnest and wide spread
than were ever made In favor. Of any other
measure
The debtor interest Is, Of course, in favoG
Of the law, and Mr. Jenckes presented to the
House and 70 the country Recommendations
Of this bill By the creditor interest Of the en-
lire North. beginning with the Iorrd OF Trade
of the city Of Boston. lndorscd b. the Cham
btr oi Commerce of New York, aud further
by similar boards In Buffalo, Cleveland, De
trc{i. Chicago, Milwaukee, St. Louis, Du-
auque, Cincinnati ETC., representing at leaat
nine.tcntl's, # not ntneteen-twcntieths, d
| lAc creditor interest ol the country.
ON the Southern States numerous and
| most urgent representations have been made
in support Of tie system.
The bill presented common ground upon
which debtors and creditors OF the North and
South, OF the East md West, could meet
md arrange their a1lairs to thclr mutual sat.
islaction.
Among their Northern credit..rs were ne..
chant princes who had large amounts still due
to them from the South, but who cordially
accepted this lnw- They were perfectly will
Ing 10 meet their debtors on this ground, aud
settling old scores, to- resume commercial
transactions with them. On the par. oi
debtors there WAS the same feeling. In The
History Of the commercial world there has
neycr occurred a better eSemplidcation Of The
mutual confidence an} good faith between the
creditor and debtor Gas ts than this.
The uneAecuted proylslon Of the Constitu'
| ruptcy =; one of the most important Of tht
Whole instrument. The I1ancrs OF the Con
st:tution 1oresaW that this must bo c0mmcr
cial country, and that By reason Of Its dfris
ION into States, the laws relative to debtor
| and creditor would he various and unsettled
causing embarrassment in all business trans
actions between citizens Of the several States
/ They, therefore, provided for a uniform sys
| ten, Eo That cltlzcu Of one State shnull
tunM. what wcrc The lnws OF another State Il
feR&f3 10 delt and credit
f&p4uent attempts have been made to eoec
111n r+,fS Se+1
Tie law Of 1880 was sort Of Jail delivery. 4
WIS not properly bankrupt Law.
The law oi 1914 WIS partisan affair, AMI
only temporary measure for the immediate
relief Of ineol,cnt or bankrupt debtors
In lss0. Mr. Lowndes, Of South Carolina
prepared, with much cnrc, m excellent bank
rur1 law. but It failed 10 pass Congress.
In 1897, Mr.. John SarEcaut, uf Pcnnsylya
MIA, prepared another bill, which met th'
appreciation OF Congress aud business people
but Congress did moi pass It.
The System now presented by Mr. Jenckcs
| has undergone q more thorough and search
Ing scrutiny, BY those acquainted with ane
which was ever brought before Congress
Last year. willie the British House OF Com
mons had the subject OF The bankrupt laws
t.efore them for modification and libera.ixA
tion, the select committee on the subject
| adopted the greater number OF these proposed
| mGNfHcAuons Aum ai1- vEuthEs 0ltI.
! We concur with the able author of the bill
| in the opinion that many Of our cotempara'
Tics might have been prevented, and most, Il
not all, our present difficulties might bc over.
come, if Congress would wisely exercise the
great uue8ecuted powers granted bY the Con.
stItuti1n. Let Us begin by establishing The
relaaion Of debtor and creditor; let us follow
thRt bcnetcent action By recognizing and en
forcing code OF COMMERCIAL law aud above
| aud beyond Ill, let rs declare tho plain Ian
gutEe Of statute Law, what We believe t. be
and what We are prepared to maintain, Is tn
| law OF nalfons, and defne{and:ax the puuish
iehrntnf fnr the offence a..ltnst It.