New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-27
The BANKRUPTCY La ".

TIE PROPOSED REPEAL or THE INVOLUNTARY PEA
TURE-NJURIoUs WORKINGS OF IHg LAW
VIEWS OF BUSINESS MES--THE PRESIDENT 10
RECOMMEND REPEAL ~ MS MESSAGE
lBRoM A REGULAR CORRESPONDENT OF TIE TRiBUNE-l
WASHINGTON, Nov. "a. - The TRIBUNEs
statement In It's correspondence from this pace OF tue
views of Gen. Garfield the Bankruptcy law aud ds
arguments favor OF the repeal OF tho clauses SLIeh
enable q creditor to throw a debtor INTO bank
ruptcy against his will. and often greatly
to the detriment OF other creditors, has called
out a large number Of letters from all parts OF tue
country, addressed to the General. With single ex'
ception these letters all favor tho proposed repeal or
modification Of the law Many OF them contain siato-
ments OF the experience OF the writers OF the unnss
working the involuntary feature which are quite IN
teresting AZ examples Of the tone Of these letters
select the two following. leading carriage manuiae-
turing firm In Wilmington, Del, write - iollows;
The immediate repeal of tho Bankruptcy law would
go very far in aiding recovery nom he panic ana ia
restoring healthy action 70 the business OF the country
Our Opuions that II within few days after he OLsin
cation OF Congress this odlons law were teP'aeu 2sS
very important step would be taken toward complete
restoration Of confidence. Ihits ere, sssern pta
sSns 9S orce w Of cTeumsancs 6sye been forced
into q state OF virtual suspension, ana VINO
n several cases tho largest creditors also IN con
slant dread of their beng thrown into banuDty ana
as SaoS we aye he cox V' GoF q 1 con
H. that the percentage or payment has Deen go
y ys sa under der the sgstem of Assignment Under the
State law a compromise effected between the debtor
S oan IS eeSt Sf tho St S Fever i' 20
We suppose we need not call your attention
markable series OF letters IN lice Rtadeipta Eosidng
Te'egrdph. wherein the merchants and IN ln1cute or
pbaelnhia nave been giving their experiences A. vic
Tins Of this law horrible in their record OF waste aud
Saw in their cations that thew have adopted the
ra ~ charSjn1 tn nroft aud os az once am the
claim as soon as Their deOtot y adialeel Stnkrnp',
and then take me small percentage allowed ihemoy the
II the law IS promptly repealed there wouli DC NO
getting an extension thus DenefHng botn debtor ana
creditor We nave made inquiry u the neu %! our own
business, as well as OF The business community sgl-
orally and also of merchants and manufacturers VINO
have been creditors OF bankrupt estates and have found
repeal the law; and we firmly believe that no measure.
eishtG IN party VIEW 81 any TI 9G
action indicated above. And h could be 80 repealed
into bankruptcy by NAL guilty Ignorance, tle country
would DO saved thousands OF dollars and mary poor
debtors well a. creditors saved nOm utter nun
A prominent lawyer in New-YOrk, who formerly held
an important Office under the Government, writes .,
follows:
write to add the little weight Of ny influence 70 the
demand which am sure must come up from the whole
land" for some nstantancOus reheI lfoin congress
against the Involuntary elenlent IN the biukLig 1S.
its operation. am sure YOU would agree "ith e mat
Satan never devised another sGch an engine Tor niis
now is to enforce the collection of debts by savage
creditors at the expense of those Who are Wiling
hand. OF a largo banking firm, with far
surplus OF s2OO0.0Oo nearly all OF whose
creditors consent 10 a i9r extension ana VINO cahhot
resume because four five m-n refuse 10 come ~, ana
boldly say buy us on, or we VIII put you INTO bank
ruptcy.' They reason property, VAN LAls de4dy
weapon In their hand tiat some way must De con
triyed to title with them II this alon1 could re-
sumo il would DO worth millions 10 the community, by
way OF restoring confidence have another cas-. alJ
the letter Of creditor lay before saying, II YOU
do pay give security before Nov y, shan
file a petition to put into bankruptcy" lam using
plea and device Ia these cases 10 gain ue Ia the
hope tuat The moment Congress meets something ND
be dOue Tue best way, think, would DC 10 poss blu
through at sgsenog the act for six months for to
be OF any he Teo must be prompt aud speedy
The passage of such an act at once Mou't pfoduc1
an immediate effect and 60 days would secure tho
resumption of every really solvent sJs cnd.d house
Tie who pushes such lii through VAL Doe Looked
upon q public benefactOr. know n viii DE- orpo'ed
bY ali WHO have proceedings pend ", Dut believe thc
good sense OF Congress VIII prevail.
Tie feeling among the Congress who have arrived
here is almost unanimous in iayorof tho repeal Of tho
involuntary foature as proposed by Gen. Garfield.
Many 20 further ard yaut 20 Tie whole law swept
away, WIio some dese t0leiain the In'JuntaIJ iei.
ture, but wish make applicable OA! ip Do MS ana
bankers whose position trustees 80 ~ p Pts, oi the
business public Ought, tey think, 10 make is snpcct
10 tug scVeiC.t inea 5ulCs ~ Clseal tillIfe..
II Is stated on e0Ud authority That lc Pr''dcnr he
heves thai repeal VI tue ucnable plrIluo tae
law would uOTd sroaL rcitf 10 tue Lusic-- tlt4-1ts
of the country ana That lie decided o. rccJLMcLdH
IN us message.