The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-12-27
Revision Of the Bankrupt Law,

The feeling in business circles favoring
modification rather than repeal OF the Bank
rupt La Y, finds voice all over the country,
and will be an effective stiff.ner TO the Sem
ate in its disposition to revise rather than
destroy. Nearly all the best journals take
this position and there can be but little
doubt of their correctly representing the av-
erage sentiment of their respective bail,wicks.
The objections to the workings OF the pres
ent Bankrupt Law are palpab.e and have Civ
en- Use to widely diffused dissatisfaction
with it; but these Objectionable features will
be found on inspection to be not of the es-
sence of the system but rather accidental and
capable of reform. The tedious and costly
formalities, the heavy official charges and the
wastes, delays and annoyances developed in
the law may be remedieG to great extent by
legislation in the light of the experience ac-
CURED through suffering.
But the most intelligent opinion on the
subject may be reached by contemplation of
the alternative. The situation in which the
business community would be left by abso
lutte repeal is not agreeable to foresee. 1t
would leave merchants at the mercy OF ras
calls; it would restore the old condition of
things when bankrupt merchant could
make preferences ad Hbitum among his cred
itors, and then dictate terms to the rest, who
must take what he offers or nothing, with
very insufficient power to institute search
Ing inqu;sition into his transactions with
more favored creditors. The comparatively
har Of fail iv,t
great panic of last fall is largely attributable
to the conservative effect of the present
law with all its imperfections. With the dis
trust pervading the com nunity, with the ru-
mors which filled the air, affecting the SOL
vency of almosc every man and institution, 1t
is easy to see that under The ''grab law
there would have been scramble for proceed
ence IN attachment among creditors who hao
Lost their heads in the furry, which must
have resulted in The prostration of numerou,
houses temporarily embarrassed but really
solvent, who only needed time to turn
around" and who are now prosperously con-
tinuing their business.
But with the Bankrupt Law assuring an
equal distribution of assets, the induce,nent
to precipitate action in forcing payment OF
debts cease ], and the most stupid of creditors
could see that it would be much more for his
interest to wait in the hope of change for
the better than to compel a sacrifice of as
sets by sudden process. This moral effect O:
the Law in preventing attempts. at fraud on
the p; r. of debtors and oppression On the
part of creditors is really its very strongest
point. AS we have said before, it should be
judged by the ten cases in which a rational
and equitable adjustment is effected under its
influence, rather than by the one which goes
through the courts.
The course favored by the best men OF
tn Senate seems to be revision of the law,
cutting down expens es-for official rapacity
has been leading cause of objection to the
Iaw-and adopting the present English sys
TEN of composition deeds, and giving the
Registers salary as quasi judicial officers in
stead of the fees now allowed out of the
bankrupt's estate.
The lawyers OF the Senate. with tie sugges-
tiou and advice Of tn, most sagacous bust
ness men of the country which are being
furnished them, ought to be able to make
changes, additions and omissions which shall
produce rea 'onably satisfactory law Should
they succeed in their effort it is to be hoped
thai even the present House will have til
grace TO concur and partially redeem itself by
one decent act.