, 1873-12-24
THE BANKRUPTCY LAW.
Views Of tho ZION. g. u. Tarwcll
on tho Subject.
lie Profcrs tho Modification OF tho Pres
ent Law to Its Repeal.

4 TRIBUNE reporter called yostorday liron the
Hon. @. 3. Farweil, at tho residence OF John Y.
Farwell, and found tho Congressman quite will
Ing and soRdy to DO Interviewed Oh tile subject
Of tho repeal Of tho proposed bankrupt law.
Tho following is the substance Of tho colloquy
between Congressman and reporter:
t Reporter-What, in your opinion, aro the
views Of lilo mercantile community In reference
to the ropcal OF tho bankrupt law7
Mr. Farwell-Thoy think that in its presont
formthe Bankrupt law is very Objectionable. It
Ia not wllAt the merchants want, but think
they would let 1t stand Us It is rather than have
It repealed Tho final result. / think,
will be, not ita total rcncnt, hnt
its modification. Tho individuality clause
will probably be either repealed or modified.
aud tho fees connected with il rolucel Tho
House iB IN favor Of repeal, Should tho modiaca-
tion not be accomplished. There Ia a grcat
pressure for the eutiro repeal, but it comes from
claHa OF pcraons not engaged in active business
pursuits. >.
neporter-Had any expression Of opinion In
the mercantile community reached oopgross at
Mr. Farwoll-t did not hear Of any. There
were individual letters from different po,sona,
but I think they wero from specnlators. not
business Mon. 1hoard Of one iu tho Senate. but
not in the House.
Reportor-Was it gcnoraily beloved when
CongreBs took receag, that the Senate would
concur with tho House in repealing The law2
Mr. Farwel-No, | do not think It was eithor
the opinion Of the House or of anybody elao.
Reporter--If not, what amendments would
tho Senate probably wiah to make to the existing
law?
~Mr. Farwol-The repeal or modification Of tho
involuntary clause, and tho reduction Of feea,
Rcportef-What amendments would yonr ex-
rHrnhra q n mnrn11nrt HrVnaat T,cH IN
nlaln the present law more just in its opera
tons?
b1r. Farwell-I think'the modification OF the
involuntary elause, aud the reduction Of fees
Roporter-WouM your experience hs NOR
chant suggest that oile-lnlf Id number or amount
of creditors should unto In petition In order
to throw debtor into bankruptcy !?
Dir. Farwo1l-1 think they ought. That ia tho
modification referred to,
Rcpofter-W What in your Judgment aro the
rolativ0 inertia OF tho Bankrupt law on the ono
hand. and the old system Of attachments anl
preference to creditors uuder tho stato laws?
Mr. Fa, well-I tonsider tho Bankrupt law on
titled to the preference
Reporter-Hayo any petitions beou Forwarded
to yoa ettllor for or against tho repeal Of The
Bankrupt law7 /,
Mr. TarWell-No.
K6porter-Aro tho fees allowed to officers un-
der tho bankrupt Ia" in you opinion exorbi-
taut2
Mr.. Farwell--1 think they are. That Is o
grent ca,,ae of com olai-s.
lleporter-How do they compare with the
costs arising under the old syslem OF State laws
for the collection OF dobts?
MIR. Farwell-f nm not prepared to give a
specific answer.
Reporter-What view is taken by tho Illinois
Senators df the proposed repeal Of tho bankrupt
law?
Mr.. Tarwe1l-I do not know about Senator
OgleHby but Benator Logan I understood TO bo
without consulting with him, howeyer-in
favor OF the repeal.