The Portland daily press., 1873-12-24
THE PRESS.
WEDNESDAY MORNING, DEC. "a. '7s
The Bankrupt Law.

Tha considera ion of the question of the re-
peal of t lie Bankrupt Law naturally excites a
high de gree OF interest in commercial circles
VERY many objections are urged against the
practical operations of the law and the com.
plants commonly end in rather blind and
inconsequent dem Ind for unconditional re.
rel, when modification might eradicate the
obi ectionable features, leaving the substratum
ofgood which everybody must admit exists in
the law. We must have some form of enforc-
ing the collection of debts and that process
which will best ensure the equitable distribu-
ZION OF an insolvents assets among all his crdl-
tors with the least possible waste, Is the thing
to be sought. 1t may be that the present
law does not perfectly meet this wan; but
the proper remedy lies in making use of the
experience acquired by the workings of this
law to make new one which shall be salts
factory.
No one. except perhaps some shyster law
yers, wishes to return to the old system which
prevailed in this and many other States, col
loquialy known as the "Grab Law" which
enabled the quickest and most alert of the
property by attachment, TO the absolute ex-
clusion Of the creditors who did not
get their writs served in season. This pre-
sented constant temptation to graspng
creditors and unscrupulous attorneys to at
ia * ami force to ruin their debtors upon very
slight suspicion in order to secure priority.
Many poor fellow has been driven out of
Al r. Al.
hopeless load of debt upon him, when. had
there been any power to enforce a just divis
ion of assets among all creditors, some salts
factory arrangement might have been made
by which the creditors could secure the ut
most possible advantage AMI The debtor could
have some hope for future Efforts and sue
cess. This inducement to compromise is
really the chief advantage Of a bankruptcy or
insolvency law. 1t is not by the one case
which goes throu h the courts that the use
fulness Of the law is properly iestei but by
the ten in which settlements are enforced BY
menace of the law.
Complaint is justly made that but little is
practic Il y realized to creditors from estates
which have CO ne undo: tn, opera ion of the
law-lhat the assets are absorbed by ex-
peases, official fe,s, percentages and the
ia u'and and one charges which the red
tapery pe.valins bankruptcy operations per-
n.ts But these things, ii wrong, are all
subject to le3 islasive regulation and it mus. be
renen1ared that all forms of ollecsiny debts
a-e subject to the rapacity of midilemen.
Objectors to the law admit that state insov-
en:y NV mast lake its plac, and quite gen.r-
ally cite The statue of Massachusetts, as a
god example. Now the U. S. Bankrupt
Law is modelled almost exactly upon the
Massachusetts Insolvent Law and is as much
better than that, as a law which knows no
state lines must be better than one which can
operate only within those limits. Our inter-
state commerce is So large and so intimate,
that infinite embarrasstnents would arise from
diversity of state laws and the inability to
apply the law from one state to another.
As means for inqu.silion into attempted
frauds, nothing can he so effective as 4 ma
tional bankrupt law. 1t. protects cred tors
from fraudulent preferences and conceal
ments of property, and is perpetual terror
to evil doors.
The law is, in substance, good and useful
Its administrators have brough. it into
somewhat OF disrepute and many of the Off
Gals connec.ed with bankruptcy proceedings
are, undoubtedly, just subjects of the harsh
Criticisms which are visited upon them by the
public. Lawyers and sheriffs used to absorb
large EN- luments under the old system. We
must wait for the millennium fore we can
confidently expect absolute rectitude and I'M
selfishness in middemen who have oppo. tuni-
ties for plumber; but meanwhile, we must do
the best we can under the circumstances.
The years, during which the present law has
existed, have developed its weak points. Let
Congress avail itself of the knowledge thus
acquired to remodel and improve the system
and restrict the operations of the leeches
The House has already passed the repeal
ing act; but nobody has the right to expect
much good of that body. To the Senate and
the executive the nation looks for protection.
The business men of the country are making
their protest against repeal distinctly audbl e,
and'must continue to do so until the danger
is past. Modification and improvement every
body wants, and large majority of those who
now demand repeal, will be satisfied with
wholesome amendments.