New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-02-10

This sounds simple. The blanks for
these are, however, whole armful,
and they must be paid for, after some small
fee has also been paid. Tho blanks are a
miracle of tabular device. No questions asked
by life insurance agent, an income tax col
lector or an attorney in a divorce case cover
more ground or are more ingenieusly Devil
dering TO the common mind. Nobody but a
lawyer trained in this particular branc' OF the
profession can set down the answers TO these
questions correctly. To such lawyer it
ia the labor of days to write out the
answers for single case. The correctness of
the answers is determined by past decisions,
unless new questions of law arise. No alter
alton or erasure is permitted. The papers are
in duplicate, the mere copying being an enor-
nous and costly labor. If anything is defect
i've, the papers are returned for amendment
which means new papers throughout and
special fees for amending. III by any
good fortune the papers are all right the
first time, their happy possossor may have
the privilege Of filing them for about $50.
He is far more likely to have to exceed 800
in fees, &C., at the Registers Office before his
schedules are accepted. Then comes the most
astonishing series of blanks and forms, for
each of which there is a fee of record and
otherwise, until at length point is reached
where by fleeing a Marshal for each, the cred
itors can be called together. When thus
called when the Register has reported to the
clerk and the clerk to the Register like the watch
and the captain calling bells on shipbOard ex-
cepting that it costs every time, the creditors
can select an assignee. If they do MT, the
Register will, and there are further fees. There
arc ever so many moro performances of the
fee simple kind to go through before the sec
ond meeting of creditors, whereat there may
be division of assets, always provided there
is anything left to divide. Meanwhile, also,
the bankrupt must pay his lawyer for the
costly professional services required.
We suppose that it might be possible in
case managed with great economy and good
fortune, TO pass a bankrupt who had not over
half dozen creditors, at an expense of $500
including his counsel fees and to procure his
discharge. But twice that amount would be
nearer the ordinary expense. Hence there are
now thousands of honest insolvents in this city,
whose release from debt would be benefit
to the community, who are unable to
avail themselves of the benefits of the law.
Merchants say that they believe that in most
cases where men 90 into voluntary bankruptcy
they have cleared the decks for it before
hand At any rate, the dividends to creditors
from this class of bankrupts are few and
small. One merchant declares that as soon as
bankruptcy is announced among his GUS
toners, he scores off the account as a total
loss. He will not even pay the 81 80 fee to
record his claim. In at least nineteen out of
twenty instances where he has proved his
claim there was nothing to divide in the
twentieth instance there was dividend of 81 81.
In fraudulent and involuntary bankruptcies,
sometimes the debtor has been frightened into
payment by the summary character of the
processes but as a rule, even in these cases
the pursuit proves too expensive. But more
than half the involuntary bankrupt suits are
outrageous attempts at extortion-mere black
mail. A single instance must suffice. A worth
less scamp sold goods of fraudulent char
acter to wealthy concern, taking their note
for the amount-a small one. Discovering the
fraud, and acting under advice of counsel,
the firm refused payment of their note
till the claim should be decided. While the
suit on this claim was pending, the holder of
the note made affidavit that these merchants
were bankrupts They were worth at least
half million dollars over all liabilities. But
the law compelled them to pay the fraudulent
claim of that worthless scamp or be adjudged
bankrupt OF course they paid; and, being
foreigners, take a sarcastic view of American
institutions.
We have stated enough to indicate why
some radical change in the machinery and
working of the bankrupt law is grave neces-
sity. 1t is too expensive for an honest bank
rupt for a dishonest one it is too expensive
to his creditors and at least one of its pro-
visions gives opportunity for infamous black
mail. Bat with proper revision and alteration
bankrupt law is possible that shall be a
benefit instead of an injury to the community.
And since the present Congress cannot take
time to revise the law, we trust it will have
the goodness to let it alone. Some months
hence the next Congress may then be able to
take it up, with time and opportunity for cor
recting its defects and retaining its excel
lencies.