The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1874-01-15
The Bankrupt Law.

L
mendments to the existing law have refer
ence to the Involuntary feature of it, and do
not propose to interfere with the general
policy of the law in other respects except to
simplify the process, reduce the expense,
and facilitate the adjustment of the Bank,
rupt's estate.
The hasty action of the lower House. Of
Congress IN passing, by large majority, a
bill for the total repeal of the law, has re-
eeived and is receiving the condemnation of
he commercial communities and solid, re-
fiecting business mep, from al parts Of the
country Last week the Chamber of Com
n'erce, of New York city, the great centre
Of the commercial interests of the country,
passed very strong protest against the re-
zeal Of the law, and had it forwarded to
Congress. It represerts that in their opin-
ion the repeal Of the existing bankrupt law
would be highly detrimental to the best IN
terests of business meE Of all classes, wheth-
er debtors or creditors. throughout the
entire country; that shey believe these in
terests will be best promoted by amending
the existing Law 10 some important particu-
lars, rather than. by its total repeal that
they regard, as among these amendments, a
provision that shall require larger proper
tional share Of creditors, both in number
and amount, to put debtor into bankruptcy
than is necessary under the law as it now
stands; and that greater safeguards than
are now furnished be provided for, securing
to creditors the property Of the bankrupt
and Tor preventing waste of his assets in
expenses ard unnecessary litigation; and es-
pecially that stringent provisions be incorpo-
| rated into the law to avoid chose delays in
its administration now SO prejudiclal to both
debtors and creditors.
| The idea advanced by the Chamber Of
Commerce in their protest has already been
incorporated into the amendments reported
from the judiciary Committee, which will
doubtless pass the Senate. The House can
not we'll resist the matured judgment and
enlightened opinion of the country. It will
partake Of rebuke to their own hasty ac-
ton, but this they should endure in Difference
to the formally expressed conviction of the
commercial organizations in the principal
cities Of the Union.
-
III introducing the ProtesG IN the New
| York Chamber of Commerce Mr.. Elliot
y. Co"ueH Maue very abe sPee:h IN It's
support. In abiding to the hasty action in
!, I'm,
repeating on0 DiA', anu a uinS tS senelal
merits. he said
| Inc receh' naSey aeelon u Inc mouse OF rep,
resentauves aoes nor, ~ my judgment, reflect
.he ehiigh,eheu opihlon u Inc country. IL seems
TO De q suoaeh on-shoot OF ehas impatient spirit
wAicn wouiu reform system oy destroying It,
In considering tnls SUBJECT on tne present occa-
sion lhere VIII oe tlme LOT hotnlng more tnan
general statemehts' accompanied oy Inc nflefest
Illustrations. "A bankrupt law orunlVersal appil-
'loh IS one .! tne necesslties oi d great nation en-
gaged 10 varied tnoustfiai pursuit upon large
! scale. For long PERIOD the foremost nations OF
anougn ol1eh ahenueu' mas never Deen aoohshed.
Ahe nrst DaaAroF. "a" ~ = usianu was passed. as
early as lo!oan'' u mas eAlstea IN noained forms
from that time 20 tnis. IA lo49,I's various BANK
ruft laws were eohseltaateo ~ sn act consisting
OF 20 secuohs' which conthenu themselves 70 the
careful study OF American statesmen. leading
ana universally approved feature OF tnat law was
the aooptoh OF olacial asslgnees, Ia 1923 1t was
statea IN the Rouse o. noras tnas ,'hese new pup
nc oincefs conhehceo thelr puollc career unoer
'he aele superinlehuehceo 81 we COMMISSIONS
recovering as they were empowered to'do py Tue
a noe o peay large sums 81 alnounhg %
ooo'ooo III 'ire ~, LIVES uh-
uer ole iol two llitiions ana
naii VI tna' sun 'ne iouho rlsaC
iui o~ners, que "iiiioh anu nai nearly ler
" 'icn no owners cail " iounu, fnlhain ~ the
panA o. hnglahu - ianoe d DanArup' Jaw
mas existed lor more laan century, uhaer al tne
nuc'ua1lng counc1l 90 y iepuoAos empires ana
u u 1000 !. unue' sn' = faulcal inou
!Aoa'ion ahu fesi'ion' n0 - M"o .nen insefieu
h'o me ooue So,n1,eroe, anu y az ms Jay Inc
Jaw o. lhe fIench het ooio. ~ however nt'ie
s@iue eile poi.'iosl eAanlp'ee y, @ hhg
uonls ntay " ~ eeeerhiinn.s tne p,,holPies on
WHICH Nepuo.lc ~ Ainealol snoulu We goverheo
~ % 'ne o,Ael powers
u 'ne "orlus 'neii oneeu .ee'liony III iaSer oi a
peilnanen. ooue y "olsny u 'he gravest
oonsioeia'ion 11o'lns uaus. .nese "lse ngnts'
tne trainers VI lne oonsti1u.on npom ersu CON
giess 70 eliac' "a" %n'on snouio oe u
n /, all over ,ne cuun.,y ~ power 70 40
tais very strongly implies tnt uuty W 10 IL, ana