National Republican. (Washington City (D.C.)) 1872-1888, 1874-02-11
"LoOE TO THE SENATE"

Zach day as the history OF the nation
Progresses we are called upon to admire
the wisdom and far-seeing sagacity OF the
trainers of the Constitution. In no one
way, perhaps, is this wisdom better exem-
plifed than in the peculiar composition of
the legislative branch of the Government.
As every engine requires its governor and
each little mill its fly-wheel for regulator
of its action, so docs the popular branch of
legislative body require conservator Of
the passions and impulses in coadjutor of
different constituency and more extended
tenure of Office. In times of high financial
or political excitement the representatives
of the people, coming fresh from close
communion with their immediate electors,
permeated with the popular enthusiasm OF
the hour, and inspired with ardent sympa-
thies with the difficulties Immediately sur
rounding their constituents are liable to
rush headlong into rash and inconsid-
crate legislation. 1t is upon such &C.
casions as these that the conservative
interests of the nation appeal to the
Senate for protection and redress. 1t has
been several times found necessary during
the last quarter of a century to make this
appeal and it is but just to acknowledge
that it has rarely been made in vain. Such
IN appeal by any special interest or by any
class of citizens, either by petition or
through the medium of the press of the
country. has always received calm and tenn
perate consideration, which seldom fails to
80 10 s,,k he
House.
A notable instance of this character has
Just been afforded in the action of the Sen
ate upon the bankrupt bill. 1t is fresh in
che recollection of the readers of THE Ma
GIoNAL REPUBLICAN that the House rushed
through at an early stage of the session an
act sweeping the general bankrupt law |
from the statute book. And this was done |
against the circumstances of the press and |
the people. without extended debate at a
time of financial distress, threatening a |
shrinkage in commercial values liable to |
prove ruinous to a large portion of the
commercial community. In the absence of |
any system of bankruptcy the broken mer-
chant or manufacturer would have been ut
lcrly without means of release after having
surrendered all his means for the benefit of
his creditors. More than this, there was
left no adequate provision for an equal and
Just pro rata distribution of the assets
among the creditors.
1t was universally felt that the repeal was
.li-timed and fiagrantly unjust, and the cry
lang out through the press and by petition,
from one end of the country to the other,
"Look to tile Senate!'
Yesterday that cry was most nobly re-
sponded to by the conservative branch of
Congress by the passage of well-consid-
cred and judicious modification of the pres
emit bankrupt law. The ruling principle of
jhe law is preserved intact, while it is
pruned Of its Objectionable features, and
the expenses of adjudication under it are
reduced one hall, and many requisite safe
guards to the interests of both debtor and {
creditor are added. {
The ffty pcr-centum of assets now re- .,
suired is reduced to thirty three Rae in l
voluntary clause is made to require me1
petition of one fourth In number of the |
creditors and one third in amount to throw
} debtor into bankruptcy instead of that of
single one. Composition of the estate of ]
INC dcftor i. provided for under the direc-
don and supervision of the court upon A r
proposition made by the debtor if consented
20 by majority of the creditors upon ten
lays notice, who shall represent three
Ourths of the value of the Indebtedness ;
signed by the debtor and at least two thirds ;
IF the creditors representing one half of the
value Of the obligations. The fees are re-
auced one half until the Supreme Court of s
The United States shall revise and {
modify the same, prescribing a uniform {
schedule OF fees, and which the act :
enjoiGs it to do at the earliest possible date /
subsequent to the passage of the act Re- (
ports and tabular statements are required Q
10 be made by the marshals, registers, as s
signecs and clerks, annually, of all bank f
ruptcy cases, together with the costs, fees i
md expenses Attending the same, under b
'everc l'ains and Pef.Aties, transcripts of U
which are to be fled sip The office of the r
Attorney General of the United States. c
Notaries public are also authorized to take c
proofs of debts under this act, in addition d
% those officers who are now empowered 6
. act in the same capacity. A consolida- p
ion of the duties of several of the officers ii
It present acting under the law is provided G
or in the discretion and under regulations 81
o be prescribed by the Supreme Court. a
On the whole, cursory examination of t.
he bill passed by the Senate inspires the ii
'elief that it is wise measure that will q
ford the liveliest satisfaction to all Dor o.
ions Of the country. to
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