New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-05


,ux DEBATE on THE BANKRUPT BILL CONTINUED
IN THE sENATE-rHE ARMY BILL STILL UNDER
CONSIDERATION IN THE HOUSE.
SENATE. WASHINGTON, Feb. 4, 1874
Mr.. FENToY Glib Rep, N. " presented
nacn OF the business men OF New-York CITY TOT the
speedy return specie payment and depre eating any
further Issue Of legaltender notes Referred TO the
Committee Finance
Mr. SUMNER lib Rep, Massl presented petition
az the citizens Of that state aanst the extension OF
any sewing-maohine patents. Referred TO the COln'
mittee on Patents.
MI FENTON 10y reques) introduced a bill referring
to the Court Of Claims for adjudication the claims Of
Norton and Robertson for stampcanoehnR anu DOS.
marking machines. Referred to the COmm'tee Oh HosF
Mr. SARGENT CRsp.. CALI from the Committee on
Naval Affairs, reported, with amendments, inc Dill 70
encourage the establishment OF marine ~ ~ dor 10
promote nautical education ana 10 educato a
seamen for the merchant and naval marine In scehuue
and practical navigation. and in the arts trades. ana
occupations pertaining TO Seamanship the secretary po
tbe Nav shall be empowered to supply. upon the
,gS,tsn anncaton Of the Governor Of State. or the
authnres OF the cities OF NewYOrk, Boston, fhllade
Pii All her spparel tagether with charts books and
instruments Ut the same can he conveniently ,
from the pubic service tn be used in the estsoshmen
OF public marine scd6oi5 81 each OF tne "oy,e,
named posts, and the ships and material 80 furnshed
may be loaned TO the said cities or the states 10
wnoh they are situated upon condition that said States
cities establish at their expense uautcs schooI
for the education Of youths desrOus OF entering the
merchant naval mariue or If already IN service OF
improving their nautical education. The President OF
the United States detail naval ohicers 10 acI as
suDcruteDdents ct instructors OF these schools ana IN
conclusion, the bill provides that no person sh? ne
sentenced to received at such schools as punishment
communication OF Punishment for crime, 49, l., ..
Mr. WEST rep. La introduced resolution instruct;
ing the Secretary Of the Senate to pay MessGs Kay an
Mcmillan OF Lou ana ful compensation as oehat e5 70
United States from The time they were eeCSu "
March D. 1873 Referred 10 the Committee on fr'eseS
and Elections, -, ~. an -
poTteG ron he Finance Commit ee yesterday to secure
equalization OF National bank circulation was taken up
and no explained s provisions Penang lne ulscusSLOh
the morning hOur expired, and the OIL went over
THE BANKRUPT BILL.
The Senate then resumed consideration Of the Bank
rapt bill. the pending amendment being that OF MI
Ogesby. strike the words :" or who has stopped
or suspended and resumed payment of his CONNER
cal paper within period of forty days" so that per-
that ass should not be considered cahkrupls.
Mr.. EDMUNDS Or D, VII opposed the amendment
aud argued that the bankrupt law would amount 10
Nj IOGAN crop, IlJ favored the adoption OF the
Amendment and said II business man should be un-
fortunate aud could not meet his paper Tor rev daNs
II should not be the power OF his creditors to drive
him into bankruptcy. He opposed TO the principle
of bankrupt laws, he did not believe they insured
fair dealing between men, No man should be nut into
involuntary bankruptcy unless the amount claimed
against him be al least two three thousand dollars
ment Of tic Committee was more liberal than the old
liil where the period was IA days The Com
mittec now proposed to fix the period al ~ Ine Eo
clsh and French bankrupt laws were even more strict
than old law Tne bill now proposed 10y 1he 0Or
mittee the most liberal of any commercial country
OfsI.LSIN (IseD, I'D said ne OUcred is hI1epu-
mrut interest Of just aud fair bankrupt law ne
Old not think it judcous 10 fix the number OF days Oy
which an honest business man should Oe 1Orceu IrOm
Is Occupation and dit%n lnIo r at
Ie would pursue with the Bankrupt law, or any oi1er
law the class OF persons who were dong business ds
hnuesiy ana endeaYOrDg 10 escape the pay
Of honest debts with the exception OF tue por
ton he desired 90 strike out he believed the ahehu
meuts OF the Committee were lust ana iar, anu .he
people OF whole country would be satisfied with ~
Mr. FKELINGHUNSEN tRep., n ~ argued that me
adoption OF the amendment would be detrimental TO the
Bankrupt law. With that provision IN, oNertra9lhg
would prevented. Business men, knowing that thelf
paper must he met, would trade carefully.
kfr. EDMUNDS Citep., VT said that by leaving the
proyison IN an honest Debtor who failed TO meet his
paper could not be bounced upon and sued by some
ayaiiCOus and gra~ping creditor the next DAY, but
would bc protected Tor 80 days. Dy WhlCn tInc no hiSh
Mr THURMAN DEM Ohio said that OF all the letters
received from various parts OF the country by menOers
If the Judiciary Committee, not complained OF The
amendments being 100 harsh. The only objection he
had that the Till much In favor OF the debtor
class That there contingency or the wnOe law Dc
Tho motion of Mr. Oglesby to strike out the words
above indicated rejected by vote OF 81 Nays 10 ~
Yeas.
Mr. SHERMAN rep. Ohio moved amendment
limiting the operations OF the 39th section OF the original
law amended and reported by tho Committee 10
persons owing over 5000. be argued that In small
enaltics were iHcted on the debtor said II that
amendment shOnld not be adopted he would submit
another To extend the period OF forty days Wthn when
person. having stopped or suspended ana not resumed
payment Of his commercial paper should not DC forced
lht0 bankruptcy, TO ninety days
Mi HUFFMAN opposed tine amendment or his col
leag0c (r Sncrmaul 10 the Bankrupt law, thOugh ne
thought 10 matter Of little Importance as tnee hau
but few where the Indebtedness did not
exceed So 900 He notice that at the proper time
WOld ulir amendment 10 the Original law, so as
L. provide for the proving OF accounts before Justice
Oi ne Peace Notary Public instead OF before Regis
tcru bankruptcy or United states COMMISSIONER as
Pending ne discussion on Mr. shermans amendment,
thc S5u3ic. at E3j y. III, adjourned.