New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-02-05
BY Ell E GRA APH,
CONGRESS.


CONGRESS-.
/ senate.
| WASHINGTON. February 4.-Mr Fentou
| presented petition from the business meu
| of New York for speedy return to specie
| payments and deprecating the further issue
| of legal tenders.
The bankruptcy question was resumed
! the pending amendment being that of Mr.
| Oglesby to strike out the words '.Or who
has stopped or suspended and not resumed
payment OF his commercial paper within a
| period OF forty days" so that persons of
| that class should not be considered bank
rupts.
Mr. Edmunds opposed the amendment.
and argued that the bankrupt law would
amount to nothing without such provision.
Mr.. Logan favored the adoption of said
| amendment, and said if business man
should be unfortunate and could not meet
his paper Tor few days, it should not be in
the power OF his creditors to drive him into
bankruptcy. He was opposed to the prin-
ciple OF bankrupt laws, as he did rot be-
lieve they insured fair dealing between
! men. No man should he put in bank:
ruptcy unless the amount claimed against
him be at least two or three thousand dol
lars
MIR. Thurman agreed that the amendment
OF the committee was more liberal than the
old bill where the period was fourteen days.
The committee now proposed to fix the
period at forty. The English and French
bankrupt laws were even more strict than
our old law. The bill now proposed by the
committee was the most liberal of any com
mercial country on the face of the earth.
Mr.. Oglesby said he offered his amend
inent III the interest of a just and fair bank
rupt law. He did not think it judicious to
tix the number OF days by which an honest
business man should be forced from his oc-
cupatlon and driven into bankruptcy and
disgrace. He would pursue with the bank
rupt law, or any other law. the class OF Der.
sons who were doing business dishonesty
and constantly endeavOring to escape the
payment of honest debts. With the excep-
tion OF portions he desired to strike out. he
believed the amendments of the committee
were ust and fair, and that the people Of
the whole country would be satisfied.
MIR. Frelinghuysen, of New Jersey, argued
that the adoption of the amendment would
be detrimental to the bankrupt law. With
that provision in, overtrading will be pre-
vented. business men, knowing that their
paper must be met, would trade carefully.
Mr.. Etmunds said, by leaving the pro-
vision in, an honest debtor, who failed to
meet his paper, could not be pounced upon
anu sued 10y some avar1clous and grasping
creditor the next day. but would be pro-
tected for forty days. by which time he
might recover his standing.
MIR. Thurman said that of all the letters
received from various parts of the country
by members of the j udiciary Committee not
one complained of the amendments being
too harsh The only fear he had was that
tho bill Sas too much in favor of the
debtor class. but there was a contingency
OF the whole law being imperative
The motion OF Mr.. Oglesby TO strike out
the words above indicated was rejected by
vote OF thlrty-fOur nays to eighteen yeas.
Mr.. Sherman moved an amendment linn
iting the operations of the thirty ninth sec
ton OF the original law as amended and re
ported by the committee to persons owing
over $1,000. He argued that in small cases
creditors got little OF nothing. and unneces-
sary penalties were inflicted on debtors
He said II that amendment should not be
adopted he would submit another to extend
the period OF forty days, within which a
person having stopped or suspended, and
not resumed payment of his commercial
paper, snOuld not be. .orcsd into bankrupt-
cy to ninety days.
Dir. West introduced resolution instruct
ing tie Secretary of the Senate to pay
Messrs. Ray and McMlleu, of Louisiana,
tull compensation as United States Sen
a'ors from TIE time they were elected to
March 3, 1913. Referred to the Committee
On Privileges and Elections.
Mr, Stockton, from the Committee on Ma
val Affairs, reported q bill authorizing the
President to restore William Kilburn to the
United States naSy. .s eIsiglG Placed on
calendar.
Mr.. Thurman opposed theamenSmens Of
ms colleague. Mr.. Sherman, to the bankrupt
law. though he thought it a matter of little
Importance. as there bad been very few
Vyh bora md
ceed S3O0Os lie gave notice that at a proper
time hs would offer an amendment to the
original law, SO as to provide for the prov
ing OF accounts before a Justice of the peace |
"r notary public instead of before regis
ter IN bankruptcy or United States commits
sl0ners as now pr0yideds
Pending the discussion on Mr.. SHermans
amendAeSts che Senate a1SvrQed as i:sJ
Z. NJ.
!iou.c.
The army appropriation -: WA .asy |
tU-daye |
Mr. Holman, of Indiana. offered an |
prohibiting tho payment Of |
and grants 70 railroads for the transporta-
ion OF troop. and supplies. !eaving to the |
'allroads the right to sue tog the same ~ |
he court of claims.
After some hard knocks 6etweers Holman
md q. L. uCar, of Massachusetts, in which
loiman was held up as demagOgues and
loar IS the paid attorney of base corpora
Ions. tue amendment was adopted.
Another amendment abolshes mileage 20
fiieer.. and imito Shem 80 shei. acjla.
ravelin. expenses.
These amendments were adopted IN tile
oInmittee. and WI. have 80 he again voted
n in the House.
Mr.. Hodges. o. Arkansas, was admitted
o his seat Oh irImia sacie sight. and
worn in.
The Southern Trans Continental railroad
Ill, and the bill extending the time for
resenting claims to the Southern Claims
were reported, and on points
T order buried in the committee of the
hole