Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-02-05
CONGRESSIONAL.
Senate Spends the Day on Bank
-s rupt Bill.
House Debate ON ARMY Bill.
Paying for Transportation ON
Subsidized Railroads.
Holman Goes for Massachusetts
HOar.
Accusing Him of Being a Rail-
road Attorney.
House Debate ON ARMY Bill


WASHINGTON, Feb. 4.--Mrs west inlre-
duced resolution instrIcting the Secretary
of the Senate to pay Ray and Mcmillan, OF
Louisiana, full compensation as Senators OF
the United States elected to March 3, 1878.
Referred.
On motion Of Mr.. Thurman the bill re-
ported frott; the Finance Committee yester-
day to secure an equalization Of the Ma
tional Bank circulation was taken up and
he explained its provisions. Pending dis
cussiGn the morning hour expired and the
bill went over.
The Bankrupt Bill.
The Senate then resumed consideration
of the bankrupt bill, the pending amend
Ire1lt being that of Mr.. Oglesby to strike
out the words s1or rho has stopped and sus-
pended and not resumed payitsent Of his
commercial paper within period OF forty
days" so that persons of that class should
not be considered bankrupts, lbut stand
amenable TO State laws.
Mr.. Edmnnds opposed the amendment.
The bankrupt law would amount to moth
ing without Such provision.
Mr.. Logan favored the adoption of the
amendment.
Mr.. Thurman argued that the amend
ment Of the committee was more liberal
than the old bill where the period was Il
days. The committee now proposed to fix
the period at 40. English and French bank
rupt laws were even more strict than our
old law. The bill now proposed by the
committee was
The Most Liberal
of any commercial country on the face of
the earth.
Mr.. Oglesby said he offered his amend
ment in the interest of fairand just bank
rupt law. He did not think it judiciOus to
fix the number of days by which an honest
business man should be forced from his oc-
cupation and thrown into bankruptcy. He
would pursue with the bankrupt law or any
other law the class Of persons who were do
ing business dishonesty, and consequently
endeavoring TO escape the payment of hon
est debts. With the exception of the por-
tion he desired to strike out, he believed
the amendments of the committee were
Just and fair, and the people of the whole
country would be satisfied with it.
Mr.. Edmunds said by leaving the pro
vision in, an honest debtor who failed to
meet his paper could not be pOunced upon
and sued by some ayariciOus and grasping
creditor, the next day, but would be pro
tected for forty days, by which time he
might recover his standing.
Mr.. Thurman said of all the letters re-
ceived from various parts of the country by
the members of the Judiciary Committee,
not one complained of the amendments
being too harsh. The only objection he
had was that the bill was so much in favor
of the debtor class that there was a contin-
gency of the whole law being inopera-
tive.
The motion of Mr. Oglesby to strike out
the words above indicated was rejected by
a vote of 81 to Is.
Mr.. Sherman moved an amendment linn
| iting the operations of the 39th section OF
the original law as amended, and reported
by the committee TO persons owning over
$500. He argued that in small cases credi-
tors got little or nothing, and unnecessary
| penalties were inflicted on the debtor. He
said if that amendment should not be
| adopted he would submit another to ex-
tend the period of forty days within which
a person having stopped or suspended and
not resumed payment of his commercial
| paper should not be forced into bankruptcy
to ninety days.
Mr.. Thurman opposed the amendment
of his colleague.
Mr.. Sherman, though he thought it ;
matter of little importance as there had
been but very few cases where the indebted
| ness did not exceed $500, gave notic'
that at the proper time, he would offer al
amendment to the original law, so as u
| provide for the proving Of accounts befor'
Justice of the Peace or Notary Public in
stead Of before the Register in BanlTuptc!
or a United States Commissioner, as nov
provided.
Pending discussion on Mr.. Sherman
amendment the Senate adjourned.