The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-02-05

for q speady return to specie payments,
and deprecating the further issue OF
!eses!, .esas.e. The ka:ksap:syy Gil. ss::!!.. vas
resumed. There was pending an
amendment, (bsing that Of Olesby,) to
strike ont the words "or who has
stopped or has suspended and not re-
sumed payment of his commercial pa.
per, within period of forty days, so
that persons of that class should not be
considered bankrupts." Edmunds op-
posed the amendment, and argued that
the bankrupt lay would amount to NO.
thing without such provision. Logan
favored the adoption Of ftheamendment
and said IL the business man should be
unfortunate. and conld not meet his pa.
per for few days, it should not be in
the power OF the creditors t. lrive him
into bankruptcy. He was opposed to
the principle of bankrupt laws, as he
Gid not believe they insured fair dealing
between men. No man should be forced
into bankruptcy unless the amount
claimed against him be at least 50. GOO
OF $4,000. Thurman argued that the
liable than the old bill, where the pe-
teo now proposed to fix the period ut
forty days. The English and French
bankrupt laws were even more strict
than our old law. The bill now pro.
posed by the committee was the most
liberal OF any commercial country on
tue face OF the earth. Oglesby said he
offered his amendment in the interest of
a just and fair bankrupt law. BE did
n n lr ytrfvt c. Al 4
OF days by which an honest business mau
should be forced from his occupation and
driven into bankruptcy and disgrace.
de conld pursue with the bankrupt law,
or any law, the class of persons who
were doing business dishonesty, and
constantly endeavoring to escape the
payment of honest debts. With the
exception OF the portion le desired to
strike out, he beloved the amendments
OF the committee were just and fair,
and the peopln of the whole country
would be satisfied with it, Freling-
huysen. of New Jersey, argued that the
adoption of the amendment would be
detrimental to the bankrupt law. With
thpt provision in, over-trnding would be
prevented. Business men, knowing
that their paper must bo mot, would
trade carefully. Edmunds said, by
leaving the provision i'll, an honest
debtor who waited to meet his paper
could not be pounced upon and forced
into bankruptcy by some avnricious and
grasping creditor the next day, hut
would be protected for forty days, by
which time he might recover his stand
ing. Thurman said, OF ull the letters
received from various parts of the
country by members of the Judiciary
Committee. not one complained of the
amendments being too harsh. The only
fear he had was, tue bill was SO much in
favor OF the debtor class; but there was
contingency Of the whole law being
imperative. The motion of Oglesby,
to strike out the words above indicated,
vas rejected, by vote OF u nays to IS
yeas Sherman moved an amendment
limiting the operations of the thirty
pinth section Of tho original law, as
amended aud reported by the cowmit-
tee, to persons owing over $4,000.
He argued that in email cases. creditors
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 extend the period of forty days within
which person, having stopped or sus-
pended. and not resumed payment of
his commercial paper, should not be
forced into bankruptcy. to ninety days.
Thurman opposed the amendment of his
colleague (Sherman) to the bankrupt
law, though he thought it matter OF
littlo importance, as there had been very
few cases where the indebtedness did
not exceed $4,000. He gave notice
that, at the proper time, lie would offer
an amendment to the original law, so as
to provide for the proving OF accounts
befor" Justice of the Peace or Notary
Public. instead Of before IL Registrar in
Bankruptcy or q United States Commits
sioner, us now provided. Pending the
discussion on Shenman's amendment,
the Senate. ut 80, adiourneds
Stockton, from the Committee on
Naval Affairs, reported bill authorizing
the President to restore Wm. kibeam to
to the navy Of the United States as eu-
sign. which was placed On the calendar.
The President has signed the bill
connecting the Capitol with the various
departments by telegraph.
Prof. Bard. Secretary of the Smith
soniau Institute, has been designated
by Prof. Henry to take charge of the
institute for contributions to tho con-
fanpiv1