New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-04

IA looked upon with distrut he allows his paper 70 go
TO protest for even day There no sound reason 70 20
81 ygested why debtor who Is unable To pay MS uep'S
sbould have forty days in which make way with his
,r,,eytv and denriye his creditors VI their lawful
Jues That is practically tho result OF thIs
provision While would not claim that a
single stoppage for few days snoud nave inc ehoe' "
making the debtor bankrupt, do assert that wnerG a.
debtor sops payment generally, and IS conleSsuy ~
solvent, his creditors should oe permitted 10 hie no
ton with the privilege on the part OF tne uey, he
pays the particular debt before adjudication 20 The
prUcre ding discontinued Then III tDls
limitation time to preferences ~ Wei a. ce
ton OF what constitutes preference sn9oll y, s,
laws with the dilcnlty that now exists on miing -
ton account OF the one,iourth aDu d in case Of
SIZES well the forty days slopssc' aiu ,,rcnent
seizure, the inability hnu evidence OF u ~,
the sixty days easily elapse before proper peluon
flied, and especially where debtor Is lhefi sv ~ nro
cealng his acts 1t almost impossible to institute Po
ceedings in time. ,,, 4. Aha 90, "a Ger.
tainly recent enough; Tor an who Knowingly diu t
cniiOnally receives preference IRON an n ,d
debtor receives what he gu ut not TO GET hn tg 0'
itors should have ample time In which TO discover H.
Thus. also, to prevent the hundreds, ana
might say Thousands OF fraudulent anu sna"
judgments and executions that nave "ithih tHo
last year enabled debtors TO mako away win
their property, tho mere act OF deDtor suhernS
seizure Of his property, 10 the exclusion OF MS olne
creditors I'm favor OF creditor should be prtmo Jdee
evidence Of fraudulent preference, throwing tne Ouue
of proof upon Judgment creditor TO snow lat hs
clam ia a bona Gde sued for in good iaitn anu
without intent to obtain preference IN con-
seauenee oil the axy OF the present law ia tins respect
it has become general nsoyents TO have themselves
old ont and thus not only convert their property into
cash for their benefit also thus destroy any evidence
Of fraud that may exist by dlsposng OF the goods nj
sheriTs sale before the general body OF cr'oS e'e"
have suspicion OF their action For me same Ieas"u
general assignments with or Nltlout nj
he ABOLISHED. Never there 80 many cOnFey VI
this Find made within the last year ad never ass
the spectacle presen ed OF debtors inis y,y
To tue making OF such assignments hyeylnS 1SSty
ther real estate &c. TO favored ndivduaIs Is NV
dends under assignment are rarely aiNthibg. -" -
penses laI ger than are incurred ia DahTup1y P
credinsS and the creators IA no Sbtor unller
oath, or OF looking into MS DnoAs anu Jt tiss
without the consent OF tiG 8 ~ anero oss,,n
ents in preference to going into bankruptcy IL e'o'
that the former pr,son,s large facises Tor eOheedns
fraud For by making an assignment Or ming pc'''ou'
in theory all his property delivered up set IN the nrs
he receives discharge, in tie latter lie does why teh
every nng being equal should no; the debtor resort 10
the procred a which gives him back his name, nstcan
Of one Which gives him nOthngi The reason must OF
evident. Tie composition clause IA ven as VIC 49,
must obvious. discharge IN case OF lcrIsSD
Sc should be granted 20 debtor |ilouS ig Terara
ii,d,.a,ed n voluntary or involuntary one.
81 uroyi Onal warrants Of seizure o. arrest nj no ~
functions should DO granted or ISSUED WltbouI secui
b.ine reaul tO he given DY ths appicant 10 tle Nf
~ ~ amount Significantly large both with the view OF
preventing the o. them Oppressiycy a. Wen hS IoI
the purpose OF indcmniyng she injured party Inc ices
should be fixed in all cases, ana none allowed except
taxed or particularly determined by the court AZ
ssnees' and attorneys allowances should be subject Va
all eases to the approval Of the creditors and the court
Fsates should be closed up within year. so iar as an
tangible as- ets 5erncd, and other amendments
Ike importance should be made. II ts Is DONE ahd tho
act prpery remodglcd. and the creditors ayal tneni
srlye, of s provisions tnrrc no question hut th W
general oai~rs ~ complaint viii he rcnONoj cthh-
,isc restored maud rendered Impractical iHu Dus4-
a, IS bc revived. The creditor class VIII know nights
md remedies against debiOr, no matter whef ne
may reside, While lnSOivent wit rtlely resort 4"
fridurut measures. know NJ that hc viii rehlef M
self Hubie punishment and at the sam nm" Nttlt
no benefit from ms acts On the other ihh, 4 pfrhi,l
viii bc held ont tie shape Of a discharge 10 'H
honest bat uhfOrtuu',e debtor The Biukruit act J.
fonndrl nion "A bro al and cquitayc prncipo-tO wit
the lair and equal uIsgtbuiiDB 0i tue property oil an IL
solvent person among his creditors. surely the p'oreG
ia, United States do not intend 10 pdblsh "a thr WORM
tAat Law founded upon Sc doctrine ctnnot s'duu' yI
that w., win an Wisdom, are unable 10 properly
frame bi which viii not 0uy ~ uniiurn IN u.s. titrac-
TO-. bt gave satisfaction To both dC b,ur aud cgeuloI
y,r- If,rr. yl.lcu .. $50. ALIEN. BLCNENaItEL-