The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1876-03-03
BOARD OF TRADE.
Repeal Of the Present Bankrupt Law
Favored.

The adjourned meeting of the Board OF
Trade was largely attended yesterday morning.
In the absence of President Woodman. who is
detained at home by illness, Vice President
Shurtlef presided. MessIs. B. f. Anderson
and George Burnham, Jr., were elected mem.
| bers.
| Mr.. T. G. Hersey, Vice President from Maiue
of the National Board of Trade, read the re-
| port of the Executive Council, held at Wash
iDgton, Feb. 9Th. The report discussed the
public expenditures; appointed New York as
the next place of meeting, time June 9th, and
suggested, as it is centennial year. that all si1.
liar organizations in the world send delegations
to the meeting; advocated the resumption of
| specie payments as soon as practicable; ap.
pointed committee of five merchants to con-
fer with like committee on the part of the
| Dominion and Great Britain in reference to re-
ciprocity with Canada; approves the bill of Mr..
Ward of New York amendatory to the ship
| ping act also the mendments to the steam
boat act, which guarantee protection to life
and property, and do away with useless patent
rights imposed on Steamboat owners; referred
| the South American trade to a committee
unanimously opposed the compulsory pilotage
law, and approved Mr.. Hale's bill; pressed the
organization of a Department of Commerce;
and left the regulation of the savings bank bill
TO the different states.
The report was accepted.
The bylaws of the Board were amended so
as the require S. admission fee instead of So, if
the managers think the change for the benefit
of the Board.
Mr.. c. r. Millken brought up the question
of the repeal of the present bankrupt law. He
read the following petition which had been ex.
tensively signed by our merchants and adj
dressed to our Representatives in Congress:
The undersigned beg to ask your support for
the bill just passed in the House of Represen-
tatives, repeating the bankrupt law. believing
that it will work great benefit and improve
ment to all our commercial interests and re-
lieve creditors and debtors alike from a COM
pick and burdensome law, which was passed
mainly to relieve a class of debtors who had
been rendered bankrupt on the breaking out of
the late wa; these have received all the bene-
fits intended to be conferred by its passage,
aside from which it has proved to be useless
and expensive addition to our commercial
law.
We would further state, as merchants doing
business over widely extended section of coun-
try, that we would greatly prefer to look to the
state courts for protection to our interests rath
er than to the complex, dilatory and expensive
bankrupt law, which in practice has benefited
only the officials by whom it is administered,
and those bankrupts who do not hesitate to
swear falsely, while it has frequently been used
to Cypress the honest debtor. Former bank.
rups laws have been short lived, and we be-
lieve the present one should be repealed at the
earliest practicable moment.
Mr.. Milliken then offered the following res O.
lutons:
Resolued, That the present bankrupt law of
the United States is SO complicated and expen-
sive in its operation and unsatisfactory in its
results, that, in the opinion of this Board, it
ought TO be repealed
ReSolued, That the Secretary be requested TO
forward copy of this resolution to our Sena-
tors and Representatives in Congress.
Hon. w. L. Putnam was in favor of referring
the matter to committee of merchants as they
were the ones Interested in the matter.
Mr. Milliken was of the opinion that the
matter had been before the merchants long
enough and should go to the Representatives
at once.
Hon. W. W. Thomas, Jr., agreed with Mr..
Putnam that the matter was one for the mer-
chants to decide, but as there were large num-
Der present he thought the matter could be de-
CiuOu upOu tuou duu tucTts do luOuSub luz
mediate action was important.
Hon. Geo. F. Talbot thought the matter at
issue question between debtor and CREDITOR
and both should understand fairly their
relationship to each other. He referred to the
bankrupt law of 1912, as proof that after a
little while bankrupt laws always become obi
GUS. He thought creditors ought to exercise a
good deal of judgment as to whom they trusted
else while they were trusting Congress would
open door and let their debtors out. The law
should be satisfactory to creditors and debtors
alike. MIR. Talbot thought if we could get
through in these times without bankrupt law
we could forever afterwards.
A. A. Strcut, Eeq, said that the PROPOSE
ton that a bankrupt law might be enacted
which would operate for the benefit of the
mercantile community, must receive the as
sent OF every thinking man, but the practical
difficulty was to enact such law by the exercise
of merely human wisdom,-under the present
law when the bankrupts assets 60 into the
hands of the assignee, their productive capacity
is much diminished. There are great expenses
in settling estates, and long delays, and the
creditor is generally glad to accept what the
debtor offers. The percentage is often SO small
it would have been better if no law had existed.
1t frequently happens that after the occurrence
of great civil disturbances or financial disaster,
bankrupt law is needed. But it usually hap.
pens that after the exigency which calls this
law into existence ceases, the law becomes un-
popular and its repeal is desirable. To-day the
bankrupt law is so complicated and expansive
that honorable men SHRINK from it because it so
lessons the assets to be paid their creditors, and
dishonest men seek it to furt her their schemes.
The matter has engaged the serious attention
of merchants for several years. Delay might
give weightier verdict; that it would be
different one he didn't believe. The merchants
wanted the law repealed. The amendments have
no special advantage over the law as it now
stands, and the committee would find it diff
cult task to make law such as would be bet
ter in practice than the act of Congress.
Hon. A. K Shurtleff thought that the law
as at present, was not of advantage to single
merchant in the room.
Mr.. e. Clement was in favor of the passage
of the resolutions. Not man who had failed
and gone into bankruptcy had ever paid him
over 10 per cent.
Mr.. I. @. Hersey thought strong appeal
must be made to our Representatives, as there
would be many adverse influences.
The resolutions were then unanimously
adopted.
The communication from the Secretary of
the New York Board of Trade on the currency
question, was laid on the table until Thursday
evening, March 10th at half-past seven o'clock.
Adjourned.
We fought unit Fessenden in 1864; we
vote for Fessenden on Monday.
Disappearance
A report was circulated on the streets yester-
day that Mr.. Frederick Proctor. well known
merchant tailor in this city, had left town,
leaving large number of unsettled accounts.
Mr. Proctor has done business in this CITY for a