, 1876-02-13

There will be mora suits attachments csea'sofs
| billa and things OF that nature.
What else will it achieve
att wlll Increase the number OF fa!lures ANU
! drive more peorlo into insolvency. Tho coan-
try was better prepared for its repeal t"o ye.'s
ago than now.'
.Who desires the repeal Z"
1.-THE LARGE CREDITOR CLASS
| want the !av repealed. but the smaller oeaoia
ase not in condition for the repeal"
why does the large creditor CLASS ask 'ne
| ebrogation OF the law z"
| .TAat class want the repeal because their sys-
tenn OF making collections il perfect. iheg
| know Immediately when q man weakens, and
they can get in first and take care ot 'nen o"a
| interests" ..
.'What other reason is assigned for the re-
paal?"
s.As rule the peonlo have sentiment against
relieving man from his debts without paying
would the repeal Of the law engender
| f:ana ?"
Without Bankruptcy law it s possible for
q man to put his property out OF his hands: Lie
| can only be reached by creditors BILL which ID
cumbersome and expensive. It it also lneffeot-
i've Us regards the general body Of creditors. II
| the creditor gets on a hot scent, ha almost III
/! yariahlY secures d settlement.
| "What does the Bankrupt Law accomplish p
| 1t gives every creditor an equal chance
| SHOULD IT BE AntExDED?''
| "Yes, it should so be amended as to make it
more speedy and simple. The law is now CON-
plex ~ relates to compositions"
.tHow are fraudulent bankruptcies occa-
| stoned Z"
| "They are largely the result OF tho common
prevailing opinion that if man iB going TO fail,
| it ie proper for him to take care of himseif-"
| "Can fraudulent bankruptcies bo engineered
| under tho present law z"
put his property out Of his bands unless he CON-
mite perjury"
Why do so large majority Of the members
| Of Congress favor the repeal of the law 2"
sBecause many OF them are from the country
districts and they not familiar with the work.
ings OF the law"
| '.What else has beon used to obtain the re-
| peal 2"
"Ihe influence OF the large creditor class the
| cumbereomenees Of tie laW aud its complicated
| machinery"
''wHAr ARE IT'S RADICAL DEFEers?"
att is q debtors law and does not afford Bufd-
cient protection to the creditor Glass;
''1n Whist respect"
lent ba,lkru pts are protected by tho provlslon
requiring n certain portion of the crodltors to
| Join in tho petition"
"now does it protect the fraudulent bank
rupt :" :, ,,;..oo;,,x =,
his properly he is usunl!, abe to escape With
the money before the creditors can get the nee
essarv machinery to work to throw him into
bankruptcy"
tsHow would YOU remedy this ~
'Any one creditor ought to be allowed TO file
petition 10 case OF fraud"
How about simple suspension ?"
'For the suspension Of commercial paper the
law ia satisfactory.
lasion to winding up bankrupt estates?"
"A good bankrupt law should provide for q
Register and Official Assignee to be paid sal
ary, just as the Judges ara, and not in fees.
Tho Official Assignee should notify creditors and
administer the estate.'
Mr. Jenkins attention was here called to some
important business, and the reporter withdrew.
HOMER COOK,
another Official Assignee, was the next objective
point of the interviewer. Mr. Cook was found
in his Office in consultation with two or three
legal brethren over some knotty point of law. i1l
which three or four clients who we're present
we're interested. At tho conclusion of the cou-
ference the Nan of the Pencil proceeded to ply
his vocation as follows:
..Mr. Cook, TIE Tn1nuaE would like to get
your views On the proposed repeal Of the Bank
rupt law. presume you are aware that the re-
pealng act has passed the Lover House by q
large majority ?"
auonce On many, who would make preferential
assignments Without such Law, a man might
secure big friends to the prejudice Of his other
oreditors.'
Would you suggest any amendments
the results sought attainabe in less time than
at 2 present, 7 -...,;o..o = aon ..,r
sit has been p.otty we'll construed and its
provisions settled. don't know Of any other
amendments"
"IS WHosE FAVOR rs THE PROPOSED KEpEAL2
at ia in the interest OF the wholesale ner-
chants Of the Vest"
"And those OF the East?"
II think those in the East favor tho law"
"Wil ths repeal Of the law have tendency
"Yes; aud it will afford more opportunities
for fraud than the present law"
What are your ideas about the Register and
the Official Assignee receiving salary instead Of
fees?"
''The Register should receive certain salary,
and ali fees should 80 10 the Government"
"How about the Official Assignee?"
81 am not prepared to answer that question"
This terminated the interview.
PETITION TO AMEND.
The following petition to Congress asking an
amendment to the Bankrupt law was proposed
recently in New York, and is now in circulation
in al the large cities in the Union for sigma
lures. Tho petitioners ask tho amending of
Secs 5,021, S 022. 5,023, 5045 and 5l12 Of the
Revised Statutes Of the United States. and tie
repeal Of Secs. g. 10. and II, OF the act entitled
IAN act to amend aud supplement an act en-
titled AN net to establish uniform system of
bankruptcy throughout the United States up
proved March 2, 1857, and for other purposes, ~
Thn following il tho text of the docnmont. ::
To the Honorable the Senate and House Of Rtprsscna-
tires Of the United efates Of d1nerica Congress
senoitd:
We tne Undersigned merchants q Chicago, IN the
State Of Illinois, hereby respectfully Pray that ths
Bankrupt law may not be repealed, but that the same
may be amended for the following reasons, to-wit:
l. proper national Bankrupt law is almost ne
cessity In country composed Of many distinct
States md s beneficial to both creditor and debtor
z system Of Involuntary bankruptcy has always |
been designed to teach fraudulent de5sors and bo
etIective must he simple and summary. There is,
therefore, no Round reason why combination Of
suspension Of commercial paper; but, the other
hand, the requirement Of such combination renders
the proceeding cumbersome, and frequently defeats
the very purpose Of the law.
s. Under the provisions OF the present exemption |
laws, debtor onys goods credit, and either caitua
exemption out Of the goods purchased, or sells
them and invests the proceeds In exempted property