The Portland daily press., 1877-11-05
THE BANKRUPT Law.
Petition for its Amendment--Rem
STRANGE Against its Repeal.

To the Honorable the Senate and House of Rep.
resentatiUeS of the United States IN Congress
assembled:
In view of the Resolutions Of the Legislatures
of three of the States, and of the Petitions in
circulation for the Repeal of the Bankrupt
Law, your memoraists, merchants and bust
ness men of the city of Portland, holding the
principle of equity and Of the bankrupt law
Equality among Creditors in case of Insol-
vency"-to be sound and just, convinced that
permanent national bankrupt law was con-
templated by the trainers of the Constitution of
the United States and by the American people,
when, in the same clause of sthe Constitution,
they gave to Congress power to establish
uniform rule of naturalization and uniform
laws on the subjects of bankruptcies through
out the United States;" believing that ma
tlonal credit system, equltably regulated Dy
Congress, tends to maintain tie integrity of the
Constitution, and to strengthen the bonds of
union of the States and of the people of the
States, and believing further that uniform
rule. operative throughout the whole country.
for the prevention Of frauds upon and prefer
ences among creditors in cases of Insolvency,
and for the punishment of frauds perpetrated
by debtors upon their creditors. and like uni
form rule by which an honest and unfortunate
insovent may effect just composition and
settlement with his creditors or by which such
debts, are in the interest of business integrity
AID fair dealing, ard therefore in the interest
of national honesty and commercial and nation
al prosperity, and believing further, that to
strike this law from the statute book, and re-
NIT the business aud credit system of the coun-
try to the different .psolvent, exemption and
stay laws of the thirIy-eight states and of the
several territories, and restore in cases of in
solvency, the old corrupt system of preferen-
tial assignments, fictitious debts, confessions
H1Aw fdn ,oyrr tfon Hxl@-
ments and executions, will prove in the very
largest measure demoralzing to the business
community, condace to widespread injustice
add fraud, derange business calculations and
cripple the now returning prosperity of the
country; whilst agreeing that in a number of
its provisions the present bankrupt lda0 ought to
be amended
Respectfully demonstrate against the repeal
OF the Bankrupt law, and pray your Honorable
bodies to take action for its amendment.
And to the end of making such amendment
OF the said law, your memorialists respectfully
pray that by the order of your Honorable
Bodies. q committee or commission mag be
raised to inquire into the 100rkiag of the bank
Tupt tdoC to ascertain ats defects, and to RECON-
mend amendments. Whether the amount in
value, and the number of creditors required to
bring a petition IN Involuntary bankruptcy
ought or ought not to be diminished whether
the assignee in bankruptcy ought to be an Off
clal assignee, or his appointment remain as at
present in the hands of the creditors-whether
provision cannot be made to compel the sum-
mary examination of bankrupts and witnesses
in any district 10 which the bankrupt or wit
nesses may be found, although not the district
i which the proceeding is pending, and whether
provision cannot be made for the examination of
baDkrupts and witnesses without expense, or
with less expense than that under the law as it
now stands, whether the provisions of the statute
relative to assignments, preferences and frauds
upon creditors ought not to be expressed in Lam
guage more precise and definite, and whether
the time within which petition in bankruptcy
must be brought or fled IN order to defeat
preference ought not to be enlarged, aud
whether the interpretat put by the Sd
preme Court upon those provisions of the
statute does not require the amendment of
those provisous-whetber bankrupt who has
surrendered all his property, and against whom
90 frand is shown, should not in case of first
bankruptcy receive discharge from his
debts without regard to the proceeding being
voluntary or neutrality-suspicious. the provis-
ion for composition should not be so altered as
more effectually to guard the interests of credit
ors-whether voluntary assignments made
with intent to defeat or delay the operation of
the law ought not again to be prohibited
whether the provisions for the punishment of
frauds upon creditors ought not TO be extended
to all cases of goods purchased by false repre-
NEUTRALITY-SUSPICIOUS. the fees of assignees and
officials under the act ought not to be dimn-
the proceedings and practice
under the law may not be smplified and the
expenses of those proceedings reduced-all
these questions, as well as many others, a ddress
themselves to the judgment of your Honorable
Bodies. TIL ir determination, by your Honera-
bic Bodies, after such inquiry and reconmen-
dation by committee or commission as your
mem orialists have suggested, or after invesuga-
ton and consideration IN snch other mode as your
Honorable Bodies may deem advisable. your
have every confidence, will,
nv the amendment of the nrnSant statDta. give
to the country Judicious and Satisfactory
Law.
And those of your memorialsts who may
have heretofore signed petition for the repeal
of the bankrupt law, respectfully request that
such petition may be understood as expressing
their 6isapproval of the law as it row stands,
but not as opposing the just and salutary prin-
ciple of the law, Equality among Creditors
ia case of Insolvency. nor as opposed to the
law with such notifications as above suggest
ed.
And your memorialists, as in duty bound.
will ever NAV. &c.