The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-04-26

-.scrSsrpS IN THE HOUSE ON THE BILL RE-
rr,r1S,; THE BANKRUPT LAW; AN INTEREST
we p,y-pISCUSsIoN OF THE PROPOSITION
IN s;srsND THE SINKING FUND; VOTE TO
ny TAKEN NEXT TUESDAY-vARIoUS ITEMS,
&C., &C.
from Our Regular Correspondent
WASHINGTON, April 25.-Tbe Senate bill
rcncalinc the bankrupt law came up to-day
IN the House as unfinished business, and
cave rise to more discussion than any one
on either side anticipated. In fact, this
was admitted during the debate. Dir.
Knott. chairman CT the Judiciary Commit
foe. offered technical amendment to the
Senate bin, affecting no provision 0! it.,
however. Mr. Mcmahon, OF Ohio, by di-
rrction OF the Judiciary Committee, offered
o substitute for the Senate bill so as to stop
involuntary bankruptcy Immediately and
n allow voluntary bankrupt cy until Jam
nary |. 1879. He said there were three
classes in the House. The first desired the
rcneai oil the law as agreed to by the Sem
ate the secaad favored the substitute he
offered. and the third wanted permanent
BANKRUPT law. Hc did not think we needed
q permanent law. because we are not like
the English-a strictly commercial people;
and he also thought more time should
be given than was allowed by the
Senate bill 10 those who want to go
into voluntary bankruptcy. lie alluded to
the abuse prac,iced in the distribution OF
assets. Mr.. Con"er said the repeal OF the
law is a forc@onc conclusion, and the Judi
carv Committee at first concluded to re-
commend 4 concurrence in the action OF the
Senate. But during the few days that have
elapsed since the bill passed the other body
the press and letters from home have con-
WINGED him and others that it is not wise to
pasS the Senate bill, and hence the commit
tee has agreed~upon the substitute offered
bv Mr. Mcmahon. Mr. Frye, OF Maine,
thought it the constitutional duty OF Con-
cress to place general permanent bank
rupt law upon the statute book similar TO
that OF Great Britain, and suited 10 our
commcrclal necessities. Without 1t our
commercial law is like man without Il leg
or an arm. The officers have killed the law,
and when it dies to-day, lie said, it may be
written that their greed killed the bird that
dav by day had been laying them golden
cers. Mr.. FRYE believed it impossible to
get his views carried out, and he had there
lore voted in committee for the substitute.
WANTED THE LAW REPEALED.
Mr.. Lapham, Of New York, advocated
the massage Of the Senate bill and opposed
the substitute. The first bankrupt law was
passed in 1900. lie said, and repealed in
1903; the next in 1S41, and repealed"in
1913: while the present was passed In
1861. and. with notifications, has remained
in force ever since. 1t is time it was re-
pealcd. he declared, for'it is but an invita-
ton to reckless speculation. \ man now
receives his discharge in bankruptcy, and
his brother or other relative comes out OF
the transaction full-handed, while his cred
itors ret nothing. The frauds under it, he
added, are enormous.
Mr.. Chittcnden was ast0nished that the
gentleman from Maine, who wanted per-
manent bankrupt law, was willing, because
lie could not get that, to go for the Su5stl-
tute. For his part he thought the substi-
tUte an invitation to q high carnival OF dis
aster and dlstrust, and ii adopted the whole
country would dcplore it. The present
bankrupt law has made fraud an exact sci
encc, and he was for It's repeal Ii you
adopt the substitute, he said, before JAN
uary next there will be 10000 applications
in bankruptcy.
Mr.. HUNToN, OF VIRGINIA.
Mr. Hunton, Of Virginia, moved to COM
init the bill and substitute to the Committee
on the Judiciary. lie is one Of those, he
said, who does not believe the present law
All unmitigated EVIL. He favored q pcrma-
nent, we!l-considered bankrupt law, and
believed there is wisdom enough in Con-
grcSs TO frame one free from The objections
OF the existing law, and such as our com.
lacTci& necessities demand. 1t seemed
strange 10 him that ut a time like this,
wien financial embarrassment peYades the
whole country, that it should be proposed
TO repeat the law out and out. For himself,
he desired to exhaust every possible effort
to rid it OF its evils and make it Il blessing
to the people. The country had reached
the point when, in his Judgment, it needs
permanent bankrupt law.
GENERAL EwIEG;s VIEWS.
Mr.. Ewing, in an earnest speech, advc.
Gated the motion TO commitand opposed the
repeal OF the bankrupt law. "The attempt
TQrnad Il II H,,n,
cial policy heretofore followed" be said
"haye brought the businessmen TO the
brlnk OF ruin, and the repeal of the bank.
TuDt law would prove another blow in the
same direction. There are not now one in
I'VE OF our businessmen" he said, "whc
are solvent. 1t is not the bankrupt law
winch Is liable to the objections made to it
but the manner OF its execution. 1t would
Define worst policy, in bis opinion, now to re-
peal this beneticent stay law. Beware
SAD he, to adding TO the discomfort OF The
businessmen and laborerS, and those wht
are not iaborers, because they can find nj
"ofk, II you would not disturb the rule O
order. In speaking OF the oppression o
aebt tie said, What can man do wher
he has the milestone of eternal deb
ABOUT his neck and no property left him
Lou make the world dungeon, and chain
him to the floor.
MORE ADVOCATES OF REPEAL.
Dir. Hooker, Of Mississippi, opposed tn,
'not!on to recommit, and replied to th4
speech OF Dir. Ewing. He believed the