New-York tribune., 1878-04-26


try should be repealed out and out He preferred "a
have the law perfected
refer He characterized the pending bill as ht sequel
TO the Resumption law and said that viii complete the
sumption law provides in effect. he said that men who
are unfortunate TO have been in deOt during the
continue in business, shall DC broken up and their prop
erty given to their creditors The pending bill enaets
the brain and muscle Of the unhappy debtor to the end
OF his life. 1t is mon 'trous measure The condition
OF the Of the business men OF the country IS
condition OF insolvency Not one man IN five OF them
can settle his debts by the sale OF all bis property.
II their property had been swept away from them by the
visitation Of God. by the act OF war, would Congress
follow that sad and terrible event by bill to repeal the
ess say that that the proper time to enact that the
debtor, although his property had been swept away
his debt on the loss Of all his property Mo- Congress
would say that that was the worst of all times to DO seh
Mr. COLE Rep.. Mol asked Mr.. Ewing. whether he
asserted that the business men OF the country are DE-
nandng the continued existence OF the bankrupt laW
Mr. EWING replied that he did not say that they had
given any expression on the subject
Mr.. COLE again asked him whether he asserted that
not out five of the business men OF the country
could pay their debts.
Mr.. COLE-Where do you get that kind OF statistics
Mr. EWING-I get it from the fact tnat there has been
years Of not less than so per cent on the average.
Mr.. COLE-And still assert that there Is not one out
OF every five OF the business OF the country VINO Is
not dschargng his Obligations faithfully ana promptly
Mr.. EWING-A large part of them are dIscharging
largely due to the fact that tney sustained from be-
ing actually swept Of business by this bankrupt law
The Bankrupt law Is beuetceDt stay law that keeps
the debtor up until better times can be reached or until
there may be chance OF restoration OF business Tor
tunes. The inhumany Of this repeal Of the Bankrupt
Law makes it an act OF bad policy In the name OF G0d
have not the struggling masses OF business men OF ts
country suffered enough Is there not enough OF dis
content in this land to-day Is not tine fecng OF wrong
which has been inflicted by law sufficiently intense
Shall aggrayate II by telling these people thlt mere
after when they break down under the operations OF
enactmens. not through their fault, not through
V..sp fnafF
understand or appreciate, they fall ike Lucfer never
to rise again Beware, Mr. Speaker OF adding anytmDg
more to that discomfort which now pcrvades the Dus
circles Of the country, which now perYades the
labOrng masses and the masses OF men VINO, unIortu
nately, abOrers because they cannot sen tner
labor for bread. Beware OF adding to the names al
ready kndling which may disturb the very foundations
of order and property before this resumption scheme Is
fully repeal OF this Bankrupt Law 10 bad
policy because conslgns to business death generations
as buoyant and spirited were crushed by the
greed Of creditors or BY the blunderng OF incompetent
Mr HOOKER Dem, Miss) opposed the reference Of
the bill to the judiciary Committee, ana advocated us
Mr.. KELLEY GOES OFF WITH A BANG.
Mr. KELLEY (Rep., PENN ndorsed what had been
said by Mr. Frye as the necessity OF bankrupt law
part of the civil body Of law OF every commercial
nation He was. therefore III favor OF the commitment
Of this bill TO the Judiciary Committee. The American
people, he said have never been In so grand a COM
mercal crisis they are in to-day Inc story
OI
OF more than 300 business men, giving an average IOr
the year OF over 600 bankruptcies The total amount
OF bankruptcies for the quarter Is Ss2,OOOOOO being
S1sOO0000 more than for the quarter last year,
and T2S,OOOOOO more than FOR the same quarter The
preceding year II bankrupt laws are to relieve men at
the end OF crisis for GOds sake permit this law to re-
main. Let It execute its Legitimate purpose. Lot II re-
main until under the operation OF our Internal kesun
uon Law, those who feel that they stand aud do not
take heed" shall have fallen, and until We shall have
corporate property of The country In the hands OF
few cOrmOants Give the Of the business people
them, elves and endeavorng contribute to our reye
nues. beg You nos give TO the dscontented people
disciplined and Intelligent captains 10 ead them INTO
Mr. HANNA Rep., Ind.) stated that under i1slruc-
for the unconditional repeal OF the BANKRUPT Law and
that had he not been so instructep, Lie would st
have voted FOR 1t on his own Judgment
SOME INFLUENTIAL VOICES FOR RErEAL.
Mr.. HEWITT Dem., n. ~ said l am in favor Of
bankrupt law believe that bankrupt law Of such
character as this is indispensable in connection with
commercial business. But this law is not such law.
1t needs amendment amendment that Will give to the
courts the power decide the question to whether
the debtor Of bankruptcy not, and the
power f he be I'm condition OF bankruptcy 20 dstriD
I'm view OF that fact early i'm the extra session intro
duced bill proposing amendments to this act, which
would have made II an efficient working bankrupt law,
snch az they have in Great Britain. That proposition
was sent to the Judiciary Committee and learned
FryeJ for tho first time, why that commit
tee has taken no action on the subject He
has told that he dcspaIs, after his experience OF
two years and great labor bring TINS house and
this country realizing OF the nature Of the
legislation demanded by the commercial interests.
agree with him. and agree with HIM then that the next
best thing to do II you cannot amend the Bankrupt
Law properly is to repeal IT, am opposed TO the sub
sltute and II amendments cannot Oe eOt TO the exist
ing law. am In favor OF an absolute and unconditional
repeal OF the Act Every h1ur tha we delay ts repeal
is dangerous. We are marching steadiy pack 10 pros
pcriIy. We to-day on hard pan, and was aston
T5na SInsr s Ewing and Kelley, Propoand the doc
trlucs which they laid down to-day. They seem To
think that the distress Of the country the shrnkage
OF values, Is something local Let me tel these gentle
men exists all the civilized globe. IL Is not
local. but universal IL is the reaction from specula-
tive era and there is no remedy wlen YOU have had an
era Of speculation but through shrinkage aud innch
tubulaiIOn and liquidation to get back TO n point
and real values. and OF honest and true money.
Mr.. FRYE Rep Me) said that the discussion that he
subject II the House should see tit to refer the bill
the judiciary Committee he was sure that that com
mlttec wodid devote time and attention IN deter
mined effort to perfect the bankrupt Law.
Mr.. WILLIS tDem., kyD favored the unconditional
repeal Of the Bankrupt Law.
Mr. WHITE Rep PENN was in favor Of the repeal OF
the law. He surprised al the gentlemen from Penn
syyania and Ohio Messrs. Kelley and EWING trying to
raise the issue that by voting Tor its repeal blow Is
struck against the labOring men. The labOrlng men
have very little do with The law. They not
able to into court and follow the tedious ways neces
sarv to take advantage OF the Bankrupt Act
Mr.. BUTLER Rep., Massl said the fault with the
House is that when II small wrong t strikes ut the
against the repeal OF the law If he were the only man
that should do In fact he would rather vote alone.
lie preferred To lone hanu. lie repfOacncd the
House with timdity. Members say, we dare not
stand up the image of God who made and lesate
like me'stand here and deal with the grave interests
OF the country saving We will examine this gravely,
quietly and calmly" Members spend Il day dog
fight and an hour "A great bill. They spend
day In attending to little matter OF trout creek, ana
leave the whole river of corruption to flow on.
Mr.. WILLIS Dem., y. " said that men all over the
demand unconditional repeal of the Bankrupt Law. Inc
purpose OF the bill Is bcnefcent but lts Operon n
fatlcd IN fn0l eXpectatnu Mr.. Willis was surprised
that the gentleman from Ohio NIr EWING should see nj
n obfrudr upon the House his peculiar Hnancla hoohs
Nv, nratr fo saw that Mr. Wlllis'5 constituents are
in favor OF tho repeal OF the Resumption Act MI
consfr,nts he said are intelligent mrn-so IN
tht they dlsre gard aid view with dlHerenGe
Mi t6e fierce dcnuncIaons OF the gentleman from % Undo
nd otI,rrs against ihe creditors OF the country Ihey
c,"nze the fact the resumption OF specie payments IS
nm occonplishrd fact What Is needed Is revival OF
In nAa Tn