The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1878-05-02
BANKRUPTCY.
Remarks Of Col. Phillips, Of KanAas,
On the Repeal Of the bankrupt
n,nnVresSiapal Rpcnrd

Mr.. PHILLIPS. Mr.. Speaker, there
probably not a single member OH this Hoo
or certainly but very few, who woul Id favO
the retention of the bankrupt law As it no'
stands upon the statute-book. There ar
men like my friend from Pennsylvania Nj
Kelley or my friend from Ohio Mr.. Ew
ing] who, experimenting that universe
bankruptcy was soon TO be upon us, ar
willing that even the defective and mis-
chievous machinery ofthe existing law shout
be used in the emergency as a shelter 10
bankrupts, however inadequate that law t
shield from ruin or alleviate its calamities
There are gentlemen like my friend from
Massachusetts, Mr.. Butler] who desire l.
maintain uniform bankrupt laws in tn
country and who, deprecating various an,
inefficient State laws on the subject, woult
rather have the most wretched system tina
ever was devised, than consent to the abOli
ton of law confessedly bad in whole an(
in part. can understand the purpose O
holding bad law over US to spur Congress.
into making another only degree better
under the theory that at all times we ough
to have one of universal operation
There are men, too, like the gen
tleman from Maine Mr.. Frye] who
as the result of this days debate, have be
come hopeful, have been stimulated BY 9
diagnosis of the condition of the House in
to believing that some law may be framed
which will obviate the defects Of the exist.
ing act and furnish more perfect bank.
rupt system for the country. The gentle
man from Maine during ak months sit
tings of this House and Of the judiciary
Committee has matured no bill, brought no
completed measure into this House; but
now in the closing days of this session he
comes and proposes to do better in the next
thirty days than he has done in the past six
months. II they will only send these bills
back to them, good bills can speedily be
matured, and bills that he seems to hope
can be as speedily passed through both
Houses.
What have the Judiciary Committe pre-
sented? They offer a substitute for the
Senate bill which extends the voluntary
clause of the bankrupt law until the first
day of January next. That is all they of.
fer us. Is that any better than the uncon-
ditional repeal? IL not that direct invi-
tation to every dishonest debtor in the
country to 60 into bankruptcy Would
such provision be better for any honest
man engaged in business? Such measure
says to all the business men Of the country
who mediate on the possibility of bank
ruptcy, "You must hurry Up and 60 into
before the first day of January
next or you cannot do it at all" / for one
say, sir, that such substitute does not re-
ally touch the question involved, is only
pernicious in 80 far as it differs from the
Senate bill. l prefer, and 1 hope this
House will prefer, unconditional repeal.
What is the bankrupt law? Sir, that law
in its practical operation has been tissue
Of mischiefs and embarrassments to debtor |
and to creditor. Among the people of my
own State it has proved simply q method Of |
up estates in exorbitant fees.
The estates Of bankrupts under the existing
law pay creditors 4, s and 10 per cent. at
he utmost when they pay anything. The
of the dividend to the creditors is |
not really giving creditors the share of the |
state belonging to them. The bankruptcy
courts and lawyers and machinery have |
.aten it all at was an excellent oyster,
gentlemen; the court awards you . shell |
.ach," and the beggarly percentage paid is
imply the notification that the cumbrous /
has done its work and that the
,ropefty has been eaten up. The small divi-
lend paid is merely an apology for closing
he business. 1t is q system that has greatly
embarrassed men in business, which has
'roved extravagant in its administration,
nd which ought to be summarily abolished
1hether We ever get better Law or not.
indeed l know OF no portion of that bank
upt Law which would make foundation
Or better or honester structure.
/ have learned this morning from the
entleman Who has charge of the bill in the
enate that after an effort of months the
Committee Of that body was una
le to report to the Senate any bill modify
,g the existing law. The only bill they
ould report was . bill for its uncondition-
| repeal. / believe that this House ought
, repeal that Law by passing the bill which
- come down to US from the Senate, as
lis will undoubtedly be our last opportu- |
ity this session. / believe that If the gen.
eman from Maine Mr.. Fryel and the gen.
eman from Virginia Mr.. Huntonl are 7
ncere in what they tell US, if they are
opeful Of the better light that has dawned
, this COMMITTEES, they can do better than 9
Iey have done. They can mature bull d
litable to them and present it To the judg- {
ent of the Houae, which hope will long (
I'd carefully ponder over il. The question
ne simply 10 in reference to the continu- =
,ce Of the present bankrupt Law, and I Q
NE the House will promptly pass the Sen 9
. bill providing for its repeal I am sure 4
e general sentiment of my State calls for
ia believe 1t Is called for BY the zen d
Il sentiment of the country. If rood s
nkruPt Law = needed, . good bankrupt n