The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-11-14
COMMERCIAL QUESTIONS CONSIDERED.
The United states Board or Trade Discussing
bankrupt Inv.

The United States Board OF Trade met
yesterday in the Masonic Temple. Forty-ive
gentlemen were there. most OF them New
Workers. but with n number from Richmond.
Norfolk, fredericksburg. Paterson. Newark.
Boston. SYRACUSE st. Louis. Hartford, San
Francisco, and Nashville.
Mr. Elwood L. Thorne was Chairman.
Mr. Charles Howard Williams Of the New
York Board Of Trade offered resolution:
That the restoration Of national bankrupt law IL
ests OF we country aud that Congress be and I. hereby
pas,age N an act rcpralns the Bankrupt law cx
ised prior TO sent 1919 and that Congress is further
requested 10 take action TO secure wise ndmcnt Of
the law when restored
In support Of this resolution which was tho
Williams delivered n speech in which he said
that tho repeating OF the Bankruptcy law left
us subject p no less than iorty;;siix different
systems. IN tho different States and Territories
Tor tho settlement OF an insolvent estate. with
eTN9mptlons ranging al the way from 1915 In
Delaware to 90. 700 in California.
Mr., Hall OF Syracuse thought the people OF
the United States arc determined that the old
bankrupt law. with It's enormtlcs. shall not DO
restored. lADplausc1 1t was notorious that the
old Bankrupt law was 80 full OF loopholcs for
rascnlly debtor. that. when he could pay nfty
cents on tho dollar, he could give his creditors
the option OF taking twenty per cent. or forcing
MN 10 go through bankruptcy. when they would
posed to the old law. tAppausc.I
Mr.. Blumensteel OF New York defended tho
bankruptcy system and said TINT all tho opnO-
sition to the old Bankrupt law was made up OF
mere generaliues Of averment There could DO
no greater frauds under tho national law, he
moved the srne out Of hS uS %oF S'1e SWs
ing and all thereafter OF the resolution under
consideration.
MIR Altman OF New York advocated tho reso-
luton ms presented. and favored the restoration
| OF the old Bankrupt law. because. though 1t had
| defects, IL was generally understood and prcce-
dents had been established under IL known to
Mr., Tucker OF Virginia did not believe it
have any general bankrupt act. The act passed
In '67 struck blow at confidence and business
generally, from witch the country has not recov-
cred. Its principal service was to dishonest
| debtors. The honest business men lost hun
dreds OF millions by the advantages i gave to
| dishonest debtors who made themselves their
MIR. Levy OF New York thought it would bo
well Tor all the States to pass individually tho
SIR. Harvey Of Syracuse opposed the re-
eernnS Tho od nnt iR woy sn ~ 3T anu Son
| Syracuse lawyer. that 1t was muniilcent law.
q law apparently passed for the sole benefit Of
| the lawyers; for when the debtor failed TO have
| sufficient funds to satisfy the lawyer the cred
| itors were expected to pay the balance" lAp-
Mr.. Williams accepted Mr.. Blumensteel's
| amendment to the resolution.
Mr.. Judson. who said he had Atty years OF
| business experience. denounced the Bankrupt
law rs a thing wanted by no honest men. and
demanded the yeas and nays on the resolution.
| intft WINK np llNl VI uflfkuNs. tlc NNcTtthTy
| had TO go through the slow process OF getting
| the names IA those in favor or opposed stood
| up. But only six voted favoraby. and all the
| rest In nntagonism. and the taking Of names
| was abandoned after the first half Dozen
| MIR. Thorne said that the Secretary hndncttera
| from the Governor OF Alabama and the Mayor
OF Montgomery, Ala.
| reported briefly what was done by the various
International Congresses held in connection
| with the Exposition In Paris. He offered reso-
| luton Tor the appointment OF n committee OF
| three or more to cooperate with the Inter-
| national Congress on International Law in the
| preparation OF a code Of international law. and.
lator. the appointment OF delegates to attend
| was adopted
| Another resolution was adopted for the ap-
| pointment Of three delegates to cooperate with
the International Commission on determine
| ton OF the route OF ship canal between the
Atlantic and Pacific, across the Isthmus NJ. de
Lesseps. he said, was ready to form company
with SlOO.OOO.OOO OF capital. and build that canal
Just soon as the best route was determined
upon.
A third resolution. introduced by Mr. Apple
ton. WIS for the appointment OF n committee OF
seven 10 inform the Government OF the advisa-
bility OF the establishment Of a better system OF
reciprocal commercial relations with other ma
| gentlemen opposed earnestly. ns only tending
| still further to disturb and injure CONNIE rec.
| without any good result. After some debate the
| resolution was adopted.
Mr.. Copeland OF Washington spoke at length
OF the resources 81 the West. Incidentally he
Grcenback Congressman elected. In conclusion
he moved that the Secretary 10 instructed 10
cOllate all the statistics he could convenien tly
gather. which motion was carried.