Daily Kennebec journal., 1879-02-08


The special committee on Insolvency Law
gave hearing on the subject in the Senate
chamber yesterday afternoon.
Gen. Charles Hlmlin OF Bangor, proposed
several amendments, mostly verbal, which he
thought would make the law more clear in its
several parts. He favored following the
Massachusetts, law ON the subject, 80 far as
practicable
Hon. :. II. Blake of Bangor appeared in
opposition to the law. lie said he was
opposed to it as it was, and thought
it originated in some board of trade
in the interest of merchant creditors.
There is no provision in the law
for the discharge of debtor except by com
position with the creditor. If we must have
an insolvent law, why not repeal this, and
enact the Massachusetts law on the subject?
He was opposed to an insolvency law of any
kind. All such laws are injurious in practice
and serve to encourage failures.
Charles Mclaughlin, Esq, of Portland
who was the author of the law, and through
whose advocacy it was passed last winter, ap-
peared in its defence. He characterized the
bankrupt law, which has been repealed, as a
grab law. Under it, scoundrel could send
IA man to a town to set up a store, leaving him
a few thousand dollars, and he will sell goods
cheaper than the town trader can buy his, for
the reason that he don't mean to pay for
| them. lie gets in debt some five, ten, or fif-
teen thousand dollars, then the "scalper"
| comes down, takes his goods, and the other
creditors may whistle for the amounts due
them. Three-tourths of the country traders
are honest, industrious and frugal; they have
| been good citizens and will continue to be.
| But they need the protection of the law
Take away this usury law, and the man
| si.,Nh h.a- lf.,t
be struck down and wound up, when if let
alone he could cxtrcate himself What benefit
will il be to the community to have that man
suspend business! If it is right for an in
solvent 10 divide his assets among his credi-
| tors pro rata, then you will sustain this bill.
| He did not claim that the law is perfect, and
was willing to accept any amendments that
would better it.
| lie read letters from Hon. Nelson W. Al
drich, Providence. X. L., representative elect
to Congress; George Hyde, Esd, of the firm
of Hyde Warren Heard, Boston: and H.
X. Slaytun, State Senator, Manchester, n.
| Hall extensive wholesale dealers, express
ing the opinion that the law il just what is
needed by the mercantile world. In New
Hampshire, where there is no iusoivent law.
and where the grab law" has been in force
| merchants do not care to sell goods unless
| they get cash down There will always be
failures while business is done on the credit
| system. and without some such law this,
local creditors may come in and defraud
wholesale dealers. While there might be
reasons why the lawyers would favor repeal,
he saw no reason why business men should.
Without this law, the community is unpro-
tcctcd from the depredations of unprincipled
men. The law did not oppress the people,
and they do not ask for its repeal. In speak
ing of the remarks of Mr.. Blake, Mr.. Me
Laughlin might have made very forcible
| personal illustration of some Of his points
had he known Gen. IIamlins estimate of
certain Shylock. Mr.. McLaughlin's remarks
were plain and practical. and evidently had
great weight with the committee.
lion. l.. q. DOwnes Of Calais, said that in
his outlying county, insolvent estates were
generally settled by the assignment laws but
he thought it just the thing for the honest
creditor and debtor.
The committee then decided. by a unani-
nous vote, to report in favor of retaining the
law, with such amendments a may be pre-
sented at the next meeting of the committee,
on Monday evening