New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-04-18

.1w BANKRUPTCY BILL BEFORE IHE ASSEMBLY,

i WV BANKRUPTCY BILL BEFORE IHE ASSEMBLY,
-slaNs or DISTECsr
rFRoa Tl1 REGULAR CORRESPONDENT oF TIE rRIBUNE.I
ALBANY, April 1.-THE merchants have
asked I,le eg-.auou Of the pies no legislature out
now % Ia.. which tcY ate greatly Interested ls
before me Assembly for considerations II i3 n-
so.yelcy act, which was presented by SIR. ShrarI in
behalf OF merchants OF NcH-York controlling some
$500 100000 or caui,al. Since the United states
Rau.llIptcy law was repealed The merchants have been
experiencing an the force and faults Of TIE old State
Bankruptcy law. which revived, as It We're by the
repeal OF the Natoua law the subject. AT the re
quest OF many firms Ncw-ior lawyer % that city
VINO was We'll acquainted with the bankruptcy laws Of
the various states drew ny new law Tor this state,
enIac M it is claimed, the best features OF those laws,
and also Of the extinct United States Bankruptcy
law. Tie Dill containing the proposed law was pre-
,eDtsd 10 tne Legislature during February by Mr..
,uard and la, been carefully considered by the
Judiciary Committee ana reported favoraby 20 the As
seu1y. The b.U was submitted Co New-York mer-
chants aud was approved by many OF them. There was
40 formidable opposition 10 10 among The merchants
c opposition 10 chiefly being made by lawyers The
following among Diner New-Yors merchants. re-
ported TO favor the bin H. y. C,adiL Co., Faulkner,
Page q Co. Victor & AeAelis, Harding, Co by q CO.,
Va1 YolkcnbUrgn q LcIvift, wright. Bliss & F1byan,
Parker VI der & Co.. william Latumer Co., Hardt q
IInIgcns Wendell, Fay & CO.. Denny, Poor IL Co.. Dun
ham, Buckley & Co., Howard, Sanger 4 Co., White
more Peet. Post q Co. and Dccruc, MIIiken * Co.
The bin embraces the entire subject Of bankruptcy.
There s another Dill before tie assembly, which ouy
deals Win one OF The phases OF bankruptcy. 10
was introduced by Ir Baker, ana Simply repeats tie
preferred creditor clause of the present law.
Sir. SheaIQ's bll was reached n Committee Of the
Whole to-day, and naturally aroused a OcDAie. Mr.
~ie.rd explained the DtI az length. 10 said that nc
covered bankruptcy IN ail rs forms. II provided for
tue honest G.scAarsr from bankruptcy Of honest men.
and 60 Woulu prevent dishonest failures. Tie continual
] me law n would become more aim ,nlt 10 Ger
law was "a cloak To- dishonesty. The bill, u ij became
law. would increase the integrity OF commercial deal
Ings IN NcN-1ofk SAFE. M. iitpuuIh hialo snort
peech IN criticism OF the BILL He said that the United
States Bankruptcy law became So obnoxious that 10
va cpclcd. lie people OF NeW-1Or dd not WlsA To-
-ec 10 rrcuacJed IN their state. He believed Tat
the proposed law would be Just ~ obnoxious
and a. expensive Inc repealed United STATES
of Mr. HcpburL's assertions were true. IT was not
u reenactmenJ Of the United states Bankrupt Law.
which provided Tor discharge or the bankrupt IN On
equitable manner. lie aid nope that the Assembly
o mercantile debt was almost regarded as worthless.
Nr. Travis said that Wuiic many merchants were OPP
posed preference others were n favor OF the system
Certainly Dr. Ir. rAeafd's D became law, men would
LOT MAKE advances and their friends, there would
preferences. There would cuuseQ uenty Zee stag
on oi trade. Air sheard replied that advances
have ms b!il ordered % third reading, but fed there
being q majority against the motion THIS vas no Id-
expression Of desire 10 examine the bA car -iully IL
beug very long. II h. probable, however, that there
VIII be large vote gwen against the bI il'm susp
cOn mat IL may De recuaclment 81 the United states
Bankrupt law In private talk many members eI
pressed TINS fear despite the assurances ot those who
have carefully examined ihe bll tnu their suspicious
were f0undcd the mere anil4e community s lar cly
represented the present Assembly, and those
beers oil tins class VINO througn the operation
OF rhe United States Bankrupt Law naturally do not de-
sire its retuuCtmruT 10 Is probable tEh less opposition
VIII be- given 70 Mr Bakers bill aboialng preferences