New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-10-21

uon and not before. the ft of ,he Treasury rs
TIE COSTS of bankruptcy. Now great merchants nave
every where. where firm is likely to fen th'f Ht'
il over uuul their debts are paid. ana lru me Wh"c
various states m, framed ~ ih- int, resi- oi t,r own
ciiizrus and 10 protect them. Thc' think mat 'NrN
cent they can x out of New-l"b l. $50 muen 'i'li
with the cha gc- have mentioned the Boston ho'il
of Trade declared 10 favor of general law nst winter
WILLIAM NJ. HALSTEAu', OPINION.
William " Haslcad. of iIaistcad, Hnncs < Co., dry
Goods merchants az No. 81. Bfo.dway when asked for
hrs views said that the old act was unjust, cumbersome
and expensive and he was glad when II was repealed
II put p premium upon fraud. man could force hi-
creditors ia accept Whatever composition of debts he
chose ny hO dine over Them the threat ~ going IN"
haukuuc, lie would Ike toscc an act. National in
dchtor. on tue PRINCIPLES OF the English banMuprN
laws. lic related tnc case ri creditor d hs hin in
South Carolina who grossly cheated II III III h"uh
rnneA lv,' "'k,' anu u" '' i,.'S ,,,,; ,tto,,
the creditor 900 ordcr 90 bring um io trial 1nc oid
law. sand Mr. HalScad. was also oppressive in - cNrci-
lowed as formerly u wisely abolished. and wise
icw one should taGe ITO place
MIR. TEtTT IL iAVOE OF INV NATIONAL LAW.
The senior partner. Mr.. 1ofi, col ga. Grsv"" Coz
declared himself emphatlcdiy ia FAVOR Oi "a new Na-
nna Banlruy. act lie SAID: "Succ the repeal Of The
former luw DO has uir, .cd ~ to the genera.
creditors ln every there have been enough pre-
fcrred ere litois TO cover md swallow up
the whole o. she assets. II is AN outrnsn that
]
,,' , '' "r r,' ,, conn irncr that the
next I.l>.nurc wall puf end io tis anusc. would
Dds, To- National at- VIII in"ltI iuN rl'S -i' ny
'i 'i''i Vl' ''' @ - ~, .,,, ,,,,,,pr uefi-
tom 300 favor of The enactment ~ sGrh new drt as
would go lustic, ho.h 10 debtor and creditor. signed
pttiilun fnDa of tine former oe to gel rd 81" S
hed ictur As tie csc now U.s. the debtor ro1 one lu
pay auo,n cI Is -hefr any fairness ~ my mvinE YOU
anil ursi,cug % pay another man. az the UNJUST stat"
/ Jaw al0vsl'
n. W. COOLER on ENORMOUS CHARGES.
Wnttcnor, Pco.. Post * Co. are in hquiduton one oi
the lnucc Established merchants a. his city. commented
icrcily upon tine unjust features Of 'he law repealed IN
! 1873 A. 10 affected debit contracted before 10 went
irto operation. large losses cn-ucd Hi- firm atone lost
>GD"roo m that wav lie opposes strongly am rt'1-
acinclt o such law, bur flvors law dealing Justly
both with ih d Otor ana the cie on classes 4 mus u'l
have the same PROV 'iuhs a. lh az WY, pu S'. ~.
SIMPLE and easy 10 Doe understood MI Cooper Sad i"i
b. feared law would Dos ful OF tlo Der cts ol
vd, diversity STATE laws the strongest reason ior
.c ,, 's ear, as N .ss ias n ha. ,.o
me- would prefer Of himself FOR lhc lrnous
any .l.-cts ii, OBI. als took thc,i.
VIEWS or II. K. THUNDER.
u X Thurhcr, Of H. X. & J.. b. ihurDer. said " II
vc could have properly framed bankrupt law. sample
uii- working ALL free from the defects oi tAc law ~
Gently repealed ANA not loaded that was. with
excessive expenses would ice pit crape 90 the state
u things existing. All National Bankruptcy Laws
tuat have hern .liilAr WIN. n","pl 'D' ias 1u,,
Joy creditors Under the ir.t Jaw. venture 10 cav IN
Ninety every huutrcd cases TIE -.ei- were eaten
mn, h ices. fo not believe tlat there i-a general c,
WISH want anon- merchants Tor "a new lianhiupirt
Jaw now We all bcclinc disguised vth the vorIus
nf the a-t -'rtciu tl want matters 90 10 aloe as
foy aIc while. without fresh c2por,uoo % the
i'oes thr pic,u system work uuigsty IN giving am
l.Va- u have .fi'a'I''s
on rrL parts o ihe country! ia securing 't "'''' oi "
q. So doubt some derive such benefit from thoir
,i pad ~ iuil. while cot uotn-, rather ihan o. BE-,
"a whole estate absorbed hv tTc eX.rarngnnt cNpensc>
necessary .IllcI tnr ldst b~nh.u,'R act inc,r i"h
we n.yer nn c , ,,,, ' WE l,l5 ~
do not think new Law necessary now 4be return oi
prosperity aud thr accompo''Ds Iuhoqgeny Of ia...
less importance than II has hitherto been"
INV LAW DESIRED IY =. 7. LOW.
Joseph I Low. Of LOW. Hartman Co.. was strongly
In favorof new law lie said. We inink taat the
old Bankruptcy law very good one, although 70
was weak IN some pai ticulaIs and should have been
amended We endeavorcd 10 have il relieved Of is ne
fects instead 90 beng repealed and falling 10 accom-
rsh that. tried 20 have better Insolvency law passed
III Nev-York state. But even a. u stood the old law
was infinitely superior To the present state Of things
We never found mat the expenses absorbed
although they certainly great. We got i"r bet
ter dividends under old law than have rot since
Der cent on our claims. The Unfair advantages
. of the present system are LOT 20 nu'H pa
favor of those whose claims vecTod We have an
extensive system or travelling agents nut cNcrI' IN
Massachusetts,. where preferences are permitted we
ina The state laws al IN favor 81 thr home creditors
and we are lct out m the cold san Francsco house
failed recently with .353.uOo Liabilities ana assets
amounting 10 1916 600. Under the Bankrupt law. maj
would have yicord "a handsome dividend; to sa 30
Der cent j. certainly within bounds. But their in-ol
Vcncy became known 20 thoir bankers 10 whom tacy
IN. property. We also attached but were thrown out
under the California law irDidlug attachments ~ non
residents. aud now get nothing, except wuai he
Caniora creditors choOse to oncr Us. which Is II per
cent All the Eastern creditors are III similar posi-
I'm Ncw-York STATE the law is as bad IT
doh F4f.tr
noay with lmpunlt,; and scarcely fnuie occurs
without a large amount owing To- relatives wLn are
preferred Inc expense ~ other creditors
~, ls otrr uS IS DER cit aud give H. the
ch"cc taking that OF having 'hem prefer neir lela-
tiye- for lI gc amount aud reduce our dividend '
fnrinrr tako - per and leave the debtors
win - per IN bcir hands. Pries buy OF IL. stat
INK then capital al ~ much aud We md out a!trward
thst u De- all borrowed fr" friends Inc oV parties WHO
dc general bankruptcy "ct are tho-e " 20 want
sell aud get prccrmeuts nom thelr debtors We ihnk
the present law - not ohN b'1 II t'e 'ct"i, pul -
bad for the debtor "a, II il nuch harder IN cr ~
ioI INN Ia gci di,cuaig e, honest MLai Is w"h'tl
J. good law, lust "Dht J." "'p,nf an" cISu"l. p'iN
ing no preferences punishng the dishonest debtor,
ana giving lie honest one an opportunity 10 10 give up
wlai Dee has aid 20 " ~ i' mes hSdih' M It,oil
laws vary m dlf"Icnf state, that IL is dllhrui 10
Bankruptcy law. al states are governed ake aid the
fairly divided among AL The crediiots some
n,er tnrlr decks. ready 10 silri al an hour. uoic,
when iaIre announced io ihAk. sure that 10 one
gets ahead OF thru. l. ia ali wong
one 81 the trn of Benedict lla & GO. said he shouid
De- very riad good law c.a~d nut did not wani
such a law a. The asi Tie i,i blends realized by
IN, frin seldom amounted to - 1872 aud oi-cu
a. low ~ 10 per The ptr- M system, however
Was considered tai lr0in satisfactory.
WHAT l.. NJ. BAL TivoEs.
l. NJ Bate. OF Bates Reed a Cooley, said he should
De very CAD ii law could dee obtained. ln- boui 10
debtor and creditor Bu,," said lie, "thc difficulty
VIII be- thai A. soon a. gel such Law Congress Viii
begin u tamuer with IL in the interest OF the debtor
class That was The experience with the last Bant
rnIiry act. first passed. that act was as good
Nt o. u I'm
sucuA WAY That debtor. mad every advantage, ana
could 20 tAroush bankruptcy without paving penny
| .... IL. -..-L / IL II IL L. III.