Morning journal and courier., 1880-11-18
THE PROPOSED NATIONAL BANK
 RUPT ACT.

THE PROPOSED NATIONAL BANK l RUPT ACT.
 The need of uniform system of bank ruptcy throughout the United States has been l felt ever since bankrupts became numerous 1 in the country. Several attempts have been l made to construct system which would ! work satisfactorily, but they have been un- l successful. The working of the last national bankrupt law is still fresh in the minds of the people, especially in the minds of those who made money by it and those who lost money by it. It is not too much to say of that law that it placed premium on rascali- ty made it easy for dishonest debtors to throw off their obligations, and did much damage to the business of the country When it was repealed honest men were glad
 The demand for a national bankrupt law has again made itself heard, and in answer to it Judge Lowell, of the United States Cir cult Court, some time ago drafted law in which he sought to avoid the defects of pre- vious national bankrupt laws Copies of this draft, summary of which has been given in these columns, were wisely sent to commercial associations, registers in bank ruptcy and many others interested in the subject, with request for their criticisms. The answers received were highly favorable to the general plan of the proposed bill, but many valuable suggestions were made in matters of detail These suggestions have been incorporated in revised edition of the proposed act, excepting when they seemed to be either already provided for by authorita- tive decisions under the old act or more prop CT to be regulated by the courts in their rules and orders.
 This revised edition is now before us The most important of the changes made is an increase in the powers of the regis ters, who virtually made judges, in the first instance, of nearly all matters in bank ruptcy. It is of the utmost consequence that due provision should be made for bringing the courts of bankruptcy within easy reach of the parties having bu siness in them. One serious objection to the working of the former act was the distances the parties and their lawyers were obliged to go to find a court of bankruptcy.
 Registers are made salaried officers It is considered very important that registers should be paid by salary rather than by fees.
 Assignees receive no fees, but only such compensation as the creditors shall authorize and the court approve.
 The entire system of fees is abolished (with the exception of the clerks, and these restricted within safe limits. Thus, with salaried officials, having no possible interest in encouraging delay or expense in litigation, or other ways, great defect in all previous bankrupt laws will have been remedied
 Under the proposed law, the costs of any case in bankruptcy, or composition, may ap parently be closely determined in advance.
 The proposed law is certainly great i'm provement upon the one lately repealed, and 1t may possibly be still further improved by the discussion it will receive in Congress and elsewhere. Of course it is impossible to make bankrupt law that will be perfect and entirely satisfactory-on that will prevent or in all cases defeat dishonesty and be who'll ly equitable