The Portland daily press., 1880-02-17
ANEW BANK RUPr Law.
Special Meeting OF the Board Of Trade.

A special meeting OF the Board of Trade
was held at II o'clock yesterday morn
ing. President anderson in the chair, for the
purpose of considering the best plan for new
national bankrupt law.
Charles Mclaughlin, Esq, to whom had
been referred an amended report of the Bos-
ton Board of Trade, reported that, in his
opinion, no Board of Trade in the country
can frame national bankrupt law that would
be entirely acceptable to all sections of the
country, out that general committee of ex-
perts, that might be appointed by Congress to
prepare general bankrupt law, could be
greatly aided by such suggestions as expert
enced traders throughout the country might be
able to give. In this view of the subject he
had outlined certain fundamental principles
which should, in his opinion, be incorporated
in general insolvent law, and he. gave them
in the crude manner in which he had hastily
prepared them, as follows:
The committee to whom was referred the re.
port of the Boston Board of Trade coincide
with all the suggestions therein contained in
relation to the absolute necessity of a national
bankrupt law. They believe that no country
can transact business on safe basis without
uniform laws for the collection of debts in all
States. The difficulty of drafting such law
is to harmonize the different interests in all
sections of the country, and to that end they
would, "if practicable" recommend that each
State send one, or more, according to popu
lation) prominent lawyers, and one or more
prominent business men, to a convention as
sembled for the purpose of drafting such law
to the satisfaction of all sections.
One great objection to bankrupt law is the
xyN1n nfoY ole ond fhn
suggest that notice be given by debtor and a
hearing be had before proper tribunal before
one can enter into voluntary bankruptcy
They would suggest that all officers of the
law be paid by fixed salary, and that the Of
ficers be appointed by the supreme court of
each State, and confirmed by the highest court
of bankruptcy, and to hold office till removed
by same authority. They would also suggest
that each estate be taxed a percentage, scaled
according to the amount of assets, such tax to
be paid into the general government.
The bankruptcy court should consist of one
judge for each state, whose decision shall be
final, one district judge for each 100000 in
habitants as near as can be, but no state shall
have less than two districts, register for
each county of less than 100000 inhabitants
and one additional register for every 100000
inhabitants Or portion thereof. Each register
may employ clerk to be paid for his SCI vices
by approval of the district Judge.
Remarks in favor of a general bankrupt law
were made by Messrs. T. G. Jersey, G. W.
Woodman, NJ N. Rich and G. Mclaughlin;
and by Messrs. Blabon, w. S. Dana, Howes
and others in opposition to the law.
There being quite diversity of opinion as to
the expediency of any bankrupt law at all, on
motion of Mr.. Mclaughlin it was voted that
the subject be laid on the table for one week to
enable the committee to further perfect the re-
port and to afford opportunity to any who did
not attend the meeting on account of its short
notice, to attend and express their views.
Messrs. Theodore B. Woodbury. and Sullivan
G. Andrews were admitted to mem bership.