The Portland daily press., 1880-02-24
A NEW BANKRUPT LAW.
Adjourned Meeting of the Board Of
Trade.

At the adjourned meeting of the Board of,
Trade yesterday morning, Mr.. Charles Nc
Laughlin, chairman of the committee, to whom
was recommitted last week the report on the
National bankrupt law, published in the
PRESS submitted revised report embodying
the basis upon which general law should be
drafted. The report was carefully considered
and adopted unanimously by articles. AS re-
vised the report is as follows:
The committee to whom was referred the
communication from the Boston Board of
Trade beg leave to report that they coincide
with all the suggestions therein contained in
relation to the absolute necessity of national
bankrupt law. They believe that no country
can transact business on safe and honest
basis without uniform laws in all states for the
collection of debts, and while they do not
doubt the ability of any eminent lawyer to draft
law as near perfect as any body of men COM
bined, they believe that any law drafted by
any one section of the country will be 50
amended in Congress that the semblance of
the original draft will be destroyed.
The difficulty in drafting a national bank
rupt law is to harmonic the different views
to that end they would recommend that the
Supreme Court of each state appoint an
eminent lawyer, and one prominent business
man from each state or United States district
to meet in convention for the purpose of
drafting such a law to the satisfaction of all
sections.
The bankrupt court should consist of one
judge from each state or United States district
whose decision shall be final.
Each state shall be divided into two districts
and states having over 100000 inhabitants
shall be divided into districts of about 100, 900
inhabitants, as near as can be, with a judge in
bankruptcy Tor each district. There shall be
a register for each county of 100000 inhabitants
or less, and an additional register for each 100,
600 inhabitants in excess. The register shall
also be an official assignee who shall direct all
proceedings, prove debts, issue commissions,
ETC., and shall appoint business assignee by
application from the creditors mot by an ele c.
tion) subject to approval by the district Judge,
and may employ clerks necessary to conduct
the business.
There shall be no ''creditors' committee of
direction and no supervisors" but when the
estate is of sufficient importance the creditors
may select committee to look after the affairs
of the bankrupt This committee shall have
power to stay all proceeding of the register and
appeal to the district judge.
The United States district judge, the district
judge in bankruptcy and the registers shall be
paid by fixed salaries (No fees)
The business assignees, clerks and creditors
committees shall be paid for their services by
the approval of the district Judge.
Each estate shall be taxed a percentage
scaled according to the amount of assets, such
tax to be paid into the general government.
The committee refrain from making any
suggestions relating to points of law, believing
that whoever is entrusted with drafting sue q
law will keep in view economical executi on
protection to the unfortunate honest debtor
justice to the creditor and severe punishment
to the dishonest whether debtor or creditor.
The following resolution was unanimousl.
passed:
Resolced, That a copy of the report submit
ted to the committee on the subject of a gen.
eral bankrupt law, be signed by the presiden
and secretary and forwarded to our Represen
tative in Congress, requesting him to use hi
influence in favor of the passage of law o
the creation by Congress of a commission to b.
com posed of able and experienced representa-
tives of the different interests of the country t
prepare the form of national bankrupt &C
such as in the opinion of said commission, will
work with justice and equity to both credito
and debtor, and thereby give to the countr
what might be considered an equitable law i
bankruptcy.