New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-12-03
LOCAL MISCELLANY.
THE CHAMBER OF COMMERCE.
- ~,,,.n IN, Srv p.NySrPT LAW,

The NEED OF A NEW BANhH"AA '"'"'
AT the meeting of the Chamber Of Commerce yes
terday D. c. Robbins subrnitted supplementary re,
port OF the Special COMMITTEES on Banarupiey Laws
in regard to the revised edition OF Judge Lover
b,ll The special limit OF an examination OF SIN
months of the career OF the bankrupt IN the pro.
posed law was an Improvement, but the report
questioned the prsctieabillty oil limiting an eXal-
nation to a, few offences. In Judge Low
ellis bill the most important essentials
of full investigation of bankruptcy
appeared to be purposely overlooked and q debtor
might make fraudulent partnership. might swear
to a special capital which did not exist, might hayo
conducted reckless and fraudulent business .or
years without responsibility IN so Tar as DISCHARGE
was concerned provided that care be taken 10 Keep
within tue peIod OF six months preceding o""A-
ruptcy. A.. a.. 5;s,ino.,o,
between bankruptcy and insolvency should pe
clearly defined. The proposed act Is re-
parded rs more properly an l0solYent law "a
law more for the dstributioD OF an lnso'ent estate
than bankrupt act; aud anv law that may Da ue-
yiscd will prove misfortune unless account Is
taken of tie re sp0nsibiiiy OF The Ceotor. Tor tne
nroner engagement OF lis business. "A good Ma
fonal bankrupt act ~ as much required as Ma
tionai banking law. Interstate taue snoulu oe
encouraged in every reasonable way. Buf law
which invites every debtor III the country whether
he be trader OF not. who may be lndeDte,, III tne
patry some of $780, to enter voluntarily INTO oank
ruptcy and be discharged from bis obligations a, a
trIfing expense at pub c charge, for the salaried
officials created by this act are paid by public ex-
psuse can hardly be called q law for the proven
tion Of insolvency. This limit of $500 should be
greatly increased: it should be at least 81 OOO Inc
composition sections IN the proposed OIL are $50
very Objectionable and it is remarkable that sub
iecf which is causing so much discussion at the
present time in Europe should be so little REGARDED
Mir. Robbins added that after the committee was
apnointcd communications received from
Boards of Trade in Europe asking for information
on various points connected with the SUBJECT. III
was rather Illuminating 10 find how little attention
Americans paid to so important subject, White IN
other counires merchants were thoroughly aroused
William ii. Focg. f. Is. Thurber and ). 1. Strana-
han smoke I'M favor of new bankrupt law, one that
shonld take the place of the various and compll-
Gated bankrupt laws of the several states. Inc
mbject was then LAID over for future action, after
passing q resolution declaring that National
bankrupt act for the distribution of insolyent es-
tates and for the disbursement OF Insolvency,
wonld promote the general well-being by confirm
Ing confidence IN business transactions and greatly
increase III er-Staie trade.
Ambrose Snow offered resolutions in reference 10
The distribution of the Geneva award. directing
that Congress early in the session should pass an
act for distribution of the Geneva award TO tee
persons who lost vessels and cargOes By the depre
cations of Confederate cruisers