New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-10-23

fee or other remuneration beyond that pro-
vided by the bill.
The committee will also have to hold an abb
soutely even balance between the debtor and
his creditor. When it is remembered that out
of every hundred persons who go into trade
% Der cent fail once at least in their career,
il shows TO how large section of our trading
community the bankruptcy laws may have to
be applied. Mr.. Robbins quotes the expert
ence of Great Britain but the conditions OF
the two countries are very different Ups ana
downs in trade are much more common here
than in an older country. Variations in
the prices of commodities occur with
startling suddenness, against which no fore
sight can guard. Corners in cotton, In
wheat or in produce, the development OF new
machinery or new inventions, may shake the
position of the soundest house. 1t Is on tins
point we feel inclined to take issue with Mr.
Robbins. He speaks of the "Offence OF bank
ruptcy." How often is it not rather misior-
tune ? This tendency of some OF our larger
merchants to treat bankruptcy as crime MIL
itates against their own interests. by making
if terrible alike to honest and dishonest lnsol-
vents the court becomes an object of dread. Inc
trader in difficulties sllrinks from the ordeal
of bankruptcv. and carries on by fair means or
foul until he finds himself on the borders of
crime. instead of this every inducement should
be held out to an honest man to seek the pro-
lection of the court without delay. To do tins
it must promise him immediate protection ana
ultimate release. Mr.. Robbins's letter also
touches another crucial question when 1t re-
rers to the position of the Western farmer.
In the earlier stages Of his career the normal
condition of the new settler is one OF dept'
TO overwhelm such a man with bankruptcy
proceedings even although he may have COM
mitted an act of bankruptcy, would be alike
fatal to him and his creditor. with Tune lie
can pay. Ii has been suggested that the court
should have the power OF holding over anu
postpOning bankruptcy proceedings against
persons of this class.
The bill will have to provide for proper
hearing previous to the discharge of bank
rupt being granted but if he is to be treated
rs a ouasi-criminal he should at least be al
lowed the courtesy OF the law, which regards
every defendant as innocent until his guilt is
proved Mr.. Robbins seems rather to invert
the principle and hold every bankrupt as
guilty till he proves himself innocent. No
provision is made by the Lowell t'll for liqui-
dations ont of court; there Judge Lowell and
the New York Chamber seem to agree. There
are cases, however in which n speedy
and private liquidation unaccompanied
by the concomitants of ordinary bank
mptcy nav be of great service in
preserving business to the benefit Of both
debtor and creditor. The experience of the
English courts is that four-iifths of the diyi-
dcnds are paid under these clauses. The mere
narration of these points shows the difficult
task which the committee have in hand but
with the experience of former legislation and
the advice of the Chambers of Commerce, they
have ready to hand all the materials requisite
for framing complete and satisfactory bill
The first step toward doing so is full recog-
milton of the difficulties to be dealt with.