New-York tribune., 1881-12-17
" THE COMING B1YKRUPTCY BILLH

LETT FROM ID. C. ROBBINS, CHAIRMlN or THE
CHAMBER OF COMMERCE COMMITTEE, on A
BANKRUPTCY LAW.
TO ne EditOr OF The Tribune.
SIR: i take notice OF and must again thank
youior your recent editorial in THE TRIBUNE OF the 6tn
instant entitled "The Coming Bankruptcy Bill" There
are three very important subjects before American
pupHc at the present time which intimately related
namely the currency question, which tends to dispose Of
Itself; the tariff policy which, in it's relation to either
revenue OF protection, Is 0 necessity shifting ono, and
therefore temporary and, lastly, this question OF bank
ruptcy, or the proper settlement OF ins0ycn ODga-
uohs' winch In many respects is the DOst important
question OIL the three because 1t only be disposed OF
by suitable legislative enactment. Commerce requires
good regulations and in oil exchanging tine settlement
oi the Transaction whether IL be large small, is the
principal matter. Hence good law 10 regulate settle
ments, and especially nsOlycnt settlements where ta
uIes occur IN the performance Of CONTRACTS ia tie most
important OF all regulations pertaining to commerce.
The problem before Con Srcss however it must he ad
mlttru, Is very complicated Que, because We have the
most difficult country in the world III which to apply
UNIFORM law while IN country Is bankrupt act more
requfed because OF tie conflict OF state ald National
legislation The subject has been considerably discussed
within the past two years, Tut 1HE TRIBUNE has dis
played grasp OF the principles ana details Of the pro
posed measure which know not where else to look for
lm the sdbcct the commercial world, 1t is
complicated and abstruse dat writer's thinkers and
Legislators unwilling TO give tho attention requisite
To s study and IN treating lt rs SOu have II this and
preceding editorials, TnE TkIBLSE has done "a public
service.
The proposed Lowell bill has been very ely com
meHded perfect lawtO the Language Of itsspon
sOrs In EnglandOr at least excellent basis Tor
some future measure by many COmmerCal bodies Now IN
egard to this It may be truly said that al the essential
merits OF the DWELL bill are bOrrUwcd from English
pcrcnce, while IT. faus are IT'S own. As, for example
compensation Of officials 10y Eed salaries instead Of
under previous acts OF lSl and 1867 il accord
with British experience under dcnry ViI. The Con
troer in Bankruptcy IN the British appears In the
Lowell bill AS a 5uucryisof IN nanie; aud while iuIicaI
talns his utc while IN laCt he mis- tue place Judge
In BaukIupcy. cannot think these dcs have been nI-
proved, hut viii pass to iuOrc important COu-idcrI-
tions and remark tnat my acceptance NJ the Lowell bill
IN it- merits model or basis can only be considered
as practical acceptance Of the best results Ui English
experience IN BANKRUPTCY cggldtun.
Tue faults Oi the Lowell Diii. however, are more i'm
pOrtdul It's PROVISIONS = discharge tno bankrupt
are direct coutrayenton an past experience.
Previous 10 1863 tue Brisn required tuat bans
rupt should O- puOhcy aud Uihciuly examined; but
1863. az the Instance OF prominent merchants and
mrut without intervention OF court, with tie consent OF
fouf-Iftn- OF the credtDrs less tnan - per
uerlurd upon and witb the consent Oi majority II this
number controlled tnfeeJVurihs ~ the Indebtedness.
1uIs has worked very badly aud universally
cUuucmucd Tue Lowell biI encourages prVate bctte-
mrnts and grants tull GiH'hdrsO without stipulation
any END, with consent O ony 0uo-thrd ~ the
creditors Ia OF fraud the part O tue debtor t
ont, auWs q nation OF rirCls the period
1hc D ia ia Inust important provisions, which relate To
tho discourage Of thr bankrupt, Ii the most deficient
materially ndcd, ~ Tie dscOulagcmenJ OF insolvency
suOd The principal COnoiurratOn IN any bill that
ID. C. ROBBINS
Seto- York, Dec. O. 1881.