New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-10-15

BANKRUPTCY LAWS.
LETTER FROM THE CHAIRMAN OF TUE CHAMBER OF
COMMERCE COMMITTEE.
Ill

A LETTER FROM THE CHAIRMAN OF TUE CHAMBER OF
COMMERCE COMMITTEE.
To he Editor OF The Tribune
| SIR: AS merchant and as chairman of the
Chamber OF Commerce Committee Bankruptcy Laws,
must thank you for the very able and impartial edito-
RAJ which appeared In your columns ON this subject
under date of the Sd inst The particular OF the
public in regard to This subject OF bankruptcy fact
In all subjects, is correct information; and while a
mittee can do something toward the diffusion of this
only the pressnas the To do It thoroughly
Intelligent discussion of this subject is very much re-
quired in our country because through the special egs
lation OF le4l and 1867 upon this subiect-egslaton
for the relief of nsovent debtors the result o. excep
tonal crcumstances-we have drifted away from, end
pparenty forgotten the only basis good excuse
that can be urged for bankruptcy laws in any country.
Having devoted some consideration TO this subject ]
only advice for so diversified country is in
population and in industrial pursuits
firstly: carefully instituted and reliable court, and
then very large discretionary power should he lodged ia
this court the discharge Of the bankrupt, III all
other countries; and further, for country like ours
there should be lodged in the very large dis
cretionary power the liquidation Of the bankupt's
property, because experience has shown that Will NJ
answer to force sales in interior places and especially in
agricultural districts. have never felt myself compe
tent 10 fully advise IN the Institution Of these and
have always been disposed 20 accept Judge L0wels out
line, although it includes great problem which only
be solved by future experience refer proposed
institution Of two hundred United States Judi
cla districts IN the country. The bankruptcy laws Of
England and Scotland differ and it has always appeared
10 me that there might be % variation in The law for
large commercial centres and spArsty settled districts
But must leave the iustuOn OF these courts to
Judiciary committees ia Congress, renlrsiug only that
my law that may be enacted VIII surely fail that does
institute proper for the trial Of the bankrupt
Our own experience with rcgistarill Offices under tho
to of 1871 and 1867. and British experience with the
amendment OF 1900 ought 10 settle thi7 point The
ut situation of the subject an interesting one;
outside uf English sprIsiug race which - mari
be rowing and coHquerug. very strict provisions
exist in regard a. ul discharges D banFnptcy while in
the ulu"tv AMI the unln7crin2 hav" mou,dcd past
cI~ia On that demand has arisen for NOR" discrimna
rupCy laws Our last prt was repealed In 1879. our
Canadian Nreunora abolished their law in 1880 aud
Great Britain, 2s In our United 7tes al present very
strong senmr7 has been expressed by eminent LAWYERS
wei as bv Intelligent merchants that, having aDDl-
shcd iworsonmrut for dent, the lue policy Is 10 dis
di'ch Of me bankrupt should mover proceed from
interested crcditOss!
We -houd treat thc offence 81 bankruptcy all other
of treated I'm Legislation. We should UF the
offender in proper court and the discharge or sentence
should come from au Impartial tribunal kutrupts
taat required 10y tine Lowell bill 20 discharge. or ma
ort' os under tine 47 OF lsf7 or four h. N underline
correct. while wltI tho lance rhcy may bavf been
fraudulent. consent tu dsru.rE may have been OBJ
taned for some favor past or promised
Audrcnarg'- should 'e gained Only Tor proper desert
good cause 'euv tur night uf number Of credI
tors 10 co"usctt" property or discharge from obligation
record the proposed lowell bin which has very
extensively advertised and commended, rs H tr"mcV
deficient n should br materially amended
ri.i-h Amendment act Of 1863. Yours ruly
Aeg- YORK., oct -, 1851. D. {. EoHRNs.