Morning journal and courier., 1882-05-06
SATURDAY MORNING. MAY 6, 1882
i9ournal a1tO Courier. EDITED AND PUBLISHED BY HARRINGTON & CO.,, No. 400 State Street, Courier Building
 JOHN E. HARRINGTON. HOWARD T. HARRINGTON. JOHN B. oARRINGToE, JP
Saturday Morning, May 6, 1882.
1.-THE LOWELL BILL"

1.-THE LOWELL BILL An effort in which the Bradstreet Mercan- tile Agency is prominent, is being made to | arouse the interest of business men in behalf of the passage of the Lowell bill for the es- tabIishment of national system of bank ruptcy. This bill has received the hearty approval of nearly every board of trade in the country. The press has very generally spoken in favor of it. There is no opposi- tion to it among merchants, and many prom inent lawyers commend it. It is, we believe, the best bankruptcy measure that has yet been proposed. We call the attention of our readers to some of it's merits. It provides that the creditors shall select their own assignee and that they may ap point, if they see fit, Committee of Direc- tion, composed of three creditors, without whose sanction no disposition of the assets or mourning of expenses can be had.
 At least three creditors are required to file an involuntary petition. This prevents the bankruptcy proceedings from being used as 8 collection bureau.
 All fees are, so far as is possible, abolished and percentage charged with an entrance fee to compensate the government. All off cials are salaried, and no temptation to delay proceedings is offered
 The amount of property exempted from the operations of the decree is made sub- stantially uniform for all traders throughout the country.
 The rights of the creditors are guarded by requiring at least three-fourths majority of value to accept a composition offered.
 The honest debtor is discharged by the law and not at the discretion of the court. Preferences and conveyances in fraud of creditors can be prevented. Adequate pun ishment is provided for the fraudulent and dishonest bankrupt or those acting in collu- sion with him.
 In short, the Lowell bill provides for law for the honest creditor and the honest though unfortunate debtor. It does not favor long and expensive legal proceedings and dishon- est debtors
 A bill of a very different character is the Senate bill which outlines what is known as 'the equity scheme' Under this plan the court appoints receiver. Any one creditor may file petition and procure an adjudica tion. The fee system is preserved and en- larged. State exemptions with all their inc qualities are preserved and any State has the power by increasing it's exemption to virtual ly defeat the operations of the law. A bare majority in number and amount is sufficient to accept composition. The debtor, wheth- CT honest or not, can only be discharged in the discretion of the Court. The dishonest debtor has the opportunity to evade 8 sur render of his property There are no penal remedies for fraud, dishonesty or collision to defraud. The courts virtually make the law and fix the fees and costs. In short, by ''the equity scheme'' nearly everything is left to the courts, and the dishonest debtor is not hampered as he should be-
 The present is good time to make 8 bank rupt law which shall be fair to both debtor and creditor. Nothing better than the Lowell bill has been proposed or is likely to be, and it deserves the support of the busi- ness community