The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1883-11-21
A NATIONAL BANKRUPT ACT.


An effort will be made during the next
session of Congress to have a uniform bank
rupt act passed. The demand for such legis-
lation is becoming more pronounced every
year and can not be much longer postponed,
Since the Republican party came into
power business wrecks have been alarmingly
frequent, and the sum total of losses and
liabilities stagger belief. Since the Republic
can craze and curse fell upon the country
there have been about 10000 business
failures, one years failures exceeding 10000,
and the losses foot up about 81, 500, OOo, 900.
Such astounding sum totals speak in mourn
full eloquence of the business policy which
has distinguished the Republican party since
it was spawned upon the country. To help
the victims OF such ruin rule is now urgently
demanded by business men, and organiza-
tons representing business interests. The
Washington correspondent of the New York
Commercial Bulletin, referring to the SUBJ
ject, says:
II the representatives of the business Interests of
the country propose to do anything to further the
passage OF q bankruptcy bill during the coming
session. they should make their influence felt i'm
mediately upon the assembling OF Congress. The
House Committees may not be appointed before
the holiday recess but the Senate Committees will
be announced early in December. All bills. reso-
lutions and memorials relating TO bankruptcy
will be referred to the Judiciary Committee. This
Committee in the Senate will in ali probability be
composed OF the Senators who were members Of
it during the last Congress, with the exception of
enator David Davis. whose term expired last
March. II no other change should be made, the
Committee will be as follows: Edmunds, OF YER
mont. Chairman; Logan of Illinois: Ingalls, of
Kansas: Mcmillan, OF Minnesota; Hoar, of Massa-
chusetts; Garland, Of Arkansas: Bayard, of Della
ware; Lamar. of Mississippi and Senator to be
appointed as Judge Davis successor. These Sen
ators gave much attention to the bankruptcy
question during the last Congress. and they are
much more likely 10 report bill promptly than
will be the House Judiciary Committees. nearly all
of the members of which will be to the SUBJ
ject. These considerations, besides others which
might be mentioned. clearly indicate the policy
which the advocates of the proposed legislation
should adopt they should secure, If possible, the
reporting of bankruptcy bill from the Senate
Judiciary Committee early in the session. The
Committee should be urged to call IL up promptly
for action. The passage OF the bill in the Sanate
would greatly facilitate consideration of the SUBJ
ject in the House. Members of the House would
have the benefit of the Senate debate. aud the
BILL having originated in the Senate. would have
certain parliamentary advantages over a House
bill reported by the House Judiciary Committee.
1t isgenerally believed that the older MEM
bers of Congress are sufficiently familiar
with the subject to frane bill which, while
it would guard the interests of creditors,
would free honest debtors from their bust
ness liabilities, and enable thousands of
them to start again. That there have been
deep-seated prejudices against bankrupt laws
it would be useless to deny, and that many
dishonest debtors managed to square up &C
counts and come out rich is a notorious tact,
but with past experience it is believed that a
just law could be enacted which would be OF