Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1884-04-24
A New IiankrnnfcY Law.

The people have been accustomed
to look TO the popular branch of Con-
gress for promptness and efficiency in
the work of legislation, but since the
House of Representatives passed under
the control of the Democrats the Senate
has taken the lead. The new order of
things is again illustrated by the con-
sideration of the Bankruptcy bill in
The Senate. That body has felt the
pressure of the business sentiment Of
the country sooner than the House,
which is supposed to be nearer to the
people, and the signs of the discussion
point to an early agreement upon
some practical measure. There is no
doubt that the business interests de-
mand uniform bankruptcy law, and
perhaps the prevailing congestion of
prices and enterprise will make such
law more essential to the welfare of the
country within the next year or two
than at any other time, with the excep-
ton of the general liquidation which
succeeded the panic of 1878. The in
CAPABILITIES and the injustice of various
State proceedings in cases of insolv-
ency have been growing more appar-
ent and irksome during the last year.
Perhaps the climax was reached by
the introduction of the Chicago method
of selling out TO a successor when
ever a business concern was on its last
legs and thereby leaving most of the
creditors to whistle for their money or
accept any terms which might be offered
to them. If the present irregu lar and
irresponsible processes of liquidation
should continue term of years the re-
suit would be almost to destroy the
credit system and thereby put blight
upon business enterprise and CONNER
cia probity in this country. There is
universal demand outside of that
class of persons who thrive upon con-
fidenee games for strict rules of settle
ment which, while guaranteeing to all
who are hopeleSsly insolvent release
from further obligation after surrender
ing their assets, shall likewise assure a
fair distribution of theibankrupt estate
Such an assurance can only be obtained
from a National law which shall estab-
lish the same rules of settlement for all
sections of the country and place the
nonresident and the resident credit
or upon the same footing. The record
VI AitC AOiAleA D1uhlup INV Is llS
best guide for avoiding the errors and
abuses which are likely to fasten upon
the system. 1t was abandoned be-
cause the expenses attending liqui-
dation were excessive. Its evils outbal-
lanced its benefits What is needed
is law which will confer the benefits
of uniform and equable system of
bankruptcy proceedings at reason
BILE cost. This condition should be
kept steadily in mind by Congress, and
unless it can be guaranteed it will be
better to go without any National law.
There is no reason why new law
should be experimental. because the ex-
perience under the old law was SO extern
Sive that it revealed all the short COM
ings of the system and suggested the
changes which ought To be made.
The theory of a bankrupt law is at once
humane and just, but that theory Is
necessarily subverted by any conditions
which eat up the remnant of n business
and the ereditorsI as much as if the
bankrupt could escape his obligations
by chicanery. The Senate ought To be
able by deliberate consultation to frame
a law which will satisfy the popular de-
mand and prove a boon TO the CONNER
cial interests of the country.