The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-02-07

A Now bankruptcy scheme.

1t ia uuderstOod that Y bankruptcy bill,
which has been drawn by committees OF
tho New York chamber vi commerce. will
30 urged on the attention OF the house
judiciary committee and strcng attemp.
vii DO m ade 10 secure its favorable repoft
20 the house. The bill, besides the leading
features OF the one drawn by Ju3ge Lowell,
and which received the hearty endorse
uent OF too recent Bankruptcy convention,
Q n braces the leading features OF the most
recon, British legislation on bankruptcy
matters. The chief difference between the
L IweIl pill AID this one proposed by
the chamber OF commerce committee con.
sists in chanse In modes OF
procedure in bansruDtcy cs-es, by which
an honest debtor man obtain protection
and relief from the courts without bsinx
adjudcn,rd q bankrupt. 1t provides tnst
on The presentation OF petition either by a
debtor or by n creditor the court shall make
a receiver, only 30 to protect ths estate,
aud a general meeting OF creditors sh all be
held, ut which the Off Sinl referee shall pre-
side. Tho debtor presents statement OF
his affairs aud IN al Rn offer. fthe credi-
itors by special resolution accept the pro-
posxI, the matter Is adjourned into court,
where any creditor has tha right TO be
heard In opposition. IL the oher N reason
able, aud no offsnce under the act can De
proved against the debtor, the court ap-
seal to lie proposal, which thereupoa be
comes binding on all creditors. IL the re-
uuisite majority do not accept the oifer,
or II. on the xsmnation Of the debtor, IL
anpears that his iillures has been brought
d out by excessive personal expend'tnre,
or bv Gambling in stocks or produce, or II
he has preferred his relatives or friends, or
any creditor iraudulently. within the
IN raning of the act, an iLjudiciatlon taxes
placs, and ordinary bankruptcy ensue-.
This meth ii Of procedure Is taken from an
n ~gisn ucl passed at the last session OF
pariiament bus in grea' par, tsk'u
from tue bankruptcy law ot France which
has hesn In operation In that country tor
wears, IL hiss this imp0rtunt d iference,
however, that uuder French law every
failing debtor Is arrested This prop sed
bill under other circumstances, would de-
.s.ryu "A cafeful confederation, and would
PERHAPS he worth trial buG any attempt 10
pre,slt considrra ion at the present TIM
cannot BE- regard, d other than as uniorlu
n ate and ill-advlsed Tue country certn'ply
demands n uniform bankrupt law, hud tne
demand should BE- granted, with as little
delay A. possible. Tue hummer ~ failures
during the past year has been largely ~ eN
cess OF I" at OF any year IN the history oil the
country, except, perhaps, dnrtnga year OF
financial panic and gener business disaster
aud there " little dDuot that MANY OF these
have bpcu caused by disnones' utO'ots TX
ing advantage of the diverse and conliic.'ne
state laws. There has been general sen =
mcnt IN snifest in favor OF the Lowell bill,
ard the prospect that IL would DO
isynrably reported and secnr' u
passage has been regarded as exc.i'
lent. hut II this ~ done, me
attention of the c>mmit'ee having
the matter In charge ami If congresss should
not be distracted by the Introduction 81
new measures. An opposition to any
bankruptcy legislation whatever has mani
tested itself on the pari ol some southern
ard western members, and these Will gladly
seise on any measure by winch they may
defeat aciou. The Introduction OF the
equity scneme last month by Senator To-
gals had ihls effect. and shculd the cham
Der of commerce dill he pressed, 1t Is very
probable that no law wsuld he passed AZ
the pressnt session. A law Is needed, and
IL n united effort Is made on be hall OF the
Lowell bill 1t can probably be ps.sed, bus
toe friends of bankruptcy leg station can
hardly afford to bring forward at the pres
ent time new plans of legislation, however
desirable these may apprehension
rraveller