The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-01-05

There sesm ms 10 b. not only tacit con-
fession but "a decided expression OF opinion
In tho land, that general bSnkrupt law is
ab,o.utuly required at the present junoiure
the insolyept laws OF the states Gra go
faulty, an q in nGuy 20 partial,i It seems 10
b. ADMIT ed that the pog,r given congress
bv the cJustit1tion TO pass such law, ol
rpiycrslI application, should now oe oSer-
cises. The lew of 1871 was a gross fraud
urlu creditors, and parties who took adj
vantage of IL provisions never recovered
from the stiems cast upon thCm by Inc
NOT. That o. 1867 was air in spirit, onts
coming immediately after the civil war was
eeDociaHy baurncal TO the south, whose
Ncalthitst citizens were atctped III
ahiect poverty. Ia, the greatest Objection
10 that was 81 too complicated machinery
aad lbs great expense. This arose from the
60 end commission system now bee coming
odions il state. county aud municipal gov
eminent. OF covrsc there are many Other
features Of the late law 10 which there are
grave objections sEch as tho ebllity OF the
creditor to throw debtor into bankruptcy
on the protesting OF his commercial paper
within 30 short time thereafter, the al
lnwance OF exemptions IN addition 90 what
he state gave, and others OF minor impor-
lance, hut upon the whole It's tone and
tneory was good and it was only bad IN the
cumbersomeuess OF us machinery and the
amount Of money necessary to its iubh'
cation.
The Leading idea of any Bankrupt Law
is that debtor finding himself hopelessiy
involved, abcEld be allowed TO give up his
property for fair division among his
creditors, and granted discharge from
his inhobtednesB. L. other words, Is gives
the bankrupt chance IN life, which he
would no. have were his property wresssd
from him. aud he still loft with the heavy
milestone Of debt about h'snsck. From the
creditor visv r. 20 also rght TINT he should
have q chance 10 compel a man who Is
makug fraudulent dispositions OF his
effects or partial diG.rihuiion 10 bring IL al
into court mud submit IL 10 an
equitable and pr1 rata division
among his bona fide creditors. The
we.known a. the LOWELL bill was ex-
tremoly carefully prepared, and although
liable TO some objections, was undoubtedly
Tar superior to any previous enactment.
The heated tariff discussion, however, pre-
vented its passage, yet 1t Was 30 thoroughly
ventilated that hops is expressed o. its pas
sage somewhat amended by the present
congress. Our own state ir one that would
be much benefited as it 10 possible for q
debtor here to assign his whole estate to
single creditor.
The LOWELL bill provides an elaborate
and detailed schedule for official duty aud
gives salaries, not fees, to the iunctionsries
who handle the proceeds OF its sale. 1t
puts more OF the conduct OF the case into
actual open court and prevents COLLISION
between register and assignee.
As we before remarked, the present time
seems TO demand such law, not that there
10 any disturbing influence at work or
"blood on the moon" in the shape OF q
panic, but because We should be prepared
at all times for all emergencies, and in
this country there is generally ian emer-
gency."