The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-12-31
Do We Need a National n,n,,rnn,

DO We Need a National Bankrupt Law9
DALLAS, Dec. 3d. Editor HERALp.l-
Inc founders of our government, fore
seeing the great commercial future. and
profiting by the experience of the moth
VT country, since the reign of Henry
VII, wisely migrated into the con sti-
.utioh an express provision for the es-
taoiisnment ola national and uniform
system OF bankruptcy as its great any.
mary ana the question now is, do the
present commercial interests Of the
country require such ard AZ to Justify
.ne immediate passage by congress of n
hauonal bankrupt law?
england, the greatest of com mercial
countries and the most conservative in
nel Jaws, mas, Tor three and quarter
Ienturles, found it necessary to foster
ance of such law.
Congress, in its wisdom. has sean
proper to enact three different national
bankrupt laws-one in 1900, one i'm ISaI
anu another in 1867, each to meet the then
present necessities of the country. Int
nelIher OF them with a view TO perma-
nehcy, each being repealed rs the ext
sercles demanding 1t ceased to exist.
Inc present existing necessities for
the passage of national hanlx.
rupt law are of quite differ
ent nature, arising as thew do
by the great increase in trade brought
ABOUT by increased facilities.
me whole country in its length and
breadth being belted over by RAILWAYS,
traders OF every state sustain business
relations. more or less, with those of
every, other state, and too frequently
i.nu themselves victmized by the I'M
Just ana inequitableo operation of assign
liIenls maze under state insolvent laws,
or what Is worse, by preferences oh
tanned by "friendly" attachments. fail,
upon their faces but fraudulent in fact.
run under state laws; and whereby
klnsmen or friends who have given no
credit, obtain possession of the assets.
ana noiu them securely for the future
Denent OF dishonest debtor,
AHalh, such law would give relief TO
many an honest, though unfortunate,
ueDtor, VINO, without its aid, must of
necessity become"a newer of wood and
drawer of water" besides, it would pro-
tect all salaried employees from loss of
wages by sudden failures, whether
fraudulent or not
me credit system, as all are aware,
uhueriles commercial prosperity; and
wy iiloTo secure Jne credit the more GER
lam the prosperity. This credit can
ma absolute security only in national
bankrupt law that compels a pro rata
distribution of all assets not exempt
from its operation.
Inc above are some of the reasons for
the passage of national bankrupt law,
Whlch 70 the writer seems apparent.
such bill, drawn by an eminent iurist
OF much experience, and providing
or simple and economical admins,
tration Of the bankrupt's estate, has
passed the senate by an almost unani-
nous vote and now awaits the action of
the house.
In consideration of all the benefits to
De derived from the enactment of such
a law, would 1t not be well for the mer-
chants and business men generally of
Dallas to take prompt action in the mat
ter by circulating petition and having
IL numerously signed, requesting our
representative to use his influence in
securing the immediate passage of this
bill in the house?
Might not such action be taken
through the medium OF the Merchants
Exchange, and would ID not be well to
ask concert of action in all commercial
centers OF the state? RID. c.