Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1884-12-31

a
" of the borrower TO return the money
70 them. From the fact thht These
loans are without security. and 10 ~
I sist them in their business. IN which
/ the lender has mo peculiarly Interest
sich debts are debts of honor and up
70 certain amount ofa MANS indebr
ednessi should have preferences over
other liabilities, In order 10
enSole young men who are
Just starting IN the world, and men o.
enterprise, 10 successfully bridge over
any tempory emergencies arising IA
their business. Probably ni0e,ttnths |
OF the business men OF this country |
when iirst starting out have heen |
obliged TO obtain loans of this kind /
from their friehds, which has been Of
great advantage to the business CONF /
munityi the latter having received this /
money and paid 10 out ia the regular
course Of business, aud the former hav. |
ing again replaced &c A preference Is |
usually the only security a small /
capitalist can give 90 friend who 4
accommodates him. 1ocut OH this only |
recourse will bn to tie men up in |
straits 20 that they cannot tNtficate
themselves, and force hundreds Into
/ insolvency ut the irst pinch In their |
affairs 10 would be bad Tor both
debtor and creditor, bad for the bust !
ness community, bad for the whole
country: 10 Will cripple enterprise and
lock up loanable capital Men win
not accommodate with Endorsements
or loans II left no the mercy Of pro-
ceedinGs in bankruptcy in United
/ States courts.
Granted that preferences have been
[ abused. That Is because the state laws
are too Ink. The amount Of prefer
ences should be limited and 10 should
be ordered by the stateto guard he i'm
/ tereets OF all the accommodation cred.
! itOrs Preferences al the option OF the
! debtor are wrong. The bankrupt
! should have nothing 60 say about the
! equities of the case, and The general
/ good of the community ahOuld govern
I "a cases Of this kind. This class OF
/ lOaus up %, say, oue-haN OF a MANS
| Indebtedness, should have preference
| by law, leaving The debtor without
anything 10 say about it.
CONGRESS SHOULD INSIST or ITS
RIGHT OF nEMBsHArI0N
10 ia submitted that the popular
| branch OF congress should Deliberate
| on the advisabliiy OF amendments To-
/ the Lowell bin covering heee deieets
| and others which may be detected.
~ ~. NY r., !, ~, Ivy
" re o,oi,,',,.''' ~, i W ,'e
e,slei + w. !" H.
su., ,.,l.i j., "ru ~ ~
1870, "a wy ,,i,'Ti, ~
49," w.
o'A'li'l -lE ~ /. li s,'ioi VI {. , .t.'
~ $500 ~ "a .''ll ~
uVuu' lLNii-eu us ee = 49, ~. ,,ls
t'-uN =, .iie so,.''iS y w
iileiSlal cli'i'iel,.e Me'iA' 1.u o',iiiese
l.llutJ7 eis eeJ Diib ~ ~ u"i 49,,
uSllteu '"'y 10y 49,, ~
nlenuets $3.50 "''u "''''Si''''N'' 'i'
ueStei suAH si.iiSi ,... t...t - a,.,
~ iii5 3, nSi,'iet yue '.o
l4"mSll on5' VIZ sNNlo w VI ~, - -
llun' nui VIZ u'l''.le q, tle uSl,,,,'i ,',
nov h'Aue ", i' eiaO' ii,e' ~, $50
US Wal l"A1 l's b'SSASo lil l'1 present.
ioi'il' .......-..,. .,,....,.,,,.,.-,
a FlSufONEb lIN bNhNA'
The following amendment to the
Lowell bill, now peuCing Ia tie house
of representatives, IS submitted I'M
. order Chat the masses Of the people
may have reasonable facilities 70 OBJ
tain capital and FOR meeting emefgen-
cie8 In business IN payment Of their
current liabilities.
Section =. No debtor under this
8cti necoming lh-olVeat' shAu prefer
any creditor or give any preference
or provide for any olher than q pro
rata distribution OF hls assets or pro.
ceeds OF tbe ass gped property among
creditors, except for on 10 repay loans,
Endorsements or advances nade "a
such debtor by persons who have 20
Interest in The debtors business, who
: have 40 security for the money so
loaned or advanced on Endorsements
: 50 made and who have made sueh
: loans, Endorsements or advances solely
20 assist or enable ine Debtor TO carry
on his business, y which case o. eases
! 20 shall be lawful 70 give q prefer
! enee 10 such creditors for such
3 debts not exceeding however ope'hell
Z in amount Of tue whole indebtedness
Of the insolvent ceDtor; however
the debts so preferred shail PEN tAcess.
. Of0Qe-haltOI the whole tuuehleQNe6A ~