Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1884-12-31
4 nANKRuPr nAw.
Lowell Bin Should be amended


'ryh the house OF representatives
soat debate or amendment. This
IA urging az once starts g thought
ibere may ue a reason for denying
touse it's privilege of deliberalion;
go one 10 ask II the measure as IL
N stands Is that rare thing in legis-
I, an instrument too perfect 10 be
aded or even discussed. 10 IS no
= Elusive argument to say, AZ is said,
ne bin was framed by the "best
minds on the bench, and
the indorsenent OF large
,siists aud commercial bod
IN Eastern cities. A national
trnpt law must necessarily be wide
N notification, and affect not only
interests Of every citizen who does
mess, but the validity Of aud title
sroueriy; and ali interests should
suresented, all opinions consulted
Reconstruction mot alone those OF
neysd men aud lawyers. Past fail
Al efforts % regulate this serious
ter should, indeed, admonish
inst hasty or unconsidered action
INA house on the present measure.
hero are any good ressous for desir-
amendment 90 II. the amendments
better lie made before Is passage.
viii be more difficult 10 pass them
the act shall have taken effect,
chsnges will then cause confusion
possibly loss and injustice. Let
then, whether the Lowell bill Is
lection.
100 CoNrPLEN AND uNwIEIDLY.
contains one hundred and eight
ions-neariy as many and as COM
al those OF the old bankrupt law
ch the united husiness sentiment
the country impatiently swept
N. It is 90 be feared that the new
sure Is omen 10 some of the same
ctions that were fatal TO the sue
Of the old, though in some respects
sn improvement on the latter.
machinery provided Is sufficiently
iplIeatsd chat 30 will be
IN TO prove as much "a bouan-
10 the lawyers and courts
the other; an Arrangement for
ding the assets ola debtor between
opposing counsel and Officers Of
n This Is one general defect OF
Nll THAT the house Of represents
aoughl to consider
1ih0ut going into ain analysis OF
eUions c0nsecutively. we gu ggest
nnical defect of the bin that it's
it and aim are partial and updemo-
ic This is shown as well i'm the
rioF advantages it oif-rs to large
dtors % secure their claims, as IN
cost, delays and compleNity Of the
eee6iugs, This invidiOus spirit app
b. 10 the $50, 18TH and other seq
b. These objections the popular
nch of congress ought TO consider
eiully.
PREFERENCES,
ferh8ps one Of tue most fatal oblec-
hs 70 the bill is that 1t forblds and
dishes preference of creditors, and
under such searching and severe
4ditions tina, even the superior
ilance or good fortune Of any credi-
10 getting his debt secured ahead
fther creditors can be turned against
|N debtor subsequently insolyent'
'f eed, section rs is nothing less than
eil0It on the part OF the United
ete5 government 20 make a careless
stupid creditor the equal ola prompt
Energetic one, aud So reduce the
pie matter Of urgent collections Z
verge of lawlesaness. Capital
ID surely take it's own precsutioua
ust this unWorrauted interference
eXacting onerous conditions OF
Id, such as viii severely cripple EN-
rise and stggnRte business.
PERENCEs UNDER PROPER CoNpI-
ONs FoR THE BENEFIT on All
ASSES or THE PEOPLE.
. the general question OF prefer
IS in assignments there Is much IN
king outcry just now; 10 is echoed
his bill Tie Dill is based ON On
amption that all debts are cqps
character ard obligation. Ihl
l2llscy. There is o Iaoi
difference in debts, and
mess men recognizes 10 every day
q few selfish or unthinking mei
: been able TO actually secure /
pibiiion OF this necessary pri7ilegl
ply because there have been q rev
es Of il. 1t is probable that of lh'
Indebtedness made 99t per cent
bid. Of this one-half OF ] per cent
ad debts only small share ha
covered by preferences; we doLh
audulent preferences represent iiyi
on a THOUSAND dollars assigned
Tor tins supposed one-uwenty
ssandth part tainted it now 4
POSED to take away the privi
Of thus securing help t
81 The whole IS, $50 paris Of indebt
fss. This is like sinking a shit
Brown rat such legislation i
nanesslike and unstetesnanhRe--
childish. IL suggests the necessit.
tatiug again and again the Iiu
weil-TeoogniZed differences &c
len different classes of obligations
DEBTS not ALIKE AND sHouLi
NOT lie so REGARDED.
here Is, first, radical difierenc
Feen loan al money and cred
goods 10 a dealer. The man VII
aTetaner goods makes from 3 I
pr eent. prof 40 every collection
once ia sixty or ninety days. Tn
hbor who lends y business ma
ey gets, say, 8 per cent. per annun
gieRter the profits the greater tn
liable risk; the less prodt the NOR
fity for payment ought there
Yet generally, the lender {
ey has the less security, the selle
be goods at the greater profit ID
erseeurity. Why Because To
are visible and attachabI
erty so long as they remain in Ia
3Or's pOsaesHiou while the lei