National Republican., 1884-01-18
A BANKRUPT BILL.
The National Convention Of the Boards Of Trade
Adopt a Modification Of the Lowell Bill.
The Creditor Glass Prepare n New Way
to Collect Old Debts.

The national convention Of boards Of trade
to consider the bankrupt bill met Q o'clock
yesterday afternoon at Willards. The pub
lication Of reports was left with tho New
York board of trade and transportation with
instructions to solicit aid from the various
commercial bodies throughout tho country
The committee on bills reported progress,
and asked for permission TO report at the
night session. After which recess was
taken.
Tho evening session OF the convention was
called to order at o'clock, and the chairman
announced that the committee OH bankrupt
bill were ready to report
Pending the presentation Of the report, Mr..
Wright of st. Louis, offered the following
resolution, which was adopted:
Resolved, That each board OF trade or CONNER
ca body represented in this convention request
the senators and representatives In congress from
gress the Recommendations OF this convention by
the passage of n national bankrupt law.
Mr. Stetson, from the committee on bills,
then made the following report:
Your committee, as the result Of its labors and
deliberations, recommends the adoption nf the
bill ns amended, her with presented, aud also
pr sents for the consideration OF this convention
the following resolution:
"Resoired, That the draft OF a bankrupt act
pre- AIRED by Judge Lowell, amended by tho judi.
ciary committee of the United state. sennte, and
as further amended by this convention, be and
the same is hereby indorscd and recommended BY
this convention as a proper drait for enactment
by congfcss."
Upon motion Of Mr. Grinnell, Of Boston, IL
was decided to read the report as whole. and
then to discuss each of the proposed amend
| ments separately. 1t was further agreed that
speeches should no limited to ten minutes.
Tho committee took rs the basis Of their re-
port the senate edition Of the Lowell bill, and
| recommended amendments to sections 1, 3, q,
IL, Ii, 10, 20. 26, 20, 81, 32 80, "a, 49, 81, 80,
40, al, AZ, 49, 81, SO, 50, ~, 7s, 81, 95 and 10i
| The amendments were read and adopted
with but little alteration or discussion until
sections 81 and 30 Of the bill were reached.
Here Mr.. Royal of Virginia, entered II de-
cided objection to allowing any provision
whatever for voluntary bankruptcy to remain
| in the measure, and made q strong argument
against the policy of permitting debtors to
divest themselves on their own voiton of
| their obligations to their creditors by q process
so summary and unjust to the latter as that
provided for in these sections. At the con-
clusion of his remarks he moved to strike
| out the sections in question, but the motion
was lost by a decided majority, and the Sec
tions as amended were finally adopted When
the amendments to section 80 were read Mr..
| Royal again objected, and declared that the
effect of the proposed amendments,
| which exempted farmers, mechanics on
per diem. and several other classes,
| from involuntary bankruptcy. would
be to render the bill unconstitutional, as the
fundamental law conferred upon congress the
power to enact only uniform bankrupt law.
After a very general discussion, which was
participated in by Messrs. Cox, Henderson,
Stctso and others, the Language WAS altered
so as to prohibit the bankrupt from disposing
of his property by fraudulent gifts, &c., and
the section, as amended, was adopted.
Matters then proceeded smoothly until the
forty third section was reached, which covers
the matter Of exempted property and allow
ances for bapkrupts A warm debate sprung
up upon this point, and one or two delegates
called attention to the fact that nearly every
amendment which had thus far been made to
the original bill was in the direction OF
strcngthing the position of the creditor
class, and warned the convention that
II they expected favorable consideration at
the hands of congress they must not place
the bill before 1t as measure constructed
solely for the purpose of wringing the pound
of flesh from those who should fall under its
provisions. Finally, the $1,000 exemption
clause WAS inserted, and some other portions
of the section modifea and the whole adopted
The other amendments were then acted
upon and the bill, as whole, adopted by the
convention.
Arrangements were made for the publi-
cation of the proceedings Of tho convention
and the bill as formulated, and the usual vote
of thanks to the officers was adop ted, aftei
which the convention adjourned.