The Republican journal. [volume] (Belfast, Me.) 1829-current, 1884-01-24
A Uniform System OF Bankruptcy.


We have before us an elaborately pre-
pared pamphlet, instituting in three
parallel columns a comparison of the
Lowell Bankruptcy Bill in the form in
which it was recommended by the Sen
ate Committee of the last Congress, the
United States Act of 1867, and the Eng
lish Act of 1883. Appended to this com
parlson is thorough analysis of the
Lowell Bill as amended by the Senate
Judiciary Committee. The work has
been done by Morris 5. Wise, counsellor
at law in New York, for the New York
Board of Trade and Transportation.
The existence of a National Bankrupt
Law is conceded to be matter of the
very first public interest and Importance.
The valuable features of the proposed
Lowell Bill, which has been prepared
with such thoroughness and care, are
apparent on the most superficial inspec-
ton OF this present statement. 1t over
comes all the Objectionable features of
the old Act of 1867, and has been drawn
specially to avoid many ofthe intolerable
evils which existed under the former law
and led to its final repeal. Proceedings,
for Instance, are expedited by the aboli-
ton of the fee system of remunerating
officials and by paying them salaries in
stead. The powers of the commissioners
are enlarged for the accommodation and
protection of suitors, especially in
sparsey settled districts; and where
extra court machinery is not warranted,
the Judge himself is to do the work OF the
commissioner.
The Lowell bill also compels trustees
to account more eXpedltiously, so that
the estate must be wound up more
rapidly than before. 1t torbids the in
curing of any expenses save by the
sanction OF a committee Of direction
elected by the creditors. Aud the entire
proceedings are placed under the watch
tul care of a new salared officer termed
a supervisor, whose duty will be to guard
the interests of all concerned by detect
ing wrong doing or omission OF duty
and reporting it. The composition clause
of the bill will be found to contain many
novel and highly just, as well as practi-
cal. arrangements, all Of them tending to
protect the rights of creditors as we'll as
of honest debtors. And further, dis
charges cannot be obtsined in the easy
way in which they Wele had under the
former law, the section Of the bill devoted
to crimes and their punishment having
been framed to successfully overcome the
constitutional objections urged against
the former provisions on the subject.
In a word, the Lowell Bill has been
drawn on the theory that the honest
creditor should be protected, the dishon-
est debtor punished, and the honest,
though unfortunate, one relieved from
mercantile disaster and restored to his
capacity for usefulness in the business
community.
There can scarcely be a more import
ant question presented to the whole
country at this time than that of whether
We should have uniform system of
bankruptcy to meet our many and vari-
ed business necessities. The estimate
has been made that at the present time
there are not less than 100000 persons
who have failed in business and are
owing debts which they are unable to
pay, in consequence Of mistortunes that
have overtaken them since the repeal of
the bankrupt law of 1867. This is a
large body of our fellow citizens, untort-
.unates, who are precluded from engaging
i'll any commercial transactions, and in
fact from every kind OF work but the very
simplest 10y which to earn a bare living
for themselves and their families 1t is
to our standing disgrace as a civilized
nation that under our laws we wiltullv
| withhold relief from this large class of
| unfortunate citizens, who are none the
less merltoriouS on account of having been
overtaken with misfortune. The i1oWell
bill adopts the system Of law from prior
legislation the system of administration
under IT IS new, and carefully framed to
avoid all that was complained Of in the
past; and to certify to its Intrinsic and
| permanent value, it has been considered
and reconsidered by the business men of
the whole country. Exchange.
He is Not in the Race.
GEN. SHERMAN AND THE CANVASS FOR THE
PRESIDENCY.
| The Washington correspondent of the
| Boston Herald says: General Sherman
| is staying few days at the Ebbitt
| House. He came here to attend the an
nual meeting Of the regents of the Smith
sonian Institution. On "Wednesday he
| goes to Philadelphia to see his married
daughter and on Thursday he has an
engagement in New York A great
many people have called upon him here .
Your correspondent found him standing
in front of his fire, and looking in as good
health as when lie went away from
Washington. Talking of personal mat
tiers, he said that he and his family were
very comfortably settled at st. Louis-''a
| better place than Washington" He said
the newspapers had bad habit Of print
ing every personal item about him and
his family, and what they printed was
often untrue. One of his grandchildren
had an attack of the stomach ache, and
! first one paper said it was a fever, and
then they had it that it was a case Of
smallpox. Then the papers printed
story OF runaway 10y which the lives Of
his wife and daughter We're imperilled !;
but the truth was that no one was in the
carriage, and nobody was either hurt or
endangered
81 fear you must have careless lot of
newspaper reporters in st. Louis" your
| correspondent said.
"Oh, just the same as you've got here"
replied the general.
''But, general, you must not pitch into
all the newspapers for the sins of individ-
uas. You know there are great many
people who are in favor of making you
the Republican candidate for the presi
dency."
"What an ass would be to take that"
burst out the general; ito give up the
good things I've got for life for four years
Of purgatory wouldn't take it if it
were offered me unanimously"
| s. RlIt they do saw that the tN3rpb IN
the Sea would make splendid basis for
a presidential campaign, general"
"Well, there were $4,000 of them, and
suppose you could find somebody who
would take if. | wouldn't"
care you going to write any more ~
"No, think I've written everything
shall write. | don't need to write any
thing more. [ have a great deal of ma
terial which | shall leave to Others