The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1885-05-25

AhN dttiul Vt iND tlIltAtldl tuuNtI-
tion, in session at Atlanta, Georgia, on
Wednesday, in reference to the Lowell
bankruptcy bill, viii DO considered ia
the nature Of a surprise. The majority
IN favor Of the Lowell bill was moro
than twO.thirds OF the total vote.
The convention g. s;yled
the "National Commercial Con-
Yention," but the representation was
probably constituted in chief part OF
delegations from southern cities; and
the fact that 80 large a majority OF tho
merchants and business men of south
ern communities voted ia favor of the
Lowell bill would appear To argue
very substantial modification OF south
ern opinion, A prominent opponent Of
the resolution was a Georgia senator,
and perhaps the most prominent advo-
cate of It's passage was n delegate from
New York.
hy reference 10 the proceedings in the
house OF representatives In January
last, when an unsuccessful effort was
made to take up the Lowell bill out of
the regular order, we find that the prin-
Cipal demonstration outside against
the bill proceeded from the same
state OF Georgia in the form
of vigorous protest signed by tho
llNoh llltA GuaulA anu taHlLdl-
lists Of Atlanta and other cities OF that
state. The list OF negative votes in the
house IL largely made up Of the names
OF southern delegates. The opposing
speakers were also southern ana wosJ-
ern men.
The principles of tho Lowell bill, arc
said TO be IN conformity with those OF
| the English bankrupt law Of 1855, known
as the Chamberlain law, under which "a
very notable decrease In bankruptcy
| litigation aud cost OF liquiuaHous has
onsued. The COSTS have dlmiu-
/ ished tw9-thirds, and the iuuda-
tons have decreased more than 90
/ p0r cont despite the reduced cost tud
the increased depression OF trade. The
average percentage paid iu compost.
| tons by agreement has alsu increased.
! IL Is commended, ON the other HAND, tnAt
| tho provisions of the new law Grt so
rigorous ga practically to deprive
tho new system of auy substan-
! tial claim % being considered as
q popular measure of relief, and that il
is "a result that both creditors and deb
tors have boon driven to mar ked
preference forprivato extra judicial sot
Elements or compositions, the increase
IN such settlements being a contingent
quite sufficient To- balance the dnurtlss
In the number OF judicial Nquidations.
The high percentage OF payments Is
ropro,ontod to he an incident mainly OF
this general operation OF tho law, The
authors Of the present English law eN.
pressly admitted In presenting It's
claims TO parliament that all previous
| experiment In bankruptcy legislation in
England were seriOa OF continual
changes, vacillations and dlsappoint-
ments," ana that at is n history
calculated to depress and discouf-
ago.' The present law was offered IA
a last resort, but Ms measure for which
thoro was some hope, mainly because
It was directed to a good end and be.
cause IL was the only experiment Viii h
had not been previously tried and
| proven TO be futile and Unsuccessful.
| 10 IN inierahle, however, thSt the Eng
lish are at least sufficiently reconeiled
To the law OF 1855 to cause them to
submit To patient and hon
est experiment with IL, aud there seems
On be Mt present no public demand Tor its
Abandonment.
The opening of this question In the
new congress- will DO watched with
great interest," and II will occasion no
surprise II bill In the regular
order could pass both houses
with very coed majority. A strong
| stratogical polut In It's favor ia the
fact that the present. era Of "hard timosn
has been, unlike the still mere severe
experience of 1879, an era of settla-
ments and llquidaiions by state law.
/ This creates tendency 10 expert
mont In the domain OF federal
bankruptcy judlcature as change;
I precisely as the oppressive pres
enoe OF a federal bankruptcy ays.
I tenn I'm lSi0-10 created a demand Tor
change ia she direction of settlements
end liquidations under local jurisdiction.
| Several attempts TO take up the Lowell
/ bill out OF tho regular order at the last
I session OF congress securedveryr ct.
| able maiorities, the vote on January 3 he-
/ ing 1870 again't 10 Courier Journal.