Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-05-21

Waldo smith, OF NeW iVihi Sel"
that every dollars worth Of goods made
in New York finds % per cent. of its
sale in America, only 2 per cent. gong
abroad. Theexport trade, therefore, was
necessary, and reciprocity treaties Ia
yored this.
W. T. Sutherlin, Of Virginia. said
that iron is the mercury Of trade; as
iron goes so goes commerce. Ten years
ago iron rails were worth 500 to-day
only sl6. The foreign demand for our
agricultural products has been forestall-
ed by the high protective tariffs, and all
branches Of manufacturing are stagnant
for the reason Of over-supply of manu-
featured goods on hand. What have
we to expect in the way Of relief !
Let us not cry "Oyer-production " :!
Let us have honest, intelligent foreign
representatives, who shall make such
treaties as shall comprehend the mu-
tual interchange Of our productions.
The trouble is we have no commercial
feet. Only per cent. of our agricul-
tursl and manufactured products are
exported. This is because we have no
ships. Shall We stop our lsbors that
over-production may be remedled by
our consuming our surplus in idleness:
Give us Government assistance IN
building commercial marine until
Americas vessels shall be able TO
transport our productions TO the mar
kets of the world and bring back ex-
change commerce.
Nj. Voeneif. Of Kentucky, said En-
gland, having failed at reciprocity. was
now trying conquest, as witness the
wars in Egypt, which were to conquer
trade and place goods upon those who
would not otherwise have them. Ger
many is reSOrtipg to conquest and pro-
lection. We are trying to get other
nations to take our goods without our
accepting any Of theirs, which, OF
course. keeps our goods at home and
gives rise to the cry Of oyer-production.
+. +. Fuller, Of Kansas, wanted
wall between Europe and the
United States until we learn that
the Spanish-American republics are
anxious for our trade. The Missis-
sippi-riyer bottoms should be SO im-
proved ss to empty our treasures into
the Gulf Of Mexico. Ex-senator War
ner. Of Alabama, said that one fault with
our system as to treaties was having
them considered in secret session of tho
1 Senate. Philo Parsons, of Michigan
opposed treaties made in secret session
Mr.. Rice. Of Illinois, here offered re
solution which tended to introduce the
tariff question, and which was disposed
( of, as well as the main question by Mr.
Trenholm, of South Carolina, who of
fered the following;
Resolred, That it is the duty Of Con
gress to provide as soon as possible fo'
the extension of the trade Of the Cnite'
States with all foreign countries.
On motion. the discussion of the sub
iect. Does the Public Interest Re
quire the Enactment by Congress of
Uniform Bankrupt Law was opened
Mr.. McClung, Of Ohio. said Englan'
has a bankrupt law which is well-nig
perfection. and America needs ma
tional bankrupt law uniform and opera
tive alike in all the States.
Mr.. Learning, of Pennsylvania. Of
fcrcd as a substitute for the subject Tn
following:
Resoired, That this Convention re
spectfully urge Congress to pass tn
Lowell bill. which We regard as wis
and economical law.
Mr.. Learning said; The necessit
for a wise and economical bankruptc
law arises from q diversity and uncei
tainty Of the various Insolvency law
of the several states. There Is absC
lutely no uniformity III these law
Merchants are ignorant, nor can law
yers advise them of laws affecting the
risks in thirty-eight different States
1t is disgraceful fact that in a
Of these thirty-eight States, ten alor
excepted. q dishonest debtor can d'
priye his just creditors of the BEN
tit Of his assets by preferring son
more shrewd and collusive credito
or. what Is more usual, some immediat
member Of the debtors own famil,
From the debtors point Of view, on Il
other hand. the benefit Of bankrul
law would be felt in permitting hin
after he had surrendered all his asset
to obtain discharge and start aires
in life, instead Of havngs hopeless mi
stone Of judgment-debts forever su
pended from his broken neck until
drsgs him to premature grave or to
r Punishment from the scene of his lifelol
business activity. The need for III
| form bankruptcy law was not mu
. felt when this country consisted of Is
, lated communities, doing domestic but
I ness with their immediate locslitie
Ii is now an immense spread Of area
; activity brought about by transport
p ton facilities, bringing all buyC
: within reach of each seller, viii
i has produced the necessity. I
remedy for collecting bad del
should be coextensiye with
area of the risk. Law should be &C
terminous with the need for its invo'
IS ton. Lawyers know that they cam
g intelligently advise clients as TO
e changing statutes and conflicting de
/ sions Of many States to which Gilt
IS is shipping his goods, nor can they
It wise client who is suddenly inform
of the failure Of a creditor what act
to take for his own protection. i
trainers of the Constitution Ofthe Uni
= States had the foresight to ant
d pate the necessity. and they reser'
of the power which otherwise would
, have existed for Congress to provide
te law as extensive AS the length 1
lie breadth Of the land, regulating the
is lations Of the debtor and credi
Z. whenever they had equally exten'
y their mutual contracts. Therefore
l. seems to me most desirable that
e bill known as the Lowell bill,
L. knowledged by all to be the wii
st measure which legal acumen
E. devised and practical experience |
sr fected, should be urged upon Cong
as the law which will promote tr