Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-09-15
BANKRUPTCY BILL.
THE MEASURE PROPOSED BY THE
MINNEAPOLIS CONVENTION.
An Interview with Delegate, Who Talks
ON this Subject and Also on Rich
mond's Future.

BANKRUPTCY Convention as the representa-
tive of tho Richmond Chamber Of Com
merce. has returned to the city and was
soon Yesterday by representative of the
Dispa'cA. who said 20 him
As Won are just back from the Minneapo-
lis Convention | want 70 get you to give
our readers few points in regard 10 tho
convention recently assembled in that city
for the purpose Of framinga national bank
rupi law.
will Give YOU any information ] can, re-
plied Mr. JOHNSON. but / am afraid can
not lay before YOU the work OF the con-
vcntiOn as clearly as You could get IT rom
some other source. However, ] VIII gladly
answer any inquiries you desire 10 make.
THE CONVENTION.
Was the convention largely attended?
No; the attendance was scarcely as large
rs expected. but there were representa-,
tiycs there from many of the principal
boards OF trade and mercantile associa,
tions throughout the United states, ana
they came deeply impressed with the IN
portanco of the undertaking, consequent
Is we cot down to work IN earnest ana
pushed thincsright through. ] could give
you a list Of the various commercial OOdies
ieprcsontcd. there being about one nun
bred IN all, in person or Toy proxy, but
suppose YOU scarcely care for such an eX-
tended list VIII say. though, that Phila-
dclnhia. Buffalo. New York, Chicago, ~.
Louis. and Boston were very ably repro
Scntcd by men who were Thoroughly
posted as to tho defects of the old bank
Iupt law, and well able to make suGges-
tons as 10 important improvements IN the
new one that we propose TO lay before
Congress at the next session.
TIP ELL PREPARED.
Well. did YOU succeed in formulating
what YOU regard as an acceptable Dank-
rupt law! .,..: e
Yes: the feeling was very strong that II
fbe bill IN its present shape. or without
any material alterations, goes through
Congress and becomes a law II Will prove a
very satisfactory one. As yOu are aware,
meeting was first called 10y the associated
wholesale gocers of st. Louis last febru-
ary. and number Of commercial bodies
sont delegates TO that meeting. Among
Others the Richmond Chamber of Com
rcrce and Grain Exchange expressed their
approval of the work undertaken. Colonet
j. l.. Torrev. of 81. LOUIS: Judge John G.
Horner. Of Arkansas; Morris y. wise, OK
New York: Herbert =. BIssel, OF Buffalo,
and others were appointed com
rniftee 10 draft u bin and present 1t
for consideration a. the Minneapolis Con-
vent;nn Wei. these gentlemen prepared
with Great care bill cmbOdying many OF
the features of the Lowell bill, which has
been discussed IN Congress Tor several
wears past. and the new. bill was taken
NJ line 10y line and suggestions made.
Those suggestions were not acted upon AZ
the regular sitbngs If the convention, but
were again referred to the Committee on
Bills. who took carefully into cOnsldera-
ton every such change or alteration sug-
ccstod and then OF the next sitting 81 tho
convention reported Their coMpleted
work fer approval Ia tins way moro satls-
factory progress was made than If we had
undertaken 90 discuss fully Ill the changes
in the convention.
OFFICERS.
Before giving further particulars, said
MT. johnson. | had better tell you that the
Committee on Permanent Officers was dl-
rected by President TOrrey 70 report rs 70
the ndyisabllty of a reelection OF officers
at this convention, and after consulting
the committee concluded that as the Min
neapolis meeting was an adjourned meet
ing from St. Louis that the same officers
would hold over. except such officers as
were by death or disability unable TO at
tend to the duties assigned them. On be-
half of the Minneapolis Board OF Trade
Judge Atwater made formal address OF
welcome and President TOrrey responded
10 the address and the convention lmme-
diately commenced active work. No one
seemed 20 be bashful, but all fully and
frankly expressed their views as 10 the
merits or dement's of the bill. About
o'clock on Tuesday the convention
adjourned for the day and accepted an IN
vitatiOn from the Minneapolis Board OK
Trade 10 take a carriage drive around the
city which was very heartily enjoyed. AT 3
o'clock the Committee on Bills commenced
work again, and were engaged IN making
VariOus alterations AID Improvements until
about o'clock next morning. As had
but little sleep during the night before l
.f Cloud - InnU4sg fhap 10 nipfnpE
hut most OF the committee worked stea'l-
" along until the aforementioned hour
On TUESDAY afternoon the convention adj
iourned to meet at o'clock next morning,
but the Committee Oh Bills, after working
nearly all night, were unable 10 complete
Their report, and it was consequently after
ii o'clock before the convention was called
20 order. Then the work continued steadi-
" along until late in the evening on we'd
nesday, not even stopping for lunch or
dinner, as many IF the delegates wished to
ietve or the night train Wednesday.
coURrEsIEs,
The ladies of the West House kindly pre-
sented to tie convention two large and
handsome bouquets which adorned the
Presidents desk and added much TO the
brightness Of our surroundings
An invitation was extended TO the con-
ventiOn TO visit the Exposition and ac-
ceptcd, but owing TO lack of time and
pressing duties (several committees We're
busily engaged while the convention was
not IN session. but few of the members
could 50 at the hour appointed.
SALIENT POINTS OF THE BILL.
Well. now give me rs briefly as you can
Che salient points of the bill.
The plan Of the bill is TO provide a uni
form bankrupt law that shall give the best
results at comparatively small expense.
The bill provides "a salarled referee for each
judicial district IN the United States. His
salary is not To exceed $1,000 "a year. and
tine amount may be much less, IN proper
ton to the number Of cases coming before
him. This money is TO be raised by fees to
the District Clerk, and by him transferred
90 the Treasury of the United States.
Upon the filing of their petition n bank
ruptcy there shall be paid 10 the clerk a
filing fee Of $50 and clerks fee of
$40. Upon the final settlement Of
every estate there shall be paid
90 the clerk l per cent. Of the assets
IN excess Of $500 realized in cash by the
trustee. The United States Marshal fees
are % be the same as at present. No other
expenses are necessary outside OF the at
torney's fee. Another aim of the bill Is TO
make going into bankruptcy an unplsa-
SAINT duty for man of dishonest intention.
IL Will make matters much easier for
honest men and great deal harder for d.
honest ones. / cannot undertake. to 20
into details, but IL strikes "a heavy blow NJ
the preferred creditor business, and, IN
fact will, IA a large measure, do away with
preferred creditors. Then, too, the bill
provides for the estates of bankrupts.
either voluntary or involuntary, being eco
nOmically administered. The great trouble
with the old bankrupt law was the excess
five charges on every hand; many small
estates having the entire amount con-
SuI0ed in expensive fees, &c. The bank
..N aat into tsrq
with tho amount of State exemption. but
does not allow the bankrupt over $500,
and then only under certain conditions.
However. it IS generally conceded that as
civilization advances the tendency by
State legislatures IL TO make the State ex-
emptions smaller, and il has also been
noted that in States where the exemptions
are small and the collection laws stringent
a much more liberal line Of credit is ex-
tended than in the newer States where the
exemptions are large. In a short while
pow printed copies Of tho new bankrupt
law Will he ready and widely distribu