The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-03-02
NATIONAL BANKRUPTCY LAW.
The Convention at 81, Louis Concludes
Its Labors-The Results,

The Convention at st, Louis Concludes
Its Labors-The Results,
Sr. LOUIS, Mo-, March 1.-The National
Bankruptcy Law Convention concluded
its labors today. At tho morning meeting
II was announced that the Committee on
Bills had not completed its labors and an
adjournment to 3 pm. was taxed.
At the afternoon session ielegams were
read from the Los Angeles (Cal.) Board of
Trade, Rochester IN. W Chamber Of
Commerce, Mobile Ala Board Of Trade,
Richmond va. and Scranton pa. boards,
sending greeting to the convention. The
Committee on Bills having completed its
report, that matter was then taken up.
The Secretary read the report, which was
to the effect that careful consideration had
been given the various bills submitted
and suggestions TO bo embodied In the bill
selected, aLd the committee had found
that the detail work would be too great
for the time allowed. Tho following rcso.
lutons were, therefore, presented for IA.
yorable consideration of the convention;
Resolved, That this convention is in
favor OF the establishment Of a
uniform system OF bankruptcy through.
out the United States, because We
believe that II will materially advance the
best interests OF the debtor and creditor
alike, and tend TO promote tho material
interests OF the whole people.
Resolved, That such law when
adopted, should cmbody provisions for the
economical and speedy administration OF
the assets OF bankrupt estates, for fixed
charges, forlall officers based upon a salary,
and not upon fees; the recognition Of the
exemption laws OF the several States; for
the prompt aud certain punishment OF the
bankrupt for Rll criminal acts or fraud; Tor
tho speedy discharge of honest debtors,
aud for the expeditions distribution Of the
assets OF bankrupt estates by the payment
OF dividends.
Resolved, That II Is the sense OF this
convention that the Lowell bill, ~ lasi
passed 10y the Senate OF the United States,
best embodies the views here expressed,
aud We therefore urge upon Congress that
II he taken US the basis Of this desired
legislation.
Resolved, That this convention urgC
upon the commercial bodies throughout
tho United States, that they take immcdi.
nto action In order TO bring the matter
OF the passage of bankrupt law 10 the
favorable attention OF Congress.
| A motion was made that the report O
the Committee ON Bills be adopted.
| The resolutions was taken up Hcratlinl
and the first aud second adopted.
A warm debate ensued on the rc
mnindcr.
Mr.. Ice, representing tho New lorl
Mercantile Exchange, said he dlslilscd {,
report 10 that body that the convention
had met aud that the mountain had
brought forth mouse. The body wa,
convened for the purpose Of formulating d
bill. and hc favored doing 10. lie wis OPP
posed 10 recommending 10 Congress the
passage Of the lowell bill, which measure
bears the stigma Of defeat
Mr. Risquc, Of Minnesota, favored the
continuation Of the committee of thirteen
aud that the committee formulate bill al
liz leisure.
After a lengthy debate the resolution
were finally adopted, and the convention
adjourned sine die.