The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-12-19
The rorrsy Bankruptcy Bill

AS soon as the judiciary committee Of the
House is appointed the bankruptcy bill,
known as the Torrey bill, will be introduced
into that body. Business men are pretty
well acquainted with its provisions. it has
been submitted to quite number Of com
mercial organizations in different parts Of
the country, and has received their sp-
prevail Representative business men have
been selected to appear before congress il
its behalf and urge its passage.
There is no doubt that a bankruptcy law
is needed. Business men in every important
city of the country demand a law of that
kind. Ever since the last bankruptcy law
was repealed efforts have bseu made to Sc
cure the enactment of another law having
the same object in view The last congress
would have passed a bankruptcy bill if
those who were favoring it had consented
TO accept it without the involuntary feat
ure. That feature, however, they regarded
as Of great importance, and they preferred
that no bill should pass rather than that
one should pass without it.
Business men want bankruptcy law not
so much for the relief of insolvent debtors,
who if they could get rid of their burden of
debt would be free to begin business again,
as for their own convenience and benefit
Merchants in this city. for instance do bust
ness in several states. II is not an easy
matter for them TO keep acquainted with the
laws in these states for collecting debts. The
laws are being changed continually both by
legislative enactments and by tbs rulings of
the courts. What is wanted is one general
law, applicable to every state. If there were
such a law, a merchant would know what
course to pursue with respect to doubtful
debtor wherever the debtor might reside.
1t may be asked why the last bankruptcy
law was repealed. The reason was that it
appeared to be enacted for the benefit of
those who executed it rather than for that
of creditors. 1t was so carelessly framed
that 1t presented innumerable opportunities
for fraud. Bankrupt estates were kept I'M
settled as long as the officials saw chance
to make any fees out Of them. In fact, the
estates went into the pockets of the officials,
who grew rich. The creditors seldom got
anything.
The author of the Torrey bill is James
L. Torrey, of st. Louis. He is lawyer,
and stands well in his profession. He says
that he has avoided the bad features of the
last bankruptcy law, ana that under the
bill which bears his name, if it becomes
law, creditors will be able to collect
promptly what is due them, and that very
little of the bankrupt estates will be taken
for fees.
The bill is very lengthy one, covering
seventy-one sections. but those who have
given it careful study, and who are capable
of giving an intelligent opinion of it, say
that it could not have been made shorter
without opening tho way for some of the
abuses which made the last bankruptcy law
so unpopular. They also say that it is an
admirable bill, and one that deserves very
general support from business men.
Some of its features may appear to be
harsh, but very careful study of them
will show that they are not The aim of it
seems to be to assist honest men in doing
business in a straightfor ward way, and to
put a check upon dishonesty in whatever
waY IL NAV present itself