St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-01-20
BANKRUPTCY BILLS.
Dickinson Thinks None Will Be
Passed This Session.

DETROIT, Mich, Jan. 19.-T'he Free
Press of this morning published
lengthy interview with cx-Postmaster
General Don NJ. Dickinson upon the
subject of the national bankruptcy
bills now pending before congress.
The opinions. coming from such an en-
lnent authority upon the subject as
Mr.. Dickinson is admitted to be, will
be OF value, not only to the legislators,
put TO the public as we'll. Mr.. Dickiu-
son said: My examination of the sev-
eral bills introduced at the pres
eut session of congress has nee
essariiy been of cursory charac-
ter. | should say, with the
exception of bill 1916, introduced by Z.
b: Taylor. that they have been some
what hastily prepared and were merely
tentatiye-the author probably contem-
plating their implication and perfection
III committee. "One of these includes
corporations in its provisions and
would permit corporation to obtain
discharge like a natural person.
Another inserts q new and impracti-
caole test of insolvency. Another as
suineS that the bankruptcy cOnrt would
nave the power to enion proceeding in
the state courts already commenced, or
afterwards commenced, of which the
state court would have at least concur
rent jurisdiction. No such power can
exist In a bankruptcy eeaft, and cannot
De conferred by act of congress.
ms was settled by the supreme
court of the United States under
the last bankruptcy act. l notice in
these bills provisions under which
preferences could not be etasIde unless
the person preferred mad notice of tho
intended bankruptcy The only true
test on the queStionof whether prefer
ence should be Set-aSide must. in the in
iereSt OF Justice, be whether the cred
ltor receiving the preference knew at
the time that the debtor. was insOIvent.
House bill 1916. above referred to. is
very carefully prepared. 1t contains
many OF the excellent provisions of the
massachusetts inSolvent act: still am
inclined to think it too elaborate and
complicated. 1t establishes machinery
or administration which in its practical
workings will develop the principal OBJ
Jectlons to the old bankruptcy law--
great expenses and small dividends.
III the history of jurisprudence no more
satisfactory method of disposing of an
estate has been devised. up to the pres
ent time, than that which is furnished
by TIE equity courts and by equity pro-
cedure. L mean. of course, in. cases
WHICH cannot oe disposed of by agree
ment of parties in interest, which should
always be permitted where possible.
Il think the principle objects of a
bankruptcy law should be as follows:
tlrst-To relieve present debtors, of
which there are large number, from
existing Indebtedness.
Second-To enable the honest iAsoIy-
ent debtor. with live assets. to compro-
mise with his creditors without being
subjected to what may he called the
blackmailing of small minority.
Ihird-TO punish commercial fraud
and to set aside fraudulent transfers of
property and fraudulent preferences.
All proceedings should berlade to con-
form to chancerys procedure, aud thus
the cumbersome and expensive, irritat-
ing and prolonged methods, built up by
and under the act of 1861, would be. en-
tirely avoided. -
Il have given my views. upon the
bankruptcy law, but | cansay that | do
not believe any law will be passed at
this session. Lawyers are against it en-
masse, as also are a majority probably
OF the lobbers of the country outside OF
New York"