Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-11-16
BANKRUPTCY BILL.
Why the T0rrey Bill Should Not Be.
come a Law.
L Measure Which Favors Capitalfstic Orgsni'
cations and Trust Combinations. -
Injustice of the Bill.

AS reported in the senate amendment
the last paragraph Of section 43 pro
vides, that "any person owing debts t.
the amout of $500 or over. may be ad.
laudged an involuntary bankrupt, upor
s3xhe petition of his creditors, or part o.
ahem; except national banks, state
4 banks, savings banks, building associa.
Il tions, loan associations, trust compa-
mics incorporated under the laws of any
state or OF the United States, railroads
street railway companies or corporations
| including trustees authorized by the
laws Of any of the stntes, respectively
TO hold and operate such roads; munich
pal, charitable, literary or religious cor
| porations.
Thus are exempted from involuntary
or coercve bankruptcy, all classes of
| business men and corporate organiza-
lions, except the following, who may be
/ scoerced into bankruptcy: Owners of
4 steamboats,, barges, canal boats, and
| other vessels; manufacturers, merch-
| ants, miners, mechanics and individual
| builders.
Why these determinations? Business
! principles and business morals are of
| equal and universal application. All
should be exempt from coercive bank
ruptcy, or none should be exempt.
Railroads have become oppressive and
almost uncomfortable monopolies. Their
extOrtOuate rates are checked, in some
degree only. by the competition of freight
rates on our lakes, rivers aud canals.
We have grain and coal barges on the
Ohio and Mississippi rivers: steamboats,
and sailing vessels for the carrying of
grain, lumber, coal and ores on the
lakes; and canal boats for the transporta-
ton of all classes of freight on
the New York canals. These. and
other eXtensve interests of like char
arter, are essential factors in cheapening
freights and holding railroad combina-
tlons in check. II this bill shall become
a law, al classes of boat and vessel
property Will become more hazardous and
insecure, because, for very slight reasons
the owners of such property could be
forced into involuntary bankruptcy, their
property could be taken from their pos
session by u trustee in bankruptcy, and
be by him sold and widely scattered; and
their business destroyed beyond recov-
cry: while the owners OF railroads, their
rivals i'll business, could not be subjected
to Involuntary bankruptcy proceedings,
aud the unity of their properties and
their capacity for business could not be
impaired.
Every seasons brings special disasters
to some portion of our country. The
year 1890 has been u year of extraordI-
nary cs'emities. BY cold aud wet in the
spring months, heat and drouth in the
summer, extensive districts have been
Impoverished by crop blights. Kansas,
Illinois, Indiana, Dakota, Nebraska
and Ohio have been especially afflicted.
Corn, oats, potatoes and fruits are all
short crops. The ia. are thus improv-
erished. But the country merchants
and mechanics trust and financially
carry the farmers from crop to crop. If
the farmer cannot pay promptly, then,
for such cause, the country merchants
and mechanics cannot pay. Wholesale
merchants must also suffer, Tor they de-
pend on the country merchants. Though
there be delay i'll payment, oil Eay be
solvent. But if not solvent, why destroy
these meu2
Shall Gods providences of floods and
Grouths, and other calamitIes, send into
the fatal embrace of the bankruptcy
courts the unfortunate man who, by
reason Of accidents, has been unable to
consequently 'has made an assignment
for the benefit of his creditors, or who
''has been compelled to allow an execu-
tion against him to be returned nulla
bona, or VINO ''has an unpaid note
thirty days owe: due, - or who has suf-
fered Judgment to be rendered against
him?' See section 40-3, Is, 3, 10.
By the various fortuItous events which
are continually occurring in the affairs
of men, many thousands of good, pru-
dent, honest, useful and bl0meIess peo-
pie would be despoiled and ruined every
year; and their families To cruelty i'm
poverished, should this bankruptcy law
be enacted; and no good would result to
anyone. BY the provisions of this bank
ruptcy bill there is TO be one trustee in each
congressional district. SUCH trustee
would necessarily be remote from the
36eatiou of most of the bankrupt estates
that would come into his hands. His
knowledge of them could only be gen.
eral, and his attention to the details OF
au estate would be very limited, and he
could not administer on such estates
economically.
Experience, under previous bank
ruptcy laws, has proven that only per
cent. of creditors claims have been
TedilZ6t out OF bankrupt estates through
courts OF bankruptcy. Heretofore the
expenses of the proceedings in bank
ruptcv, and the immense waste of the
bankrupt estates have made almost total
wrecks of ali values. Who ever heard
Of an estate passing throunh q bank
ruptcy court and coming out solvent?
This bill is no better than previous ones
- worse in formalites and expense.
Besides, an established business usually
has value beyond the money capital in
vested IN it. Such value is some lines
sold under the name of the "good WIZ
of the business. This value is @ reality,
and is the slow growth of time, industry
and character. Bankruptcy proceedings
ruthlessly destroy this sometimes with
great injury 10 the debtor, and never
with any benefit TO the creditor.
With debtors as with creditors, the
welfare of their families ia always to be
considered. The best interests OF our
people are not promoted by an increase
of poverty and consequent degradation.
We are the most enterprisinS people on
earth-successfully enterprising. No
where else are comfort and abundance so