New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-07-24
THE BANKRUPTCY BILL
SPEECHES IN THE HOUSE FOR AND AGAINST
THE MEAsURE-THE DEBATE CLOSED

THE MEAsURE-THE DEBATE CLOSED.
Washington. July o3.-The House today resumed
the discussion Of the Bankruptcy bill. Mr. Abbott Of
Texas criticised the measure IN many Of It's provisions
He would approve Of a bankruptcy bill which would
Do Justice % the honest debtor and which would
protect the honest creditor against the dishonest debtor
This the pending bill did not do. II a measure
IN the Interest Of the creditor class.
Mr. Frank. Of Missouri. dwelt entirely upon the i'm
porianoe Of the pending legislation 10 the business
terests Of the country. The problem Of how bankrups
should be treated to which the attention OF
lawmakers had been for years directed without their
being able % reach entirely satisfactory conclusion.
This bll secured prompt equal and uniform operation
Of the law II unlike the laws Of 100 and 1857.
u was the product Of experienced minds. which had
operated 70 bring 20 this body what he conceived 10 be
the best fullest accurate piece II legislation that
had ever been presented TO the House. Not only the
creditor class but the debtor class urged demanded
AMI prayed for the adoption Of the measure
Mr.. McCord, Of Wisconsin asserted that the bill
not demanded by any considerable number Of
people. II was a bill in the interest Of two Classc,
the being the wholesale dealers and the other
the United marshals, attorneys and court Of
hcers. professional receivers aud lawyers who would
be enriched by the operation Of the law
Mr.. Perkins. OF Kansas. thought that the main
features 81 bin right I'm theory and equitable
in legislation. Necessarily IN country like this.
the subject must be varied and diversified At times
misfortune Frustrated mauy engaged In commerce. and
10 that there should be National legs
lstlon on the subject Of bankruptcy. The bill had
been formulated with care. II had been framed 10
give % the unfortunate debtor the protection and
sistance that should be given him by bankruptcy law
and at the same time b, gave 10 the creditor Just
and expeditions remedy and one attended with
little expense as possible.
Mr. Kelley. Of Kansas. regarded the provision r.
qur.ng that the referees should be member, Of the
legal profession a gratuiious insult to the members
Of other professions.
Mr. PEEL Of Arkansas, thought the effect Of the
bankrupt law would be increase speculation and 10
.end toward a disregard Of prudence In business deal
ngs. The bill he believed be uRwse and i'm.
polite
Mr. Adams. Of Illinois, favored the till, and said
every year increased the necessity for National
bankruptcy law.
Mr. CachiDgs of Missouri. approved Of The measure.
he thought thai the general effect Of the law Of Loo
had locn Of great benefit t. the commercial interest,
Of the country. II urged On opposition to The
pending mcs-urc that it aels@i for by commercial
Interests and not by the agricultural interest There
weight IN this objection. The bin wa, IN
tended 10 operate upon the commercial interest. il
demanded absolute good faith from both the creditor
aid deitor classes n an adfoitly and wisely
framed measure.
SIR Cultivate u ohio. criticised the method In
which thi. impor ant measure being consider d.
rather discussed by the House. Ths mode Of lcgl-a
ton ~ 10 might be dieuihod by such a term
simply preparing measure TO be sent over 10 the
senate boz the hope that that body would make
las that Of some account and might be properly
PLACED ON the statute book. II the OH Wcic properly
smeided 10 would hc which WOnld meet with his
hcany approval but under tho order report bN the
Committee ON Rules no opportunity 10 amend u would
be permitted.
Ar Kerr Of Iowa, thought that II was wise
policy the part % the Government 10 provide
Ia hi business transa'tiO might be allowed 10 make
Clcsu breast h., Affair over what property
he had 10 hs creditors. and be rmiit"1 u engage
again in business and his energies for the benefit
Mr.. Wilson, Of west Virginia. gave M adherence
" the bill The time for the enactment Of this Law
Was propitlous one. II was proposed al time
when the temporary purpose was To be subscrvcd ana
Nj. hchdo1. II New Jersey stated IN general
way ms support cd he measure. The demand for the
legshton yas general he had received letters from
Al PdIls ~ The country ASKING MN - vote Tor Ut
tlL There Was no sectiOnali,m in the measure. HE
sentiment Of the West aud south stronger Ia favor
OF we legislation than The sentiment OF the IA
=. NJ. brcknrdge. ~ Kentucky, did not believe that
w ume lad come when The country was ~ con
oIucn a. n population labor and wealth 10 adopt
permanent bankrupt system. The pending blll wa.
one framed for the great commercial centres, fol
crowded populations. for trading people. IL was MOI
HOT me interest Of the farming cihss. . 800 -,
Mr. buchanan. 81 Virginia, opposed the bill lie
hed that dcbtor should NOT be punished Tor his MI,
fortune. hat for his wrongful conduct The pending
measure punished him for both.
Mr. BOatner Of Louisiana. COntcndcd thai Inc III
voluntary bankruptcy clans" should apply Only :" ucr
Chants. tfaccrs and manufacturers.
r. b. TAYLOR. 81 ohio. closed tho debate with brlei
speech In advocacy Of the measure .
The bill then vent over until tomorrow, ana Inc
HOuse at . 10 adjourned.