Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1890-01-20
OBJECTS OF BANKRUPTCY LAW.
General Don NJ. Dickinson vestiIates His
Ideas on the Subject.

Ideas on the Subject.
DETROIT, January 19.-Concerning the
National Bankruptcy bill now pending be-
fore Congress, General Don NJ. Dickinson
said. in an interview
MY examination of the several bills in
trOduced at the present session of Congress
has necessarily been of cursory charac-
ter. should say with the exception OF
House bill 8, 3,316, introduced by f B. Tsy-
lOr, that they have been somewhat hastily
prepared and were merely tentative, the
author probably contemplating their
amplifcation and perfection in committee.
One of these includes corporations in its
provisions, aud would permit a acorporation
to obtain IN discharge like a natural per-
son. Another inserts a new test OF in
solvenoy. Another assumes that the bank
ruplcy court would have the power to eu-
Join proceedings in the State courts al
ready commenced or afterwards COM
menced of which the State court would
have at least concurrent jurisdiction.
mo such power can exist in bank
Tuptcy court, and cannot be conferrtd by
IA court Of Congress. This was settled by
the Supreme Court of the United States,
under the last bankruptcy act. notice
in these bills provisions, under which
preferences could not be set aside, unless
the person preferred had notice OF
the intended bankruptcy The only true
test on the question Of whether prefer
ence should be set aside, must, in the in
terest of justice, be whether the creditor
receiving the preference knew at the time
that the debtor was insolvent.
"House bill 1916, ab1ve referred to, is
very carefully prepared. Ii contains
many Of the excellent provisions
of the Massachusetts, insolvsnt act, still l
am inclined to think it too elaborate and
complicated. 1t establishes machinery
of administration which in its practical
workings will develop the principal obj &C.
iions to the old bankruptcy lsw-great
expenses and small dividends. In the
history Of jurisprudence no more sstisfsc-
tory method OF dispOsing of an estate has
been devised up to She present time than
that which is furnished by the equity OF
courts and by equity procedure. l mean,
of course. in cases which can not be dis
posed of by agreement of parties in interest
which should always be permitted whore
possible
81 think the principal
OBJECTS OF A BANKRUPTCY LAW
should be as folloWs:
81. To relieve present debtors, of which
there are large number, from existing in'
debtedness.
-. To enable the honest insolvent
debtor with live assets to compromise with
his creditors without being subjected to
what may be called the blackmailing Of a
small minority.
''3. To punish commercial frauds; to set
aside fraudulent transfers Of property and
fraudulent preference. All proceedings
should he made TO conform TO chsnceTy
yasOcecuaV, a.1d u1.s.o ti-S Os.e..Dusooine anu
expensive, irritating and prolonged meth
ods, built up by and under the act OF 1857,
would be entirely avoided"
have given my views upon the bank
ruptcy law, but l can say that don't be-
lieve any law will be passed at this session.
Lawyers ere against it en- mssse as are also
4 m ority probably Of the jobbers of the
country outside of New York.