New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-01-20
4 NATIONAL BINKRCPTCY Law.
Elk PosTMAsT DICKINSON DISCUSS
Is THE BILL NOW BEFORE CONGEE>s-HIS

IDEA CF THE OBJECT OF SUCH = LAW.
Detroit. Jan. 10" The Free Press Of this morn
ing published lengthy interview with cN Postmaster
General Don NJ. Dickinson upon the subject Of tho
National Bankruptcy bills before Congress. Mr.
Dickinson said My examination of the several
bills introduced at the present session Of Congress
has necessarily been Of a cur~Ory character. should
say, with the exception Of House Eli 80. 1916, in
tloduccd 10y +. b. Taylor, that they have been some
what hastily prepared and were merely tentative their
authors probably contemplating their amp!.hC alton
and perfection in committee.
one Of these include, corporations in il, pro
visions, and would permit a corporation T. obtain -
disc harge like ordiary pcr,on Another insert, "A
new and impracticabc test OF Insolvency. Another
ASSUMES that the Bankruptcy Court would have the
power to en)oin proceedings in the state courts al
ready begun, aitcrward begun, Of which the state
court would have at least concurrent jurisdiction.
No such power con exist in q bankruptcy court.
and cannot be conferred by Act of Congress Thi,
was settled by the supreme Court under The >' bank
ruptcy act l notice IN these biz, provision under
which preferences could uot be set aside uIle-, the
person preferred had notice Of the intended bank
uptcy The only tc-t Oh the question Of whcher
preference should BE- set aside must. n the ncrc-.
Of Justice bo whclor tie creditor receiving the prefer
euoe knew, at the time, That tine debtor was n-olvcrt
"House Bill 40. 1916 above referred 70. is vc.y
carefully prepared. contains Of the excellent
l am inclined 10 think IL too elaborate aud comph-
Gated IL establishes machinery OF administration
which In its practical working, VIII develop the
principal objections t. the old bankruptcy law great
expenses and small dividends.
In the history OF Jurisprudence no more salts
factory method ol G4~po-ins Of an estate has been
devised, up % the present time, than that which is
furnished by the equity courts ana los equity pr"
Cedurc. | mean, Of course IN cases which cannot De
disposed of by agreement Of parties ln interest,
which should always Doe permitted where possible.
Il think the principal objects Of bankruptcy ia"
should be follows;
First-TO relieve present debtors, Of which there
a large number. from existing indebtedness.
SccOnd-TO enable the honest in-0lvcut debtor.
with live assets. 10 compromise with lbs CREDITOR
without being subjected 10 what may lc called tle
blackfuailing Of a small minority.
Third punish commercial fraud and 10 sct
aside fraudulent transfers II property and inIcIl'ut
preferences. All proceeding, should le made % CON
form 10 chancery procedure ana tu- the cumbersome
and expensive Tltatu- and prolonged method built
up By and under the Act Of l-G7, would Dee entirely
avoided.
Il have given my view, upon the bankruptcy law,
but ] say that / do not believe any laW VIII hn
passed at this session. Lawyers. "A, whole. are
against it, as well D. majority. probably, Of the
iObbcrs Of the country outside Oi New York