Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1891-11-05

itors win attachments in a wild endeayor
to secure liens, irrespective of the honesty
or dishonesty of the debtor, or his
financial ability inclination to pay his
the event a bankrupt law should be passed
That is to say: If rumor gained ground
with regard to the insolvency of a given
oeDtor, the paramount question would be:
us he honest"' and if the answer was ives"
there would simply he an occasion for a
needed by way of assistance i'm the extern :
SION OF time or scaling of the amounts due
II ne was dishonest, proceedings would be
at once instituted, which would prevent the
fraudulent disposition of his property and
secure its equitable distribution.
One of the marked features of such a law
sHOulu De mat the line between honest and
dishonest men would be apparent at every
stage OF their career; if a given debtor was
proVide very simple and expeditions way
by which he might be tided over his Difficult
ties; If. on the other hand, he was dishonest,
tnere should be ample provisions by which
his estate might be quickly and ecomically
administered II an Investigation of his
affairs disclosed the fact that the debtor
was simply the subject of unavoidable
lnisfortunes, and either he or his creditors
desired the estate administered. that
discharge from the balance of his in
debtedness not paid by his estate. and given
dishonest, and that the creditors misfor-
tunes were the result of his dishonest acts
lie should not only not be discharged, but
should be punished for his wrong doing.
The retailer who unfortunately becomes
involved in debt is likely, Irrespective of
whether or not he has property enough to
pay his debts, to have a nightmare during
which he will visions of his creditors
engaged in fierce legal warfare at great
expense to his estate. each endeavoring to
realize his claim through sacrifice sales, and
with the unavoidable result that the debtors
property viii be dissipated, his good Will
ruined and he left with a hopeless burden of
debt. The creditor, too, of such a debtor is
likely to realize ali of the pangs of such
nightmare, and even in his waking mo-
ments to do some of the things feared by
the debtor without actual justification The
passage of a general bankrupt law would
do away with such fears and substitute for
them rules for the maintenance of valid
liens, the pro rata distribution of the assets
OF bankruptS to the unsecured creditors,
the giving of such exemptions to bankruDts
as are provided by the state laws in which
they live and an absolute discharge and the
reduction of commercial immortality.
The presence in law of provisions such
as the above would justify its being advo-
Gated, as it would be, by honest retailers in
every part of the country
The honest people of this country for the
most part bear it's burdens; they pay it's
debts, develop its wonderful resources and
perform the labors incident to public and
charitable WORKS. In addition they pay, in
the form OF multiplied profits upon their
necessaries of life, the bulk of the amounts
repudiated by the dishonest people. They
are, therefore, interested morally and fn4n-
clally in any legislation which tends to pro-
mote honesty and discourage dishonesty
IN tie absence OF a national bank ru pit law
the various states have passed Insolvency
assignment laws. Each is different from
every other, and all OF them are defective
In addition to their other defects they can
as ag lfnst his creditors in another
state, because. by the federal constitution.
the subject OF bankruptcy legislation is &C.
,eryed to congress, and the states are fer.
'xdden to impair the obligations of Goa
: :actS.
The fact that the laws in a given state ara
nDHrfeCt offer a1snn1tp
ion to those persons of other states W.! o
ell goods to the wholesalers of such stat
1ustties the seller of the goods in adding to
W hat would otherwise he the price of the
goods, i percentage to cover pros pectiye
losses The retailer in turn adds an extra
percentage and the result is that the honest
consumer has paid two or more extra profits
to cover the losses incident to the imperfec-
ton of the laws
The result of the condition as above out
lined is that the business in such state is
more hazardous than it would be if there
was one uniform national law i'll force, and
just in proportion as the business is hazard
Gus, business men fail and suffer all of the
losses incident thereto, and the consumers
foot the bills.
The man who wishes to do business, but
who has but small capital and is located
away from the centers OF trade, finds under
he present conditions great d ifficulty in Dur.
chasing supplies, and therefore is limited to
the purchase of small quantities, and is com
he were possessed of larger means, and the
seller was consequently more anxious to
dispose of his goods. The result is that tho
consumer who purchases goods from such a
merchant must pay Tor the disadvantage
under which lie laborS. If bankrupt law
were passed. such 4 merchant would have
better credit and could purchase in Il larger
number of commercial centers, and as a re-
suit would be able to purchase goods in
greater quantities and on more favorable
terms; in turn. he would sell them to his
at a less per centum advance up
on the cost price and they would according
y be benefited.
The enactment of a W Use law is. therefore,
to be greatly desired from the standpoint of
the honest consumer
Four national conventions have been held
in the interest of bankruptcy legislation by
congress. The last of these was held in tho
proved measure drafted by Judge jaw l..
rorrey, of st. Louis, and in his honor called
t the Torrey bankrupt bill
The last of the above conventions resolved
Itself into a permanent organization for the
purpose of promoting the desired iegisla-
ion. Its officers and committeeman are
residents of every state and territory, and
are prominent and influential business men.
bankers and lawyers.
The bill has been Endorsed by the leading
industrial and professional
bodies of the country north and south, east !
md west, numbering between 250 and 300.
Petitions in its behalf have been sent to con-
.resS from all over the country.
BY unanimous consent the Torrey bill is
to be comprehensive of the sub
ect simple and plain in it's terms, perfectly |
air in its provisions, and, if enacted, prom
SEES to promote and foster credit, diminish |
of bankrupts' estates and |
honest insolvents.
The house of representatives of the last |
congress passed the bill by a large majority, |
md the committee the judiciary in the |
enate recommended it for passage, but it |
vas not reached for consideration on the |
,alendar. Its passage will be urged by the |
lext congress.
The Torrey bankrupt bill was heretofore in
iorsed by this body, ana we recommend that |
[ renew its Endorsement
Your committee respectfully recommends |
he adoption of resolutions as follows
Resofred, That the report of the special |
committee, as above, meets with the I'M |
Qualified and unanimous approval of this |
IOdy.
\ ResOlred, Further that. in the best interests |
IF the Wholesale merchants, the retail mer- |
chants and the honest consumers of this |
tate, and of the west generally, this body |
hereby Endorses the Torrey bankruptcy bill, |
md instructs our senators and representa-
ives in congress to do all in their power TO |
ecure its enactment.
ReSoired, Further, that the secretary is |
lereby directed to send copies thereof to |
)ur senators and repreSentativ and to J
he commercial. industrial and professional |
bodies of this and other western states.