St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-18
TORREY ON BANKRUPTCY.
The Author of the Bill Outlines
All Its Points.


All Its Points.
Upon motion of Hon. Owen Scott the
rules were suspended and the president
introduced Judge Jay l.. Torrey in
complimentary speech, who delivered an
address on the subject of a national
bankruptcy law, a summary of which
follows:
Irealize that you are interested in the sub
jeet only as public educators, as it is impos-
sible that you should have personal inter
est in the question, since no one ever heard
of the bankruptlng OF the editorial depart
ment Of a paper. [Applause.l We some
times learn that the business office is
financially distressed, but do not think an
instance has ever been known in which the
brain of the editor-in- chief, the scissors OF
news editor or the blue pencil OF the tele-
graph editor refused 10 perform the func-
tions or to furnish all the copy that the bust
ness office could hlre typos to set up.
Questions which will be uppermost IN your
mind, l apprehend, as you contemplate this
subject, will be, is the cause a just one? Is it
of interest to the people! Is 1t one which Will
succeed: AS you progress with these sew
eral thoughts you will find the facts TO be as
follows:
The Cause Is a Just One.
The last house of representatives passed
the Torrey bankruptcy bill by large major
ity after a two days debate, in which the
subject of the legislation as contemplated by
the constitution was fully and exhaustively
considered, but it was not considered by the
senate OF the gentlemen who advocated
the cause there were six Democrats and hve
Republicans. Those who opposed the legls
lation uDon the subject al that time were also
about equally divided between the two great
parties. An examination of the debates as
above and of the bill cannot fail 10 convince
you that the measure is fair to the debtor,
fair to the creditor and fair to both debtor
and creditor
Fair to the Debtor.
The debtor viii find upon an examination
of the bill that it contains only equitable
provisions as TO the rights and responsible
ties, and among them the following; The
defendant in proceedings is entitled, upon
application, to jury trial as to whether he
has or has not committed the alleged acts OF
bankruptcy. Exemptions will be awarded
as provided By the laws of the state in which
the bankrupt resides at the time the petition
is filed. 4 discharge may be granted by the
| court upon application and after notice to
creditors and a hearing, unless the applicant
| has done certain things in their nature
! fraudulent or designed to take advantage Of
| the person with whom he has dealt. Prefer
| ences cannot be given by the debtor, nor can
| they be received or acquired by compulsory
| processes on the part of the creditor. A
| suit NAV be instituted in the ordinary course
| under state laws upon commercial paper I'M
/ mediatey upon default being made at It's
1 cannot be instituted unless the maker re-
| mains in default thirty days and unless the
amount involved is $500 or over.
Fair TO the Creditor.
The creditor will find, by an inspection Of
| the proposed law, that 1t contains all Of the
provisions necessary to protect his property
| rights. and among them the following: A
| meeting of creditors may be held without
/ fear that any one of them will take advant-
age OF the other. or that singly or collectively
| they will take advantage OF the debtor, or in
| attempting to do so, bring on litigation which
| will result in the failure of the debtor, the
| destruction of his good will and the dissi pa
| ton of his property. Creditors meetings
| will be held at such places as viii be for the
| greatest convenience OF all parties In inter-
| est Compositions between the debtor and
| his creditors may be readily made where the
debtor can make an honest showing and is
| willing to pay the amount which the credit
| ors may reasonably expect. Notices Will be
| given to the creditors of each step in the
| proceedings. and pursuant thereto they will
| have an opportunity to be heard by the court
| in favor of or in opposition to any proposed
| proceedings. All creditors of the same class
| are to receive pro rata dividends. The arbi-
| tratiOn of controversies and the compromise
| of differences will be substituted for tedious
and expensive litigation. The proceedings
will be speedy and inexpensive.
Fair to Both Debtor and Creditor.
/ There is not on file in the archives of con-
|
| ton from persons claiming to be debtors,
| asking for more favorable provisions in the
| bill in their behalf, or less stringent provis-
| ions in behalf of the creditor class; nor such
q paper from persons claiming to be credit
| ors asking for the enlargement of the pro-
! visions referring to their rights, or a restric
| ton of the provisions in behalf of the debtor
| class The fact is submitted as showing that
| the hundreds of thousands of people who
| have examined this measure and passed
upon it, regard it as perfectly fair and i'm
| partial.
The Cause Is of Interest TO the PeO-
pie.
In this free country of ours it NAV be fairly
! said that the people are interested in that
| with which they busy themselves. Since the
| repeal in 1878 of the bankruptcy law, which
had been enacted eleven years before, there
| have been held four national conventions.
| each of them having the single purpose of
taking steps looking to the enactment by
| congress of one uniform national bank
| ruptcy law in behalf of the whole people.
| These conventions have not been in any
sense local, sectional or selfish. On the con-
trary, each of them has advertised its meet
ing in advance issued a call general in its
nature, and held open sessions to which the
ure, as well as my honor, to pre-
side at the last three of those meetings
and beg TO bear testimony to the earnest
zeal of every member of those conventions
and to their perfectly unselfsh desire to Sc
cure law which would not only benefit
them and their associates, but every man,
woman and child III the United States in the
same way and to the same extent Between
265 aud 800 commercial, industrial and pro-