The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1891-11-06

count thr fraudulent preferences. the one,
70 fciAt'ts aud hose " hIch are ,fiN.n to ths
great concerns WAC couid best share io->
~" concius on u reached without hesitation
| mat tho giving or RECEIVING ~ them oug ht u
oc prevented BY law.
rssisrencss after al are gvsn Or received
only ~ case 81 financial disaster. The Law
" question v calculated 20 greatly reduce
u'sastefs and 10 project the rights OF parties
who are blessed with prosperity and q
u follows from she foregoing shas the pas.
sage q national bankruptcy Law. compre
merce. will greatly benefit our Wholesale
merchants and generally those of the west
Too little Importance 4 necessarily given.
unuer present laws, ~ 10 tho honesty OF tho
debtor The state laws do not furnish AIDE.
| 9uate protection for an honest man " lao 10
financially pressed. The general rule IL that
n debtor ~ even runored ~ In financial
diucnities. there IL a rush among the cred.
itors with attachments In Wild cndeavor
70 secure liens. irrespective q tns honesty
or dishonesty OF the debtor. or his
| financial ability or inclination 20 pay his
debts. this condition would be reversed In
| sne event . bankrupt law should be passed
That y 20 say; n rumcr gained ground
with regard TO the Insolvency al given
debtor, tue Paramount question would be-
there would simply be an occasion Tor a
meeting OF his creditors 10 learn what no
needed by way Of assistance in the extcr
-.1N VI tttit OF ~C0ttu4 OF the amounts uut;
At once instituted. which woul0 prevent the
fraudulent disposition OF his properly and
secure it, equitable distribution.
One OF the marked features OF such a law
should be that the line between honest aud
dishonest men would be apparentat every
stage OF their career. " a given debtor was
embarrassed and was honest. the law should
provide a very simple and cxpcd itous way
BY which he might be tided over his dfiicul'
ties, II. on the other hand. he WAS dishonest,
there should IN n IL
his estate might be quickly and ecomically
administered II an investigat ion OF his
was simply the subject OF unayoida bio
ui>fortunes. and eithur he or his crcditora
DESIRED the estate administered. that
course should be pursued and lac be given
a discharge from the balance Of his In
debtedness not paid by his estate. and Y iven
anew start In HE. u 4 proved that he was
tunes were the result Of his dishonest acts.
he should not only not be discha rgcd, but
should be punished for his wrong doing.
The retailer who unfortunately becomes
involved In debt 10 likely. Irrespective OF
whether or not he has property enough TO
pay his debts, TO have a nightmare during
which he Will see visions OF his creditors
engaged in fierce legal warfare at great
expense to his estate. each endeavoring to
realize his claim through sacrifice salts. and
property viii be dissipafed. his good viii
ruined and he left with a hopeless burden OF
debt The creditor. too. OF such debtor is
nightmare, and even In his waking mo.
ments 20 do some Of the things feared by
the debtor without actual justification. TIE
passage " a general bankrupt law would
do away with such fears aud substitute for
them rules for the maintenance OF valid
lens, the pro rata distribution 81 the assets
81 bankrupts 10 the unsecured creditors,
the giving Of such exemptions to bankrupts
as are provided by the state laws In which
they live and nm absolute discharge and the
reduction Of commercial immortality
The presence In a law OF prov such
az the above would Justify is being advo-
Gated, as i would be. BY honest retailers IN
every part 1.-THE country.
The honest people OF this country for the
most part lear is burdens; they nav its
debts, develop its wonderful resources aud
perform the iabors incident to public and
Chart table worAs. In addition they pay, ia
the form Of multiplied profits al pom their
necessaries OF life. the bulk Of the amounts
repuuiated by the dishonest people. They
are, therefore. Interested morally and finan- /
cially ia any legislation which tends to pro- |
mote honesty aud discourage dishonesty.
In the absence OF u national ban krnpt law I
the various states have passed In soiyelcy or /
assignment laws. Eacu ID different from /
every other. and an Of them are detective.
In addition TO their other defects they can /
not grant to an honest insolyent a complete /
u discharge rs against his cred. tors I'm another
state. because. ~ the federal constitution.
the subject OF bankruptcy legislation IS re-
served 70 congress, and the states are for
hidden 70 impair the obligations Of con-
tracts
The fact that the laws In given state are
imperfect and do not offer adequate protec-
tiun 90 those persons OF other states who
sell goods 70 the W Wholesalers OF such state.
,ustint- the seller Of the goods In adding 10
what would otherwise be the price Of the
goods. percentage to cover pro-pectlye
losses The retailer In turn adds ali extra
percentage and the result Is that the honest
consumer has paid two or noreex I ra profits
10 cover the losses incident 10 the Imperfcc-
lion OF the laws.
The result OF the condition as above ONT
lined Is that the business In such a state il
more hazaIdocs than 1t would be il there
was one uniform national law IN force. aud
ust In proportion as the business Is hazard
Gus. business men fail and suffer all Of the
os-es incil' nj thereto, and the consumers
loot the bills.
The man who wishes to do bu : ness. bur
*ho has but small capital aud il located
Iway from the ccntcrs OF trade nm ds under
he present conditions great 4 ficulty In pur-
'haslng supplies. and therefore a. limited 10
he purchase 81 small quantiti,s,and Il com
Deied 20 pay a larger price than he would In
40 were possessed Of larger means. aud the
eiicr was consequently more an Ous to
dispose ~ his goods. The result - that the
consumer who purchases goods from such "A
merchant must pay Tor the disadvantage
lndcr which he laDors. II a bank rupt law
we're passed. such merchant would have
letter credit and could purchase in IA larger
lumber 81 commercial crnters, and as d re-
ult would be able 10 purchase goods in
.rcafer quantities end on more favorable
ertus. la turn. he would sell them 10 his
nstomcrs at a less per centnm advance up
N tue cost price and they would according
y BE- benefited.
The enactment OF n wise law Is. therefore.
o be greatly desired from the stan point OF
he honest consumer.
Four national conventions have been held
u the interest Of bankruptcy legislation by
congress. The last ~ these was hold In the
all Of 1883 In Minneapolis. That body APP
,roved measure drafted BY Judge jay T..
Iorrey. OF -. Louis. and In his honor cal led
the Tofrev bankrupt bill.
The last Of the above cow entions resolved
Itself into permanent organization for the
,urpo-. 81 promoting the desired legisla-
ion. Its officers and committeeman are
csident- OF every state and territory. ard
ire prominent aud influential business men.
,ankcrs aud lawyers.
The bill has been Endorsed by the leading
Industrial and professional
,odies ~ the country north and south. east
ind west, numbering between $50 and 100.
Petitions In is beha II have been sent TO con-
,rr@s from all over the country
By unanimous consent the Torrey bill 10
to be comprehensive Of the SUBJ
Get. simple aud plain In it, terms. perfectly
air in its provisions. and. N enacted. prom.
SEES 10 promote and foster credit. diminish
rnud. secure the quick and inexpensive ad-
u bankrupts' estates and
eionest ins0lvcnts
The house Of representatives OF the last
congress passed the bill BY 4 large majority,
ind the committee on the judiciary In tile
,enatc recommended u for passage but it
\ as not reached for consideration on tho
calendar. Its passage Will be urged By the
next congress
49, HI 1...4f~