The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1891-11-06
THE BANKRUPTCY BILL.
Gratifying Approval OF the Torrey
Measure.
Sara commendation From Denver ~
sasstive Report u = Committee Of tho
Chamber % Commerce and Hoard ~
Trade concernIng lie Provlslons-


Trade concernlng its Provisions.
~ = meeting Of the executive com,
mittec Of the national bankruptcy or
ganization held in -. Louis. gratifying
reports were received Of large mum
ocr Of additional Endorsements TO the
Torrcy bankruptcy bill by prominent
commercial bodies in different parts OF
che country.
The chairman. Mr. VIM. +. Schweppe.
thc president Of the Associated Whole.
sale Grocers, in reply 70 an inquiry As
% the progress Of the movement said,
''The success Of the bill seems to he as
sured. and yet its friends must rcmem-
hcr that national Legislation can not be
secured except BY unceasing toll and at
great expense
In speaking OF the attitude OF com
mcrciai bodies Of the country. he said:
''rhc number OF commercial bodies in
the country which have indorsed the
bill arc now above 500 We have just
received an exhaustive report Of a spe-
ciai committee OF the chamber of COM
mcrce and board Of trade Of Denver,
which was received and unanimously
adopted by that body. II is in some re-
speets the most able deliverance upon
the subject that we have yet received.
The report Is as follows:
- nc Chamber ~ Commerce and the Board Of
Trsd< The undersigned special committee
heretofore charged with the consideration
of the subject - NATIONAL bank ruptcy lcgls-
lntion. and as 20 whether such * station
would promote the best interests ~ our
citizens and Of those OF the state ana OF the
west generally. beg To respectfully say thar
they have diligently invest gated tile sub
1ect. aud. without DIVISION agreed upon this
report:
The best Interests Of our citlze ne, OF
course. embrace the best Interests OF those
Of the state and Of the west generally. a. we
are. IN commercial sense. one people.
We OF the committee are all OF the opinion
fhat bankruptcy Legislation " III prove bcns.
nctst 10 our citizens for reasons as follows
Practically speaking. the whole country
Mss been developed on credit. part OF
fbr business Transactions OF the country are
made on "A cash basis. but the great bulk OF
then are on time. The statistics shGw. W.
believe. that - per cent OF the business Of
che whole country i done on credit, and
thrs the other Z Per centnn - done on "A
cash bass. IL - mised that II you were
g. take the volume OF transactions had in
conducting commerce and developing the
Tor SIX months and over. four months. three
months and ~ixty days and less. and on
cash. ana ~trike an average. IL would be
found that the average 81 all OF them are on
credit
nview Of the foregoing estimate. the IN.
serc~t ~ the people who grant and the PEG
pie who receive credit in the legislation In
question viii be readily understood and APP
prcciated.
The demand for Law which shall make
credit secure for the giycr and receiver i
mot focal II comes from every part OF III.
country. bsctuse the credit system IL the
rs.ss and business for cash the exception.
60 the & gems OF every state 20 have credit
strengthened.
business OF this country Is done and tho Sc
Who receive Il know full well that In case 81
financial difficulties to "A debtor he needs the
advice. the assistance and co-opcration Of
interests, irrespective OF whether the estate
- 20 be wound up or j. 20 lc tided over the
dtmculty ~ which II - involved. with View
81 the debtor being continued IN business.
Concert ~ action is Impossible under the
lass as they now stand. itcouId be enforced
.suder such a In II an admin isfration was
Determined upon. II would be unon the bas.s
~ exsct Justice 20 the cr.difoss. and tho
debtor was honest he would be disehargeI |
m the debtor wished q cofnprosuise. and the !
creditors were willing to grant il. tie terms |
should be readily agreed npon. for their |
mutual profit
u IL. Therefore. apparent that the passage
Of n bankruptcy law by congress will 10 1
away with -uspicions and bcget con fiience
between debtors aud creditors aud rebound
10 che financial advantage ~ both OF them
The merchant nrlinariiy exercises great Il
carowl th reference 70 tire preservation nfthe
stock on hand; he insurc- Il against los.by
nrc. protects ID from theft by barred doors
and trusfy watchrncn, and secures Il from
depreciation tn value By care nt the hands
of careful employees, and yet q far greater
counts against. and commercial raper 81
persons - whom he has given credit and
OF this class ~ property he u without ihsur-
ssucc. barred doors. watchmen or tli. suDer-
vision OF employees. a bankruptcy law
seems especially designed % furnish the Sc
curity needed ~ above. BY giving such \
merchant better rights against those whom
he hiss trusted. and IN turn. giving similar
rights 20 those who have trusted him and
thereby bettcrlng their and Strengthening
IL has been suggested that the passage az
= bankrupt law would 80 give stability to
srcd..s that the west would be ovrrrun with
tho ensi~~aries Of eastern jobbers. and that
what AZ Giag BE- termed the vested Rights of
iobbcfs 10 western commercial cenfer- would
h. materially affected such. however. would
mot prov. the case. We IND that such 4 Law |
would of necessity BE- absolutely uniform.
aud u could NOT prove . benent 20 the east
crn jobbcr without At the same time proving
Under existing laws many har,ishIp- are
on the western iobber by reason
~ the fact that customer purchases from
Others vino threaten hisn. when IN default.
with compulsory processes. ani as a result.
The western jobber must help his customer.
enter into competition " ith The stranger for
a voluntary preference. or night for a com.
lien. and IN the eud ruin his Gus.
fomcr financially The western jDbber does
not wish to be competed 20 do more than
sell his goods ON a reasonable time. he docs
not wish 20 either force or have his customer
forced ont % business. because the getting
~ customers costs money. Legislation A.
by the federal constitution
will begct a conservative tone between debt
Orr aud creditors. and tbe result will be :
great decrease Ia thc number OF faIlnrca
n viii. therefore. be- 60 the advantage OF
all parties concerned to have such 4 law
~ attachment. would prove unavaiiing and
the western jobbcr, being On the ground and
knowing the debtor. would have oil 81 the /
advantages which his position gives mim
without any Of the disad vantages of possi-
f,ststy 81 voluntary Or compulsory prefer
enccs being given 60 the EASTERN stranger.
THE question Of territory which does or
does not belong TO given jobbing center 10 |
solely by the question ~ the cost |
OF the transport alton Of goods. with refer
ercc 60 those articles upon which the trans-
postation ~ rival the whole country ID Z |
common territory. but with reference TO
<uch articles a. are tran spoftcd at consider.
able cost. the country - naturally divided |
between the several jobbIng ccntcrs with |
reference 10 such cost
IL. therefore, follows that the question Of
which territory - tributary to certain lob
Stng ccnters i determine cd solely BY the cost