The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1892-07-01
nANKRHRTaY ~

Heportoa From the House J4dlci1Fs
WAsHTysrou, June s5.-CoL WIuiam
g. Oates Of Alabama, who introduced ]
the Torrey bankruptcy bill early in tie
session. has reported TO the house from
the Judiciary committee a bin as 8 sub
stitute for all the bills upon the bunE=
ruptcy INDEPENDENTLY the Torrsy
bill, with the section relating TO the
loaulng of money omitted and with O
few friendly amendment
The provisions of the federal couzti-
tuition relating TO bankruptcy lcgiHia-
ton are cited and q history is given of
the preceding acts by. congress and the
unavoidable iuetdciehcy of state laws
upon the subject stated The history
of the relationship existing between
debtors and creditors is traced from the
remote ages to the present time, and
attention is called to the fact that this
is the only drst-cluss nation without
such "a law. Rights of debtors and
creditors under the present Insolvency
laws of the states, and under the pro-
posed bankruptcy law, are considered
with the result of pointing out that the
condition of the debtor and creditor re-
lating TO their property and other rights
viii be promoted in every material re-
spect by bankruptcy legislation.
The effect of the passage of "a bank
ruptcy law lis argued at length and the
conclusion reached that favorable ace
tion by congress upon this subject
would do away with suspicious and be-
get confidence between debtors and
creditors, and result in the reduction
of the price of goods and Interest on
money. The argument of the commit
tee as TO the necessity for "a comprehend
sive law involving both voluntary and
Involuntary bankruptcy maintains that
the legislation as contemplated by the
constitution was designed for the huau-
ciaI protection of the creditor and FOR
the relief of the honest debtor that
there may be those who doubt the pos
sibiHty of the accomplishment OF these
ends, but those who would not advu-
cate their accomplishment are certainly
not in touch with the people whose
hearts beat with Justice to the creditor
and for liberty TO the unfortunate
debtor. The provisions of the bin are
referred to in brief and the conclusion
reached that its passage will result in
the dimiHuuion of fraud, the discharge
of honest iusolveuts and the prompt
and inexpensive administration of bank
rupt estates
The report closes with "a rCcommcudu-
ton as follows: THE people are en-
titled TO enjoy all of the rights secured
60 them by the federal constitution
One of these rights is to have enacted "a
bankruptcy law. That right can not
be enjoyed except pursuant TO an en-
actment by congress Bodies of all
sorts and petitioner of all classes from
every part of the country have been Tor
years and are now demanding the pass
age of this bill with an impressive UNI
auimity. The right exists, the demand
is made, and congress ought to act We
believe that this bill is q wise, COM
servative and economical measure, and
meets the just demands of the people.
1T is so guarded in it's provisions that it
corrupt practices which prevailed in
the administration of former bankrupt
laws"
The Torroy bankruptcy bill was
passed by the last house. and Chair
man Oates believes it will be passed
again. Speaking of the bill he said:
This measure is strong where the
old law was weak, and is designed, in
my Judgment, 10 promote the best i'm
terests of the whole people, Chief
Justice George W. Stone of our state
supreme court, who has been upon the
supreme bench for something over "a
quarter of "a century, has given 60 the
subject very careful consideration and
has declared in favor of the bill and
expressed the belief that it viii pro-
mote the business, moral and financial
interests of our citizens He has made
some suggestions ass TO notifications OF
the bill, which have been embodied iu
it,"
In referring to the amendments, Col.
Oates said Referees viii be appoint
ed by the district instead of by the cir
cult courtsi they will receive instead
of q salary. as originally provided, the
commission on amounts TO be paid In
dividends which was TO have been paid
to the government. Voluntary bank
ruptcv will bc denied to all corpora
tons, but may be enjoyed by all
others.
When asked to state the provisions of
the bill as amended, Col Oates replied;
I'm brief, the bill coufers upon the
United States district courts bankruptcy
jurisdictions defines acts of bankruptcy
TO be those which indicate upon the
debtor a dishonest purpose with regard
to his property or % condition of lusolv-
cncy; provides for a speedy hearing and
gives 10 she defendant the right of trial
bv jury; makes it possible for honest
debtors to secure a quick and iueNpeu-
sive compromise OF "a prompt and
economical administration of their es-
tates: limits the right OF discharges to
honest men; imposes punishment upon
dishonest officers, fraudulent baulSrupts
and offending creditors; prevents debt
ors from demanding their creditors and
creditors from taking advantage OF their
debtors, OF of each other and secures TO
each one his financial rights In an re-
spects it Is fair and impartial meas
ure. "
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