The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1892-07-30
THE TORREY BILL.

WASHINGTON, July 29-The report of the
minority of the house judiciary committee
on the Torrey bankruptcy bill is signed by
John A. Buchanan, d. b. Culberson, w.
ID. Bynum aud l. III. Goodnight. 1t ad-
vaDceS some strong arguments why "A
bankruptcy act should not be passed.
Citing experiments Of the past in legisla-
tion of this kind, beginning with the act of
1900, the report says: President Grant,
in his message of December 2, 1873, said
that the bankruptcy act of 1861 was pro-
ductive of more evil than good, and that it
would not be seriously questioned that the
involuntary bankruptcy provisions of that
law operated to increase the financial en-
barrassment of the country"
The report then goes on to say: 1--WE
can not agree with our colleagues of the
committee who join in the majority re-
port that the failure of our former bank
ruptcy acts was caused by any lack of
ability or experience III the trainers of such
laws, or of the bodies which passed them,
or want of precedents to guide them. On
the contrary, we are satisfied that the au-
thors and enactors of those laws were as
able and as skillful legislators as we have
ever had, we'll acquainted with the history
and workings OF the bankruptcy laws
which had existed in England and in this
country. Statistics show. and well-in-
formed persons state from theic expert
oue-third as much has been received by
the creditors on their debts under the
bankrupt laws as under state insolvent
laws. Under bankrupt laws it is stated
they get from 10 to IL per cent. of their
debts after the payment of all charges
OF administration, whilst under iusolvent
laws creditors get from 80 to 35 per cent. of
their debts after the payment of all charges
OF administration.
''The impression made by the report of
the majority is that the bill WAS framed
in the interest of, and for the special bene-
fit of the debtor class of the country aud
at their special instance and request. Yet
we are satisfied that the debtors of the
country are not instigators or advocates
of this bill to any great extent.
The Chief advocates OF bankruptcy
legislation in this country today are Ger
tain creditor classes. The original of this
bill was framed aud furnished to the house
by the employed counsel of the Who'll esdle
grocers of the city Of ST. Louis, as was
charged in the last congress and not de-
MED The same counsel has been here
much of this session of congress, working
for its passage. We do not mention these
facts in any unkindness to, or by way of
disparagement OF, that gentleman; we
only mention them as evidence of the
real parties who specially desire and are
urging the passage or this bill and of the
manner in which it is being done.
eve will say, however, that we look
with some suspicion upon any legislation
which is sought to be passed by the special
efforts of one class of people upon the
ground that it will be Of great benefit TO
the public generally, and of special benefit
to another class of people whose interests
are different from the advocates of such
legislation. We have had a good deal of
such legislation in recent years, and it has
not been for the good of the country nor 10
to the credit Of congress. This bill requires
more officials to administer its provisions
than the law of 1861. 1t changes their
names, but not. their character The reg
lister under the law of 1867 is called the
referee In this. The assignee under that
law is called trustee in this. So far as we
know, there is no reason for change, unless
it be that the law of 1867 and all that was
connected with it was so odious to the
people of the country that the change of
names was made to avoid, as far poSsi-
BILE, in the enactment OF new bankruptcy
law all recollections OF that shameful
period In the country's history, when the
law and its officials were the
synonyms OF fraud aud rascality."
The remainder of the report is devoted
to an exhaustive legal review of the pro-
posed legislation. 1t says: Surely the
condition of this country is not such at
The present time as TO justify congress in
enacting IA new bankruptcy law, more
rigid in its provisions and more extended
in its scope than either of the three bank
ruptcy laws heretofore in force in this
or the bankruptcy law now in
force in England. The bankruptcy law
of the year 1867, and the amendments
thereto, assigned eight grounds or acts for
which debtor might be thrown into in
I TolItary bankruptcy; the present law of
England assigns eight; but this bill as
signs ten" a.
Mr.. Torrey said that neither branch OF
congress would take action on the bill at
this session, bat an attempt will be made
at once to have the COMMITTEES on rules FIX
an early day during he next session.