The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-24
A Law ON BANKRUPTCY.
The Debate on the Bill Begins in the
Lower House.

Some of the Ablest Lawyers in the
House Determined Opponents of
the Measure-CuIberson of Texas,
Stone of Pennsylvania, and Boatner
of Louisiana, Among the Number.
Oates Of Alabama, Opens the De-
bate in Favor of the Bill.
Washington, Oct 23,-The debate on
the bankruptcy bill began to-day in the
House. There is "a great deal of de-
termined opposition to the measure, led
by some of the ablest lawyers in the
House, like AIessrs, Culberson, of Texas,
Stone, of Pennsylvania and Boatner, of
Louisiana.
1t is directed generally against the
policy of national bankruptcy laws in
view of past experience with such laws,
and particularly at the involuntary clause
at this time, when so many business firms
in close straits might under its operation
be forced to the wall.
Mr.. Oates, who has charge of the meas
ure, opened the debate in advocacy of it.
If ever there was a time, except at the
close of war, when everything financial
was out of joint and that demanded a
bankruptcy law, this was the time. There
had been so much financial trouble OF re-
cent years, statistics showed such an in
creased number of failures of all kinds
that no one could deny the necessity of q
bankruptcy law, provided it was one of
perfect fairness to all parties.
CRITICISMS CORRECTED.
The four pointed criticisms against the
bill in the last congress had been cor
rected in the present bill. The principal
opposition to the measure was against the
involuntary clause. Bankruptcy was an
odious term. 1t implied opprobrium.
Only two grounds existed in this bill
which could involuntarily force man
into bankruptcy Insolvency, which did
not reflect dishOnOr and fraud, and which
entitled no one to immunity The proposed
bill required that creditors could not pro
ceed againsta debtor unless the debts
were in eXcesSOf $500; it made it impos
sible for a captious creditor to force his
debtor into bankruptcy, by requiring that
three creditors must be made party to
a bankruptcy proceeding, and it required
that the bankrupt snail have been in
solvent for at least thirty days. The
bill was not onefor the speedy collection
of debts, as many members supposed. 1t
was for the relief of debtors who were
burdened with debt, and at the same
time an instrumentality by which cred
itors could reach rascals who were seek
ing to defraud them.
STONES GROUND OF OPPOSITION,
w. A. Stone, of Pennsylvania, led the
opposition to the bill in strong and care
fully prepared speech He called atten-
tion to the fact that every amendment
to the bankruptcy law of 1867 is in the
direction of greater lfberality to bank
rupts The bill in his opinion was more
drastic than the act Of 1867.
It's penalty provisions were harsh
and severe. Would it not be
unwise to pass the law in anticipation of
the business depression? 1t would tend
to precipltate matters. In six months
many banks and business houses had
failed, but their assets had not been sac
rificed at forced sale. If a bankruptcy
law had been in operation the red flag of
the auctioneer would be flying from every
square.
A TINE TO SHOW INDULGENCE.
In such times it was good policy to
indulge men hard pressed By creditors, in
stead OF forcing them to the auction
block. Should this bill become a law no
man would be safe in mourning a debt
that might throw him into bankruptcy.
1t would give lawyers in towns where
United States courts were held
monopoly of the Bankruptcy
pEdCGiCS LHC pIONlSlOliS WHICH pLtNtuutu
the discharge of bankrupt corpora
tions he said, were brutal. The act Of
1867 was much more humane thon this
billn He analyzed and criticised the
provisions of the bill, and concluded by
saying that the bill, in his opinion,
would work incalculable injury to the
public interests. He was especially op-
posed to any bankruptcy law in these
times
INCARNATION OF ALL EVIL.
Mr. Sibley, of Pennsylvania, opposed
the bill as the incarnation of all evil. 1t
had been charged that there was big
lobby here to pass this bill; that that
lobby was paid $4,000 year, by an or
ganized debt collection association. He
was inclined to believe the charge, for had
it been a law for the past six months any
bank in New York could have been
forced into bankruptcy. 1t was another
link ia the chain to force the debtor class
to the wall, and stite the producing
classes.
At the conclusion of Mr.. Sibley's
speech the House, at $40 p, m, ad-