Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1893-11-21

ability Of stats insolvsut OF aisignmsu
laws 70 reach outside CREDITOR.
i Thirdly, Justice 70 the creditor, PAL
ticularIy tbs creditor who resides 4
states other than that 10 which The debt
or lives, requires national legislatiou
AZ Il u now, legislation In some state
practically discrimlnatss In favor o.
creditors within their own borders, OF
1t least allows . debtor 70 prefer credit
ors 10 such way 10 10 deprive the out
side creditor Of . Just share Of the insol
vents estate. Indeed even II laws o.
lowing the preferment 70 creditors do
not exist, the fact Of nou-resldenct
makes lt probable that they will come
In last In . race Of attachments on the
estate Of failed debtor. Every out
side creditor wants only TO share equal
" with other creditors IN cases where
debtors become insolvent. Why should
he notf
But II 10 In cases where there are
fraudulent acts on the part OF the debt
or that the outslde creditor suffers most.
For 10 such cases the chances are that
inside creditors are mixed up with the
fraudulent transactions OF the debtors
transactions which can rarely ever be
reached except By court Of bankrupt
cy.
It 10 for these reasons that . national
bankruptcy act not only protevts and
sustains the honest debtor, but als0 ut
the same time secures the Just rights OF
the creditor to proportl0nate share In
the property Of the insolvent debtor.
Much has been said In the progress OF
this debate In derogation Of the credit
ors Of this country. We might get the
Idea from the frequent reference TO
what has been styled the creditor class,
th-t there 10 q distinct body Of men 10
this country who are perpetual and IT.
revOcable creditors. Now there Il no
such state Of things In this country.
The creditor Of to-day isals0 the debt
or Of to-day In almost every instance,
and the debtor Of to-day 10 likely to he
the creditor OF tomorrow, and vice
versa. There Il no fixed cl,ss OF debtors
and creditors 10 n country like this.
There 10 no class of men, Who, In the
same day, or within the same series nj
months, arc simply debtors aud not
creditors.
We have heard q great deal said about
the so-called poor men Of this country,
the workinginen who nre held up 10
debtors, and to whom this bill Il said TO
be lnImical. Why, Mr.. Chairman, arc
you not aware that the largest body OF
creditors In this country are the work.
ingmenf They have to-day over 81 100
600, 900 deposited 10 the savings banks
Of this country, placed there TO their
credit, and loaned to the debtors OF thi.
country and II Il through the loans out Of
the savings Of these worklngmcn, whom
you are pretending to care for NJ debt.
ors who want to avoid the payment of
their debts, that the business OF TIL.
country IL being largely carried on to-.
day. My experience ~ business man
!. that the largest debtors are men OF
means, the men who are engaged ln
large business operations, and who arr
obliged to constantly hire money to do
their business.
This leads me to speak Of fourth
reason Why am 10 favor OF national
bankruptcy legislation. That reason ].
that II tends to strengthen the great
credit system of this country. Ninety
per cent of the business OF this country
10 conducted on credit. In every COM
munlty there are pushing young men
and men of middle age who having little
capital Of their own, are obtaining loans
and are thus enabled to enter upon act
I've business and bring prosperity to
themselves, to their employees, and to
the communities In which they reside.
DO you want to break down or weaken
the credit system or do you prefer to
strengthen III I should Judge from
what has been said by many gentlemen
In the course of this debate that they
would consider II misfortune to have
the credit of the people Of their state or
communities strengthened!
Mr.. Chairman, for these and other
reasons am earnestly In favor OF wise
and well adjusted national bankruptcy
legislation. II 10 enjolned by the con-
stitution. Il 10 necessary to conserve
the best interests of debtors. Il 10 es-
sentlal to do justice to creditors. IL is
called for to strenthen credit snd pro-
mote business and industrial prosper
ity. And It will contribute to further
cement the Union formed to advance the
commercial az we'll 40 political interests
OF this great nation. (Applsuse.)
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