The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-12-17
The Rankrnntcv an.

Inc bRnkFuPtty nun
Our eateemed contemporary, the Rtie-
b,,vo Diepatch, speaks OF the vote by which
the ToRREY Bankruptcy bill was defeated
in the House Of Representatives last week.
"a an illustration Of "the stupidity which
furnishes some legislators with supposed
grounds for action" This is q very hasty
and unjust Characterization OF the oppoei-
ton 10 the ToRREY bill. This bill has been
thoroughly discussed since the Fifty-hrst
Congress. II has been favored by the sup
port OF commercial boards and exchanges
generally. IL passed the House In the
Fifty-flrst Congress-. while substi-
tute bill providing for voluntary bank
ruptcy received SO votes. In the House
In the Fifty-second Congress the members
who believed In voluntary bankruptcy only,
we're strong enough to beat the ToRREY bill
again; and now IL has been beaten for the
third time. and beaten on the same ground.
because 1t provides for both voluntary and
Involuntary bankruptcy. Evidently there
ia a strong feeling, particularly In the
Southwest, against o law that provides TOT
involuntary bankruptcy. The Congressman
who arc opposed TO such provision repre-
sent the wishes OF their constituents In the
matter, and 80 there appears to DO no hope
for the passage OF the ToRREY bill or any
bill that combines the regulation OF volun-
tnry and involuntary bankruptcy. More
over. no compromise seems possible. be-
cnuse tho believers in involuntary bank
ruptcy will not consent to law which pro-
yides for voluntary bankruptcy only.
The ToRREY bill was drawn up with great
care, aud good deal OF expert opinion was
consulted In its preparation. To merchants
and associations OF merchants in the East
aud the cities. itappears satisfactory: but
the Fundamental difference OF opinion which
exists as TO tho proper limits OF o national
bankruptcy law. makes exceedingly dubious
the prospect Of passing such law. Possibly
q remembrance OF the working OF the bank
ruptcy law OF 1867 may have tended to In
crease suspicion Of the ToRREY bill In some
parts Of the country. although this bill Is
a different and greatly superior measure.
The fact, too. that there has been for some
years no bankruptcy law on the statute
books makes 1t more difficult to pass one.
as q large number OF citizens know nothing
Of the working OF such law. and have not
been familiarized with the advantages Of o
general regulation Of bankruptcy.
1t Is not necessary. however. and 1t Is
highly impolitio as we'll as for from polite.
to call the men in Congress or out Of Con-
gress. who oppose the ToRREY bill. "stu-
pid." They have as much right to their
opinion as the other side has. and they are
not voting blindly. They may be mistaken.
but their intelligence is not In question.
We hope there is not going to DO revival
on small scale OF the peculiar arguments
that were used against the friends OF free
silver coinage. 1t was q favorite argument
Of certain school Of journalists that the
men who believed In free coinage were idi-
otto In general and dishonest in particular.
anxious to cheat their creditors by pay
ing their debts In deprecated medium.
The argument was not convincing. the
hardened sinners continue in their error.
and the task Of converting them has only
been made the harder. We hope the friends
OF tho ToRREr bill! are not going to adopt
the "stupid" argument
Meanwhile. IL the withdrawal Of shaky
credits should be one result OF the absence
OF national bankruptcy bill. there will be
small cause to complain.