The Wichita daily eagle., 1893-12-31
THE TORREY Bill.

| the Constitution"
| THE 'TORREY BILL
| ST. LOUIS Dec. 30-Congressman Charlie:
F. JOY of ST. Louis thinks that the Torrej
ban kruptcy bill will yet become law.
THAT blow" said he yesterday. ''giveI
| it by Silver Dick Bland in moving Il
strike out the enacting clause of course
staggered us some, but we are right III
! and at it again and you will hear from he
measure and its friends before the winter
is over"
"Mr. Joy. how do you account for the
striking out of the enactiug clause of the
| bill?'
"It was an unexpected motion, and was
made in the ab,euce of large number OF
the friends Of The bill, who did not expect
/ that decisive vote would be taken fol
some days after the date on which this
motion was made"
| did the passage of the motion neces-
sarIly dispose of the subject during the
| present congress-?
Not at all. Colonel Oates, who had
| charge of the bill, made few amend
| ments which had been suggested in the
course of the debate and reintrod nced the
| bill on the day following Mr.. Bailey on
the same day introduced his Dill, and on
| the day following secured its favorable re-
port to the house. When this bill is cou-
sidered | understand "A motion will be
made to substitute the Torrey Dill in its
present form for it.
''What do you consider is the outlook
for bankruptcy legislation at this timer"
Better than ever before. The prompt
and aggressive action by the enemies OF
the Torrey bill, Immediately upon action N
by the house adversely TO that measure,
indicates that congress appreciates the
necessity for the passage of bankruptcy
bill, and the demand of the country that
it shall act. i therefore think that it may
be fairly said that the Contest is now be-
tween these two bills. The Bailey bill is
one which is purely voluntary, while the
Torrey bill compreheuds both voluntary
aud involuntary bankruptcy. The Bailey
bill, in different form from the present,
was voted down in the Fitty-first congress,
and adversely reported on IN the last con-
grass do not believe it will be passed in
preference to the Torrey bill"
Judge Jay l.. Torrey was seen at the
Mercantile club and spoke encouragingly
of securing the passage of the bill bearing
his name by the present congress. La Re-
sponse to an inquiry as TO the attempts OF
certain members to give the discussion
political phase, he said:
An attempt was made on the floor of
the house to arouse political prejudice
against the bill, by referring to the fact
that it had been intr0d duced by RspUb-
ilcan and passed by the house when it had
Republican majority; in reply it was
shown that the member who introduced
the bill had doue SO because he was the
chairman of the Judiciary committee, and
that it had been supported, not only
in the Fifty-first congress, but In the
Fifty.second congress, in debate on the
floor and in the vote, by leading Demo-
Gratis as we'll as leading Republicans, and
that in the last congress it had been favor
ably reported by judiciary committee
having II large majority Of Democrats"
When asked as to the bankruptcy bill OF
Mr.. Bailey, Judge Torrey spoke as follows:
The bill of Mr.. Bailey provides ony for
voluntary bankruptcy, and is limited to
two years. Our bill provides not only for
voluntary but for involuntary bankruptcy
as well, and is intended as IL permanent
statute which may be amended from time
TO time as occasion may require"
In referring to the discussion between
voluntary bankruptcy only, OK both vol
untaTy and involuntary, an explanation
was made by him, as follows:
voluntary bankruptcy is where debt
or personally applies for the benefits of the
act; involuntary bankruptcy is where the
proceedings are instituted by the creditors
of the debtor. After the Judgment has
been rendered there is no difference. The
controversy as to which is preferable is as
old as the subject itself. In 1S41 a volun-
tary bill was reported to the senate by its
judiciary committee, but after an exhaus-
tive debate a bill comprehending both
systems was substituted for ii. History
has repeated itself upon this point. except
that the proceedings on this occasion oc-
Cured in the house instead of in the
senate, and we expect that the
parallel will be continued by the adoption
of our bill as substitute. Our friends
believe that the enactment of
a purely voluntary bill would have much
the same effect upon credits and injure
debtors TO the same extent MS they would
be injured if all the laws for the collection
of deDts were repealed; they therefore be-
lieve that the best interests of honest
debtors and honest creditors will be fur
thered by the passage of a bill which COM
prehends the rights of both partiaS in
every transaction on credit"
In summing up the situation he said: |
The recent action by the house was taken !!
in the absence of enough of the friends of |
the bill TO have defeated the motion 1t |
was stated upon the floor in a speech dur |
ing the debate, and not coutradicted that !
at least two-thirds of the members had |
not read the bill. Ii this statement was /
true 1t can not, in any sense, be said that !
the members present passed upon the |
merits Of the bill. In the last house over |
two-thirds of the members, after reading |
the bill. signed letter to Colonel Oates |
saying that they would vote for it, but |
A consideration was prevented AT that time |
by the 'tilibustering' of Texas member |
The enactment OF such measure is pro- /
vlded for by the constitution and demand |
ed by the people; the bill has been approx |
ed from one end OF the country to the |
other as cOmpreheuSiye measure em- |
braclng complete provisions for both vol |
untary aud involuntary bankruptcy. |
aud Its friends will persevere in their adj |
vocacy of it until it is passed by congress-" |
Languor, loss of appetite and strength