Daily Texarkana Democrat., 1893-12-09
CONGRESS AT WORK,
Fassage of the Bankruptcy Bill
Opposed by Representative Baily
of Texas.

@Sease ot tne Bankruptcy Bill
Opposed by Representative Baily
of Texas.
AT the close of Thursdays morning
session, which had been an important
one, the lower house of Congress re-
solved itself into committee of the
whole for the purpose of a further
consideration, of the bankruptcy bill.
Representative Bailey OF Texas, in
charge of the opposition, antagonized
it in a brilliant speech. He referred
to the many acute financial perturba-
tions in the history of the country
which stranded thousands of our cit
liens and left as their only refuge from
their creditors the bankruptcy court.
1t was the only hope of releasing and
interfering their energies, so they
could begin life anew. An equitable
bankruptcy law could work no posi-
bic injury to either creditor ordebtor.
He felt confident that the majority of
the house favored some proper meas
ure, but as to the proposed bill radical
differences existed as to whether it
was a proper measure. He did not
so consider it, therefore he opposed it.
Its most Objectionable feature was the
cumbrOus complex system of involun-
tarv bankruptcy. He thought the OBJ
jectionable feature Of the pending bill
so lnextricably interviewer in the text
of Its plan that it could not be amend
ed and made acceptable. In addition
to the injustice of the clause which
would force delinquent debtors into
bankruptcy against their will, it was
unjust to provide against preferred
creditors in case of financial distress.
1t discredits its State judiciary and
commits all questions arising under
mercantile transactions to federal
judges. The bill should be styled a
bill to disestablish state courts and
constitute federal courts debt collect
ing agencies. Much of Mr. Baily's ar
gument was confined TO legal phases
of the bill and frequently elected ap-
plause. In concluding he appealed to
the Democrats to beware how they
passed a bankruptcy law in the pres
ent condition of the country The
Democratic party never dared before
to pass such a law, how dare it pass
the first law of its character that any
one else have ever dared to propose
"If we must pass this law" he said
"for Gods sake let's end this dis
graceful sarce Of claiming we do it for
the benefit of the debtor, not the
creditor, mocking one with empty
good will and giving to the other
weapons its avarice Craved. 1t may
be the debtors of the land should be
narrowed with new penalties and
hardships If so let us lay aside the
mark and force the fetters with cour-
age. That will haf redeem the sin.
Let us put aside false prelense and
avow that we pass the law for the
better security of those for whom the
courts are now opened, not in the in
terest Of oppressed aud stricken debt
ors." Mr.. Baily's eloquent peroration
evoked much applause.
The advocacy of the measure was
then taken up by representative Oates
of Alabama, who closed his remarks in
behalf Of the bill by saying that he did
not believe that any party barring the
populists, opposed the foreclosure Of
mortgages or enveighed against the
auction block when resorted to under
the process of law, or sought to evade
the payment Of any sort Of just obli-
CATION when it fell due, and he never
would belong to party which held
such tenants. There were no privil-
eyed classes in this country, debtor or
creditor. Both should have had pro-
lection. This was mild and humane
bill, Notwithstanding the denOunCia-
tions heaped upon it.
Mr.. Oates spoke an hour and a
half. At the conclusion OF his
speech the committee rose and the
house adjourned.
Yesterday the House took avoto on
the Bankruptcy bill, and ii was de-
feated by a good majority.
''You Pays Your Money"