The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-02-03
WEST WANTS BANKRUPT LAW.

There is no denying the fact that a
very large per cent of the most enter
priSing men in the west are rendered
helpless because of the absence of any
legal and honorable way of relieving
| themselves of hopeless burthens impos-
ed by adverse conditions for which
they were not personally responsible.
The wave of distrust and financial re-
verses which swept their business
away and robbed them of their prop
erty, leaving them struggling beneath
load OF debts, arose from cOmbina-
ton of circumstances which were as
much political as financial. 1t was the
most enterprising men, the men most
valued to the community who were as
rule buried the deepest. Until some
legal relief is had these individuals are
barred from attempting to make an
other start in life. The result is that
the very class who in ordinary times,
and under ordinary circumstances
were doing SO much to develope the
west are today bound hand and foot
by judgments and debts which they
are debarred even from a chance TO
liquidate.
Early in the present congress what
Is known as the Torrey bankruptcy bill
was introduced in the house 1t failed
TO pass, but a substitute for it, apple
able to voluntary bankrupts only, was
introduced by Mr.. Bailey of Texas and
was passed and sent to the senate The
Judiciary committee of that body has
reported it back with numerous amend
ments which change the details but not
the substance, and it is now before the
senate with possibility Of its adoption.
The Bailey bill provides in substance
that If any debtor owing $500 or more
makes an assignment Of his property
for the benefit of his creditors he can
file petition in the district court of the
United States asking for a discharge
from his debts. His creditors must be
given notice of his application, and if
they are unable to show any fraud on
his part, he gets his discharge. A per-
son who cannot pay his debts and who
owes 500 or more may. without max
ing an assignment, file his petition for
a discharge of his debts
The old law it will be remembered.
provided for involuntary bankruptcy
as well. That is, If a mans creditors
became satisfied that he was going 10
1all they did not wait for him TO make
an assignment but began proceedings
which forced him to turn over what he
might have remaining, to be divided
equally by the court among his credit
ors- But the Bailey bill will make it
impossible TO bankrupt any man except
oy his own consent. This measure
would set free a large number of nm
fortunate but honorable and enterpris
ing men in the west and south. and
probably in few, if any instances. de-
fraud any creditor. because under the
present law those creditors would
never realize anything of them any
way. The Bailey bill further recoy-
nlZeS the exemption laws of every state.
This would prove very fortunate for
bankrupt kansans. The cry of the
eastern creditor that 1.-The creditor class
and the honest debtor class do not ask
any such legislation is not true. The
unfortunate debtor, however. honest or
whatever showing or promises he may
make can seldom obtain such conces-
sons from the grasping creditors as will
afford any substantial relief. or a
chance to make another start.
1t is in the interest OF not ONLY The
west and south that this bill pass. but
of the creditor east which depends on
these returns for their own success as
capitalists, manufacturers and money
loaners.