The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-04-24
a BANKRUPT LAW.

AT the meeting of the chamber Of
commerce Tuesday evening, the sec
rotary read set of resolutions that
had been forwarded from some cham
Der of commerce in Texas, for adop-
ton by the Salt Lake City chamber,
against the enactment by congress of
certain legislation in favor of a bank
rupt law. The resolutions declared
that the chamber of commerce of Salt
Lake City most earnestly and SOL
emily protests against the passage of
any such bankruptcy legislation, re-
alizing that the enactment of such
law, if passed, would do vastly greater
injury TO the banking, commercial and
manufacturing interests of this coun-
try, than it could accomplish good
The resolutions were not adopted,
the chamber adopting instead the very
wise suggestion of President Auerbach,
that it would be proper thing for
the members to consider the PROPOSE
ton deliberately before taking any
definite action In consequence of this
suggestion committee of three was
appointed to ascertain what public
sentiment on the question was. and
then report
There are many arguments both
ways on the question of bankrupt
law, 1t is thing that may be abused,
but that class of debtors who would
avail themselves of the benefit of such
law to defraud creditors would find an
| equally ready road to accomplish their
purpose in the absence of such a law.
Against the scheming of such people
no law is effective, and the only rem
edy for their misdeeds is punishment
and Imprisonment
But what of that other class of debt
ors, who are honest but have been un-
fortunate and are unable to pay their
just debts? A voluntary composition
with creditors is generally a difficult
matter to arrange, and is rarely ever
satisfactory to the parties to it. Some
creditor may hold out against such a
composition, in which case he will be
able to play the part of the dog in the
manger. 1t is not so where there is
bankrupt law.
A man finds himself burdened with
debt beyond the possibility of paying.
He realizes that work and economic
as he may, he can never free him
self from debt. That fact discourages
him and he makes no effort; his energy
is killed. His creditor still holds the
debt as an asset of some Valae, though
he knows it is in reality of no value,
and keeps on hoping and hoping that
some day he will get something out
of it. We believe that the majority of
business men will agree that it is bet
ter for the man owing such a debt to
charge it off than to figure it as an
asset at all and rely upon it. If the
debtor could go through bankruptcy
he would feel that there was some hope
for him in the future, and that his
energies would avail him something.
AS a producing, factor he would not
be lost to the state And often when
men have gone through bankruptcy
they have subsequently retrieved their
fortunes and paid their creditors in
full.
This is view of the subject that
should be carefully considered by the
chamber before any action is taken on
the question. In fact, it would be
very good thing if there could be
special meeting of the chamber to dis
cuss this very question. To CONNER
cial and business circles there is no
more important, question.