The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-05-02


..'s'v va1n naAos tne'r ancestor" sreet
."s .ns nst'ons OF Europe Inc
"uD's my - patched up ous
.'''A'-@s oona'c. seems 'nes'Iso'e
c"ssOA nANA"CrAO1 Law.
4 bill q vsry general Importance % an
ma Engaged IN business DOW pending m
oongress. v that one establishing uniform
AZ On the subject OF bankruptcies
throughout the United States. Although
authorised BY the constitution and fire.
0uentiy recommended by statesmsn. ma
uonAi bankruptcy law has nsssr been
generally acceptable. The nrs bankrupt
iaw was approved April I. 100. but II was
repealed three years later. second act
passed IN lssi. but that had barely two
years q NE a third bin was passed In
~. and that had longer run. but vas
repealed In isn. The opposition to bank
ruptcy law arises from two causes It 10
feared ~ some that the release from Ma
btuty such law anords would be taken
advantage Of by men who. although not DIS
scrupuious. There are merchants, too. who
prefer 70 depend upon their own Judgment
ana watchfnlnsss In dealing with debtors
A bankruptcy law Uniform throughout All
the states would. neverthsiess. DO for the
best Interests OF creditors generally; De-
cause what they might gain by prompt
seizure In advance OF other creditors, they
might lose In other cases where they were
not quite 20 prompt. The advantage OF the
absence OF bankruptcy law Is usually.
too. to the large creditor; a bankruptcy
Law places all creditors practically on an
equality. There can be no doubt that
bankruptcy INV VIII benent the debtor.
Tho bill SOW before congress proposes 70
create two classes OF bankrupt. namely. The
voluntary and the Involuntary. tho dis
tInotion to be determined only by whether
the debtor files . petition himself praying
TO b. adjudged . bankrupt or the creditors
should nle . petition. II is proposed that
the rights and responsibilities OF bankrupts
and their creditors snail be Identical in
either case. Under the present lava when
=
tachmsnt or makes default In payment due.
there il ordinarily rush among the cred
i,ors ana each one brings suit on his own
account. with the result that while those
among the mrs, 10 sue may collect all or 4
part Of their claim, those not among tho
Of their claims but will have a bill of costs
"a nav Under the propo.ed law only one
AMI, wsu,d br broush, by and on behalf Of
Al, thu cred,tor.. ana n upou tris, Il an
near. thai tho defendant ha. committed an
,e, NJ h,nkyu,,cx he Will be aa,udred n
hanhruut. rfhonrs,. he win be discharged:
"a WA, Who ,., h.en merely unfortu-
r.,. VII, sc s,v.n an ccpor,un,ty to b>~ln
u,n. ,.w n, Ia "a on, nv seoe writers
=, IN. suh,.c. ,ha, the distinction between
creditor ana debtor n somewhat arbitrary.
- ,h., . r,.r..h.,, ,s vary often .o s,tu-
"a ,h,, ~. ssh,. ar. otY.s, hy his as,e,s.
-. ~, ,,a.~ +. ,,,,arn law wherein
,n.r. -. M t.mr,a,,an for one creditor
-, .r.,,...,x ,,.h On he,or. another and
go. ~. a.n,or a, IN. vain. a, IN. a.s,.
a.. n,,, y. n,,v,, ,,u Through crea,,cr.
,r.,,.,,,, r,,,, . man. business. not NJ
,,,,,,.s ,....,.. tbsv ar. unwilling TO extend
,rs,,, =. ma, ,h.x ara fearful another cred
,,or may ru.h IN ahead.
~. .e,. which ar. "a constitute hank
r,,.,,,x an. co,,,eaiment in orss.r 10 avoid
~. ,.~x,e. ~ civil, crooeSs: failure for
thirty sax, 20 secure the release OF prop
.r,x isx,s., unao. ,r.n.frr OF pr,pcrty with
,p,sn, % srf-., creditors. making an as
s,,n,n.n, for the ees~n, Of er.ti,or. or
,a,n,,,,,x inability 70 nay acots. trans-
srrr,n~ nrop~rtv for tn. purpose OF giving
pr~serr,o~. .ufersuw Judgment TO b, en-
tered with intent 10 defeat creditors; So
cre,,ns prcrerty from legal process: sus-
frr,ns execution for 500 or more. sas-
pended payment OF commercial payer ag-
xrexa,,nx $50.
Farmer. and wage esrner. are exempt:
a farmer 10 deanss 81 one chiefly engaged
In farming or the tinags Of the col. AMI \