The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-05-07
THEBANKRUPTCYBILL
BOARD OF TRADE GOVERNORS GIVE
REASONS FOR OPPOSING 1T.
A Letter Sent to Indiana Senators
Asking Them tn Vote Against
the Measure.

Since the introduction Of the Torrey bank
ruptcy Dill in Congress the Indianapolis Board
of Trade has discussed IT'S merits at the va
rious meetings of the governing committee
and decided to oppose the measure. This IL
sought to do through the Indiana Congress-
men and Senators, and each of these was
sent communication for that purpose.
Several Congressman subsequently wrote the
board for full reasons for the objection, and
yesterday communication was prepared by
President Gordon and Secretary Smith, set
ting out the boards reasons in full for OPP
posing the proposed bankruptcy legislation
The bill has already passed the House Of
Representatives, but the board hopes TO in
huence the Indiana delegation OF Represent
atives to exert an influence against the bill
in the Senate Copies of the letter were
also sent to Senator's Turpie and Voorhees,.
The letter Is as follows:
In reply to requests from several Con-
greSsmen asking for reasons that our board
opposed the bankrupt bill now pending be-
lore Congress, would say that We have no
record or the arguments made at the time
the matter was pending before our board OF
governors, but the conclusion of opposition
TO the bill was unanimously agreed to after
full and free discussions upon various occa-
I'VE are aware that the bill has the in
dorsement of the National Board Of Trade
sentiments or its members, as their reso-
lutions have generally been fought through
sharp parliamentary tactics; and we would
call your attention to the fact that nearly
all the boards OF trade represented In the
National Board of Trade are grain and prod
uce exchanges, while our board is not a
grain exchange, having no grain call, but is
made up of i've hundred of our merchants
and manufacturers and devoted 10 their
business interests.
Some of the reasons we would give for
our opposition are that the bill provides for
certain exemptions; exemptions which
would be proper in one section Of the
country Is so large and conditions go varied
that an exemption which would be fair in
IS s MSpn BE of &
city believe that the laws OF the various
States are so framed as not to be a burden
upon any honest man who meets with mis-
fortune in his business, as where man
makes an honest failure as a rule he can
make some satisfactory adjustment with his
1--WE ara opposed to any standing legis-
lation on the bankruptcy question as being
unfair to the man who is industrious, care
ful and economical in the management OF
his business and pays his debts one hundred
cents on the dollar; on the other hand, IL
enables the merchant who Is careless and
extravagant to take advantage Of the bank
ruptcy act and settle his indebtedness at
from twenty-five to fifty cents on the dol
ing. over him. which is entirely unjust and
unfair competition with the merchan who
pays his honest debts.
In this connection, we believe 1t would de-
prive a great many people Of credit who are
not financially entitled to it, but whose
chances of success the creditor class are
willing to assume so long as no open door
way of escape from liability is presented, as
TT was held by our board that if any
general distress existed over the country by
reason OF the insolvency of the debtor class
that an opportunity to be relieved might be
Rod OF three to six months, which would be
ample to alleviate the distress and give
them opportunity to get a fresh start; but
We do not believe this emergency exists at
this time, and a bankrupt law passed at this
time will interfere with the credit arrange
ments now existing, and which have passed
since the last bankruptcy act expired in 1878.
THAT 1t will take away the special priv
1legeS and opportunities now enjoyed bys the
debtor class in their nearest markets; and
will encourage capital from remote markets
to unduly expand their business under the
assumed protection Of the bankruptcy meas
Immediately TO the detriment OF the home
markets now doing the business, and always
to the detriment of the debtor class.
THE clause of the bankrupt act making
of bankruptcy will affect an enormous per-
centage of existing credits, and in many in
stances will make bankrupt the people who,
II left alone, will be successful.
Finally. we believe that the mercantile
interests of this country have always suf-
fered by bankruptcy laws, and we do not
believe that the honest merchants have been
benefited We sincerely trust that you will
sage of any bankruptcy bill at this time 1t
has been impossible to make this reply ear
lier, as 1t was necessary to consider the
question at meeting of the board. and
This was signed by l. s. Gordon, presi-
dent, and Jacob w. Smith, secretary.