Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1896-05-05

ton, providing conditions Of involun.
tary bankruptcy, Ia causing a oommo-
ton among business men Of this city.
The concensus Of opinion Ia that the
bill proposes vicious law aud that all
legitimate efforts should 10 made to
defeat It when Il comes up In the Sen.
Stc, a. Will DO seen by the following
EXPRESSIONS Of opinion;
sur. 7. @, wEBnER.
am not familiar with the provisions
VI the bill, but from reading the brief
synorsis Of II given in tho newspapers
| think the bill should not pass In Its
present condition. Under certain cir
cum,taross think tberc should be al.
lowed tho privilege Of proferring cred
itoTs. For instance, the local bankers,
rents, wages OF employees, etc. These
obligations 1 think should be
met first as they are sources VI revenue
TO cur State government where foreign
creditors do not hold the zane posi-.
ton.
o. AuEHnAou.
IL would not be- la the Interest OF
tho business community 90 pass such
law. II II contained only the vOluu.
tafy ur1vlBi0us u would not BE- ObIec.
tionable; but the Involuntary pro.
/ vislOns ara certainly vicious. Tue law
would place debtor at the mercy Of
any creditor who desired 10 be mean
In his dealings. The creditor could
close a business up which was pfactiu.
ally solvent ana which, being given =
little time, could ltetain I lie stand.
Ing In the business world.
MIR. D. KAHN.
have not read tho bill and am
| therefore unable 10 express au opinion
ON tho matter; but n II IA tho same AZ
the old bankrupt law II will DO simply
awful for business. Any law which
Will give a creditor undue advantage
Ia bad Legislation, OF course, bankers
do not favor tho law. IL viii 10 bal
| tor buBinesu meu In eight pinch.D
When you can't prefer your creditors
you can't got credit at tho na. h. At
the same ume, however, II would
sometimes be better ~ business men
could not uvardrRw % often, many
mon have been ruinsd Ia that very
way.
AIR. SPENCER CLAwsoS.
agree with MIR. Mccormick views
on the matter, Tho law Ia deiTime ntai
to Western credits. / DON'T know about
tho East. They probably are IN dii-
icfent circumstances. lnS new ooun-
try like the West, industries And bust.
uosses must be- created, built up and de-
velOpru, and In order 10 do this money
aud credit must be mad. | am not In
favor Of the law.
SIR, dEo. M CANNON.
am not acquainted with the pro.
Visions Of the bill and would therefore
prefer not 10 express an opinion.
nave heard the matter hgitatsd, how.
ever, And know that some OF our
prominent business men are opposed
to tho law, while others Just a. pTomi.
nent are Ia favor Of II.
slR JOHN Il. DooLY.
hope tho till vii not become law.
IL will elect iniutiously honest men Of
small meanf. Our lawmakers would
better promote tbs interests OF their
constituents II they would make laws
TO protect the interests OF the honest
ana well.meAning majority rather than
honest and iusignliicAnt minority. II
will not effect the banking interest
inluTiOusly, - the banks will refuse TO
grant credits where the risk Ia in
creased by this epeeiss Of legislation.
AiR GEORGE 4. Snow.
heartily concur In every expression
given by Mr.. Mccormick. shall DO
glad TO see you vigorously handle this
matter and ask Utah merchants
To urge western senators ana east.
orn friends TO do all they can
10 have tho bill throttlsd In the Senate.
such law would b0 most vi.
cious and detrimental 10 our cred
iIs ana business. 1t 10 we'll
known that many times the banks,
being nreteTGed creditors, have tldsd
over difficulties many OF our best busi-
ness houses which, under a law like
this, would have gone TO the wall.
Tho passage Of this measure, or prac.
tically the same thing, has been
Gus times in both tho National
n territorial legislatures. 10 has never
been successful whom Its vicious 70.
suits have been fully explained.
AIR. ". =. MCCORMICK.
Following 10 n letter sent by Mr.. w.
5, Mccormick 10 Senator Jones OF
Nevada, which gives the former gem
tlemRn's We've very forolbly;
SALT LAKE CITY, May 3. 1895
Hon. J. p. Jones, Washington, ID. q.
Dear Sir-l have this date wired
you as follows "Defeat bankruptcy
bill II possible. Its passage would ruin
credit here"
have also wired Senators
Brown, Cannon, 5houp, Stewart anu
Dub0ip similarly.
10 not know whether you have
given this subject much thought or
not. Similar ullls have been intro.
duced In the Utah Legislature every
seEsion for the pact twenty years TO my
certain knowledge, and always
defeated. IL 10 purely In the In.
tefesJ VI the eastern wholesale men.
Their grievance Ia that when assign.
menIs are made local people are pro.
tvrred, to thB detrlmenI OF those 10 the
tavt. The ansV o. Il, there 10 no com-
pulslon, and ~ they will insist on
tendiug their uGummers here 10 sell
their goods they must take whatever
Oh = COS there are. Besides, they
have = big advantage over ilocal