The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-12-25
THE ASSIGNMENT LAW.
Mr. w. y. urooks ENpInSns How NJ
Would Amend the Measure.

Wharton Texas. December 23.--As the
assignment law is receiving more atten-
ton with our people than any other public
matter lust at present The Post man In
an Interview with W. S. Brooks, Esq. was
siven his views. MIR. Brooks prominence
as a ciyiI lawyer attaches more than oidl-
nary Importance in the matter of discuss
sion.
mir. Brooks. the discussion over the
present assignment law has taken wide
scope among the people pending the meet
Ing of the legislature. As an attorney OF
practice. will you please give The Post
what remedies you have IN vicw?''
II have no particular remedy 10 propose.
Not being In position TO impress my
Views upon the statutes Of the state, have
not given the matter any study, nor have
kept up with the various remedies pro-
posed. and hence can not discuss ileir re-
spcctive merits. ] am firmly of opinion,
however. that any supposed remedy which
places II In the power OF creditor TO force
an assignment OF the debtor "hch de-
prives the debtor OF a free right Of con-
tract In paying or securing the payment
Of his debts, would Increase rather than
decrease the evils which are now supposed
To exist. From the standpoint of The ,rcd-
,tor clnsn as represented by the " Wholesale
merchants. this idea may not be popular,
any more than the reception of tho prodi-
gal son may have been proper, II viewed
entirely from tho standpoint of The elder
| son. At present II may be that The home
man has an undue advantage over those
away from home. But it would be unlwise
| IN trying to prevent some evils TO fly to
others more dangerous and disastrous than
| those that VIC have. To me 1t seems the
mcrcat nonsense to say that all debts lsye
| the same moral as well as legal standing.
the proposition is not In consonancc with
tho every day experience Of any one. AS
an evidence OF the insinoerity OF the claim,
take the business failures among those
who have been In the creditor class, there
tofore, hut who, by rcverses. have been
forcod into the debtor class. In the ma
jority OF such eases II will be seen that
they preferred the home man.. thereby
demonstrating their belief In the business
morality OF this plan or else branding them
selves as commercially dishonest and there
| by destroying the value of any opinion they
| may advance.
From the above you will see that am
opposed to any law which deprives the
| debtor OF the same free right OF contract In
paying debts that he has In contracting
them, or which places 1t in the power VI
any creditor To force him to assign general.
| ~. II has been suggested that forced as
| slgnmcnt should only occur upon the pc
tition Of u majority OF the creditors of an
irsolyent debtor. This is impracticable,
because TO render this method at all ei-
iective some plan would he necessary by
which IL could be judicially determined
who constituted a majority Of the credit
ors. When proceedings were instituted to
determine this fact the debtors credit
would be destroyed and incalculabe injury
would be done him, aud IT, on the other
hand. bond should be required Of the
creditor filing the petition the remedy
would be no more effectve to and no less
dangerous for the creditor than the present
attachment law"
is the present law damaging to a high
standard of business integrity, morals.
ete?"
I n think il might be improved on in
seine details. but do not think the preferred
creditor feature, as accomplished by the
trust deed method, responsible for the evils
which do exist"
"Torsely. how would you remedy the
preferred creditor feature. which seems IA
have crept Into the statute"
Il do not think this feature has 'crcpt
into the statute. II exists despite an
attempt in the statute to prevent It, be-
cnuse II Is basel upon reason and common
sense. | would not remedy this feature.
hut would extend 1t that the debtor might
! dc openly what he must now do under cover.
| would change the present law 80 that the
dobtor. in making a general assignment
should be released upon payment OF 20 peI
cent instead of 33 la per cent would
: add to this law another provision to Tho
! effect that debtor should have the right
g To make an assignment with preferred cred
J tors should he SO desire. but that II he
made any preferences that the creditors
ehould not be required to release their debts
, uron payment of portion only OF the debt
! | would also make ~. obligatory for the
i cieditor 10 accept In case OF general as
= sipnment instead of leaving 1t to the cred.
itor 10 accept or not"