The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-13
S0IN 7 P 6UL.
HOME FROM KANSAS CITY.
Il. A. Young Talks OF the Credit
Mems Association.


e. A. Young, of the firm of Finch,
Van Slylce Young e. Co., arrived home
yesterday from Kansas City. where
he attended the National Association
of Credit men as a delegate from ST.
Paul.
Our entertainment at the hands OF
the merchants of Kansas CITY, sald
Mr.. Young to a reporter, was more
generous than we had any rlgnt 10
expect from the measure of our own
merit The most abundant hospitality
was extended to us on all sides until
we were quite overwhelmed with kind
attentions. The association showed it
self q thoroughly business organlza-
ticn discussing all questions from
broad commercial standpoint. 1t did it
self credit by choosing for president,
Mr. Cannon, of the Fourth National
bank of New York, man we'll known
in the commercial world ST. Paul
made overtures for the next meeting,
but found that Minneapolis had an
ticipated its efforts in that direction
and so joined ITS forces to those Of
Minneapolis, but without success, as
Detroit was chosen. Minneapolis will.
1 believe, secure the convention for
the year following"
Mr.. Young regards the consideration
of the national bankruptcy bill now be-
fore congress the most important mat
ter before the convention. On this, the
committee Of which Mr. Young was
q member, submitted the following
resolution:
Your committee on resolutions, to
which was referred copies of the Mel
son and TOrrey bankruptcy bills, begs
to report that it has examined and
compared thase measures and that its
members have heretofore considered
the subject, as it is of great import
ance. not only to our members, but
the whole people"
Then you may note" continued Mr.
Young, the points of contrast between
the Nelson substitute and the Torrey
bill, a. contrast which the committee
and the convention found entirely fav-
orable to the Torrey bill"
We have examined the measure of Senator
Nelson, which was passed as a substitute for
the Torrey bankruptcy bill by the senate
with results follows:
Creditors must prove their claims against
bankruptcy estates within thirty days or be
deprived OF their interest therein.
Provisions for the punishment OF fraudulent
bankruptS, dishonest creditors and bank
ruptcy officers who embezzIe are wholly want
ing.
There are no provisions in the bill for the
setting aside Of discharges which have been
fraudnlen5ly granted.
The limitations in the provisions for in
voluntary bankruptcy are so great that prac-
tically 1t is not comprehensive Of the subject
THE TORREY BANKRUPTCY BILL
The committee has not contented itself with
an examination of the substitute of Senator
Nelson, but has considered with very great
care the Torrey bankruptcy bill as favorably
reported by the committee on judiciary Of
the senate, and finds as follows:
Debtors and creditors are both fairly treat
ed-nedther having an unfair advantage over
the other.
The assignee is to be selected by the cred
itors at their first meeting.
Honest debtors may be promptly dis
charged.
The involuntary provisions of the bill are
such that 1t will result in the extension Of
credit and rebound to the best interests Of
debtors and creditors.
The debtor who files a voluntary petition
will be adjudged a bankrupt without delay.
His estate will be taken in charge as soon as
the petition is filed, If occasion requires, and
will be carefully preserved for the benefit Of
the creditors.
There are provisions for the prompt and
inexpensive adjustment and settlement be-
tween debtors and their creditors.