The herald., 1897-05-01

Gpon1lbnllY 10 ne se1tineatn sxpeeesed.
cesrsageneoass ezs ssquestsd e ou!tivGts
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The 1anlzuptsy 1ill-ysem Had p
TO the Editor Of the Los Angelss
Herald: Some days ego you gave space
to an article on the Bankruptcy Bill.
and since its publication. seemingly to
the surprise Of the senate itself. they
have managed to pass. by very conclu-
sive vote Of - to 8, an amended bill
known Is the Nelson substitute.
The success Of this substitute In DIS
placing the committee bill. 1t seems. was
great surprise and disappointment to
the judiciary committee. which had re-
ported = comprehensive bill known ~
the Torrey bill. which Of itself was de-
fective enough.
The vote was regarded, the press dis
patches say. as q personal triumph Of
Mr.. Nelson. Some time ago Senator
White sent me copy Of the Torrey- Lind
sey bill, and in acknowledging its re-
ceipt took the liberty Of asking his eff
fort to defeat It. herewith append his
answer:
COMMITTEE ON COMMERCE..
United StAtee Senate.
c,sgs:1l ws:hnSssn Eso p ss.ss s. 4Ps' r. e e.. M A.
bsss bess s sir-Tours os n's' 81 the 18th inst. re:
gard4ng the bankruptcy bill received; I
sey BILL The subject Is now under dis
cussion and q vote will be reached before
'0ns' 10u s1fiEPHEN M. WHITE.
~ - - yo%t q written tha
Nelson substitute was passed. here
with also attach copy of my letter IN
reply to Senator White of April 22d:
LOS ANGELES, April q, 1897.
Hon Stephen M. White, United States
Senate. Washington. d. c.:
Dear Sir-Yours Of April 22d In reply to
mine regarding the bankruptcy Dill. JUST
Since it was written the press dispatches
bring US the information that the Nelson
substitute has been passed by the senate
The bill is far more reprehensible than
either Of the preceding bills and brings
into serious question all moneys paid with
in four months and all transfers or mort
cages Of property within six months OF The
filing Of the bankruptcy petition. II this
bill becomes law It would be infamous.
No merchant who Is dlligenk in the man
Of collections would ever know when an
account was secure or paid. where any
discount would be allowed to settle an UNI
satisfactory debt. All merchants have this
in the regular run of ordinary business,
ana oftentimes make a discount to induce
an immediate settlement or to secure them
selves by deed or mortEase.
Please inform me of the necessary steps
to be taken to defeat this bill In the house.
It Is entirely in the interests Of the large
jobbers and manufacturers OF the east, as
against the local western merchant who Is
on the ground always and Is industrious In
making collections OF unsatisfactory ac-
counts or securing them when necessary
to save their loss: A careful study Of this
bill will disclose these ungainly features
Hoping you win give this your attention
and give me the Information asked for a.
A'''e' ' E. Z. cRANDALL.
Since your paper has always taken
great interest in all commercial affairs,
would 1t not be well 1sr you to take up
this matter and thereby call attention Of
all trade bodies and kindred organiza-
tions to this bill, which Is liable to be-
come law? It would be absolutely in the
interest Of eastern jobbers and manufac-
turers as against the western or central
western wholesaler or distributor. The
terms Of sale Of the eastern jobbers and
manufacturers are generally two and
three months. This law would enable
them to make sales on regular terms and
have all accounts fall due during the
period allowed by the bankruptcy law
for the western distributor or jobber to
make his collections or secure settle
ments Of unsatisfactory accounts.
Should he be 50 fortunate as to make
composition for dragging and unsatis-
factory accounts, which all merchants
are compelled to do. he would be forced
to make restitution to the bankruptcy
court should It become factor in the
case.
No law that forcibly takes man and
makes q bankrupt out OF him is good.
But a law allowing certain number OF
creditors, with certain amount OF claims,
who have reached, after careful con-
sideration, the conclusion that debtor
is not capable of longer managing his az
fairs, to take charge Of his entire estate.
both personal and real, and place the
same in the hands Of more competent
manager and thereby save themselves
from loss and perhaps save something
for the incapable debtor, would be good
law. e. e. CRANDALA'
Went Back on Free Silver
To the Editor of the Los Angeles Her
aid; notice in the Times this morning
and also in the Record last evening that
Hugh c. Wallace of Tacoma, Wash,
formerly Democratic state committee
man and member Of the Democratic
National convention at Chicago last