Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-12-28
TUESDAY,. DECEMBER 2S, 1879
THE BANKRUPTCY BILL.

Reports from Washington indicate that
the leading opponents Of a uniform bank
ruptcy law, including both voluntary and
Involuntary provisions. concede the hope
lessness OF a further contest. and predict
the passage through both branches of
Congress of the Henderson bill. reported
10 the House ten days ago by the Com
mittee on Judiciary, Of which Mr.. Hen
derson. Of Iowa, is chairman.
The first Federal bankruptcy law. en-
acted in 1900. remained upon the statute
books but a few years. The second
that of lSi1-was repealed at the end of
about three years. The third and latest
passed in 1S67-continued in force until
1873
The pending Henderson bill is not a
new one, save as to amendments intend
ed chiefly to disarm antagonism to the
severity OF criminal provisions. In its
unamended form it was practically the
Torrey bill, which was passed by the
House in the Fifty-fourth Congress with
a decisive vote. and sent to the Senate.
The Senate passed a substitute, and the
whole subject went over.
The New York Mail and Express, which
IS an enthusiastic advocate Of a new
bankruptcy law, and which expects from
It much good that we think never will
be realized. says:
1T is needless; indeed impossible. to
fehearse here the provisions of the Tor
rey bill, on which the Henderson bin is
based. 1t required many hours TO ex-
plain II 80 the House on it's original pre-
seniatics, and since then II has oeen
made tolerably familiar 10 the country
as aimed to protect debtor and creditor
alike by providing voluntary end inyO,Jn-
tary bankruptcy. as in the case of every
other co-ntry having such law; by
guarding against persecution on the one
hand ami imposition on the other; by
curbing the crafty debtor, ,and clearing
the way for the honest but unfortunate
debtor 10 resume active business without
q clouded reputation.
This bill gives added benefits TO opera
tives, clerks, and servants. II raises the
sum OF Indebtedness for which involun-
tary bankruptcy proceedings may be in
stituted. while placing no limit on volun-
tary bankruptcy. 1t reduces costs and
fees 10 a minimum, thus obviating the
chief cause of the 1873 repeal. II pro-
tects both sides by permitting a debtor
10 buy and sell, and give perfect title
after the institution of proceedings and
sfp to the date when he is formally ed
1udicated bankrupt-frequently a mat
Ter W months. AT the same time IL pro-
yides for the Intervention OF a creditor
II he believes a debtor is depicting his
stock and pocketing proceeds, while
guarding such debtor against an unjust
charge by compelling bond TO indemnify
the latter II proved innocent. II pro-
vides no imprisonment for debt, but does
provide for arrest, and the holding in
ball of q debtor. on an affidavit showing
that he is about 10 run away. and that
his absence will defeat the operation OF
the law.
at does many other things too hume
rous to be Get down in a newspaper
reference. But all that II does Is. as we
have said. aimed at the protection OF
creditors and honest bankrupts. the pun
ishment and defeat OF scoundrels the es-
fablishing OF credit business on a uni
form basis in all parts OF the country,
and a compliance with the demands-too
long ignored-of the commercial con-
science and integrity of the nation"
The recollection of how the last bank.
ruptcy law was administered In the South
81 weil-nigh inefaceable, and the result
Is that many people never think of a
new law but with a shudder We have
never been able 20 discover any great
popular demand in this State for new
law. The most interest that has been ex-
hibited In the matter has been on the
part of commercial bodies who. be-
lieying that another bankruptcy law Is
Inevitable. have sought to have IL made as
fair and economical as possible. 1t Is
understood that the Henderson bill is
comparatively free from objection on this
account.
II Is 10 be hoped that those who are
pushing forward the Henderson bill will
ace TO II that as far as possible its pro-
visions shall not invite rush" OF those
who may be waiting TO take advantage
of it, clemency. Unless this point be
guarded, there may be an unnecessary
disturbance OF business as soon as the
bill becomes law. TO be sure, The mea-
cure win be under discussion for some
months 70 come. and SITS effect viii be
"d'scounted" 10 large extent; but we
prefer TO have II calming. rather than
en asitasing, influence In business circles.
Let congressmen keep this matter IN mind
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Scores Of newspapers have inJulged en-