New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-02-08
BANKRUPTCY LEGISLATION
THE SENATE To CONSIDER TnE g'nI,cr TO-DAY
TWO bills BEFORE fr

Washington Feb fsnecap IL g. nahla that
tho consideration by ,hr Senate ~ bankruptcy i"s-
islation will be begun tomorrow. SENATOR nari.i
Will move 90 dlsplacc the Nicaragua iiil WITH ihs
Bankruptcy hil and ih" understanding smons
some Senators is that the motion Will carry
Two bills are before tho senate ono b. mo Torfey
bin aud tho other thc nnile, Dim .s modified Witch
was rejected T., ihe House during ih' lHf Hrssion
Of Congress The House hi o. largo majority adopt.
ed the Tofrcy hnl That h.ii provides for both vol
untarv and Involuntary hankrupiei. with ihe In
voluntary features properly safoglarisd Whna ina
Bailey iui as parso1 by tho House Boo tho Liza
Congress provides Cor only voluntary bankruptcy.
In Discussing ihe merits md domsfts ~ the Two
bns before tho senate senator Shoun 81 Idaho
said. u have considered yer' carefully fhe Bank
ruptcy hills pending in 'he Senate The appeal for
"a purely voluntary bankruptcy lNl which g. hsink
made hy some 81 'he members OF tho Senate l.
uinnsibie Boo many rerrecia luf the enactment %
such a. l would. m my Judgment. b. ihe very
worst thing that could happen Co tho debtors ~ the
country All debtors are properly di,ld'i into I've
classcs Tho one r. composed - those who are IN
deb, and have nothing and far n- their lcrislat-
I've friends have spoken Tor them they simply wan,
"a dlschnrro IN bankruptcy. ! ~, heartily 90 gym.
pathy Win 'his class ~ debtors. ana T. therefore
want to give them. not simply diaciiarre in bank
ruptcy. but 20 place them M position which viii
enable them upon securing their dFf barge % 40
something for themsel,es
Let me illustrate. suppose temporary voiun.
tnry Jaw should be- passed. and the unfortunate
debtor should get "a discharge under A. and then
apply Tor loan of money. or 90 purchase rsois
upon credit. fhs psrson having tho money or the
goods would simply decline 90 fite tho credit be-
cause such debtor. upon obtaining them might
under tho same law secure SECOND discharge ard
thu. a.fraud his nsueffcfor Henr, such q INV 4.
not really ell that IL demanded for such class u
tarhs other class Of debiorf whose friend I ala
am la composed Of those Who debts huf AT
me Same tim, have property. aud must have n con.
unuatiuu of credit or the, VIII lf compelled 20 fa
Nc, M 10 have over considered hs nessailss IN ths
class Of deb'ofs which T. probably lafref than a..
other class of which have spoken NJ r. pufsIV
,oIunfarV law should d. nUasfu under which at.t
would IL large extent. nr unable fn got 4 con.
fuuafilu Of credit tHfHNsf. under the ufoa fslnus
of such a law. thci mirhi without Dee of hindfsnrr
or th. part 81 thaf CREDITOR aaiIh.rt., ur,,,re
FOR aud 80 into bankruptcy Hrfufr dist hnrae ana
go on ln business Win their ll rlffsn ..lr. w
~ complete law ahnli d. passed nr / rluhdenti,
believe u VIII To- both casrc' 1f debtors viii 10
Krnntly benefited hspauro INSTEAD of ruirluD ~,
credit n viii extend " such - law will full, nrn
tcct the rights Of creditor prevent them rro,n "a
i,fing upon sfinsh rifusgift flsN poU A. al,
great financial losses 20 Themselves ana - a..
same time s"cuf" Tor them their ever, eouitabis
The statistics - 10 failures In the eo,,,,.. -.
quite interesting the, show that onls about one \.
lD Of all the men. nrms and eorpof alton. rnsasrt
len every sort - business hig aud lfl, ,.u.,l-.'..
teen YEAR, These figures show that when a.. III,
failures shall have hesn DISPOSED 81 npd,, a t..h'
rup''N law 4 VIII Hrrrf onlN NrfA ANAL La. 20
our peopl. The !offe, hantfupic, hlll !. rnn,ur.
! am very heartily in favor N g. psasnr. y ~