The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-13
sam 7 P UL
HOME FROM KANSAS CITY.
e. a. Young Talks of the Credi
Mems Association.


e A. Young, Of the firm Of Finch.
Van Slyke, Young "a Co., arrived home
S Ss sttended frq }he ona os
of Credit men as q delegate from st.
Paul
"Our entertainment at the hands of
the merchants of Kansas City," said
Mr.. Young to a reporter, was more
generous than we had any right TO
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 Klnd
atten tionS. The association showed II
self a 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, a man we'll known
in the commercial world. st. Paul
made OVertures for the next meeting,
but found that Minneapolis bad an
ticipated it's efforts in that direction
and so joined It's forces to those OF
Minneapolis, but without success, as
Detroit was chosen. Minneapolis Wlll.
I 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
a 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 ana
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 embezzle are wholly want
ing.
There are no provisions in the bill for the
setting aside of discharges which have been
fraudulently granted.
The limitations in the provisions for in
voluntary bankruptcy are so great that prac-
ttcally it 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 judiciary Of
the senate. and finds follows
Debtors and creditors are both fairly treat
ed-neitheT having 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.
One Fare to Pittsburg
And return via Chicago Great Western
Railway maple Leaf Route on account
of the meeting Of Junior Order United