The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-04-06
To HELP RIVERA OUT
Continued from First Page.>

/ Continued from First Page.c
THE law in England has beer in forcj
| continuously for 355 years. In France N:
law has been in force for 407 years. Il
Germany a law of this character was en-
acted for the empire in 1877; ir Russis
there has been bankruptcy law in force
since 1926; how much longer cannot say
having had no access TO their laws. The
| fact that these great nations nave found
| it desirable IT. conducting business and II
| the promotion OF enterprise 10 have such
a law for the mutual protection OF debt,
ore and creditors constitutes d precedent
| of persuasive force to the members OF
| this body.
During the past ten years there la:
been an agitation in behalf of n new law
which has beer educational in character
II has been the purpose of those condac:
ing this agitation 20 secure the aractman
OF no particular law except so far as il
should be comprehensive Of the rights OF
all honest people; they have not so75
about the work with the secrecy which
attends the promotion OF selfish ends but
have sought the greatest publicity for the
consideration of the subject
1.-THE product Of these years of agita-
ton has been the Torrey bankruptcy BILL
a measure which has been more generally
considered and universally endorsed
throughout the country than airy proceed
ng measure Of like character and which
has been considered and discussed by con-
gress at each session since 1889.
This measure is the most thoroughly
analysed piece OF proposed legislation I
have ever examined. Every conceivable
contingency seems to have been though.
out and carefully provided for"
After an exhaustive analysis of the
measure Mr.. Lindsay summed up his
conclusions as follows:
''The question of who the friends and
foes Of this bill are has proved of great
interest and hence 1 have considered
how the financial interests Of all classes
of cur citizens are likely to be affected
by it.
The fact that litigation will continue
in the state courts and that referees NAV
be appointed in every county, will pre-
vent the concentration of bankruptcy
business on the places where the bank
rupscy courts meet.
Il have considered the status OF labor
ers and find that they are interested in
the stability OF credits, the maintenance
Of which gives continuity to their en-
pioymen,t and there is nothing in their
status repugnant 10 complete bank
ruptcy law.
IL nave considered the surroundings
and natural incinations Of country mer-
chants and find that under such law
they will enjoy more extended credit
than under conflicting state laws. They
will enjoy greater security under an
equitable bankruptcy law because. IN
der the state laws, a single creditor may
force them out of business. while under
this proposed bankruptcy law they may
defend themselves against the action
brought by their creditors collectively
upon the ground that they have not
committed acts Of bankruptcy, or IL they
have. still they may. IL honest, secure
settlements Of their affairs and proceed
with their business.
II have considered the financial inter
erests Of those who produce raw mater
i'll, 10th from the fields and the mines.
ana find that they are interested In the
OF credi. which enables
them to garner and harvest. dig and
their products. They, TOO, are
interested in complete bankruptcy
Law
L have considered the subject from
the standpoint of the iobber ard manu-
facturer and find that they. too. are in
terested both in maintaining and ex-
tending credit and the passage OF this
nil will give stability to their affairs
and result in enla-ging the volume of
their transactions There may be large
and selfish business establishments
which do not believe in the discharge OF
honesr debtors by the courts or the ap-
plication OF equitable rules between
them ard their feliow-creditors and
hence are opposed to the enactment Of
srch law as this
IN view Of al these facts. Il IL for US |
20 consider whether. at the dictation OF |
'ew grea. establishments. we shall fur |
Their postpone making the constitutional |
right 10 bankruptcy law available 10 I
VIC PeOpi- OF pToceeu upon me 'neory I
1f the greatest good TO the greatest /
11ln5er and pass the bill recommended |
cy the committee on the judiciary.
a bankruptcy law should be on our /
statute books. The Torrey bill Is. IN ny
opinion. the best measure on that sub (
ect ever presented 10 congress and.
July persuaded that I VII benefit The .
Vioie DeoDIe I advocate its an7r.-1a---
MO & law"
Al As ,. IN. tta senate held q brief
Executive session. ard then adjourned.