The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-04-24

ard b. a Simple method has made bank
rupscy measure OF relief 20 the un<or-
tuaate. without arordfng any advantage
u the unscrupuIous.
Ore good effect OF the bfH viii be that
z makes clear distinction betreen tho
Bankrupt and tire honest 6ehsor who gives
Up all his property 10 his creditors II
wln serve 60 make tire word bankrupt
ocsorE and 10 sfizmassxe the raan who at
fempss to desrand his creditors. Now
Bankruptcy means nothing; n may be
a perfectly honorsbie compromise OF q
rascsIly ard deliberately planned scheme
- obtain goods and money By false pre-
lenses
The rascal has beea keen enough TO rec
thai st ali times ne could sneak behind
tire shield extended Dy public sympathy
for the man VINO has failed in business
through causes which were beyond his
control, or az least carried no faint Of
Nelson biIl. ~ being put into q separate
category.
The petitioner for voluntary assignment
must file . schedule Of all property ex-
ernpt and unexempt and OF all creditors.
and must offer 10 surrender al his un-
exempt property. Creditors viii have sn
opportunity TO be heard, but IL thu court
10 satisfied that the debtor In acting In en-
tirs good faith his property win be trans
farred to an assignee for the benefit OF his
creditors, and the unfortunate can walk
out D free mar 20 begin life over again.
This Is often done now. but only by the
man who runs away and places himself
beyond the reach OF creditors Many men
who now are tempted 10 flight or 10 resort
10 devious means OF escape do 1t because
Of the hopeIessness OF the struggle. and
the knowledge that even surrender OF al
possessions viii not relieve them from
liability. When the act of assignment. ap-
proved by the court. is testimonial OF
the honesty OF the debtor and affords an
escape from a load of debt contracted
II will be taken advantage of. to the
greater security OF creditors who exer-
else prudence in extending credit.
1t Is expressly provided that this law
shall provide no loophole for escape from
any obligations which shall have been Gre
ated in consequence OF his defalcation as
q public officer or as an executor. adj
ministrator. guardian or trustee, or while
acting In any other fiduciary capacity. or
any debt or obligation to any surety OF
ha has ar y
any such fiduciary debt or any part OF II.
nor any debt or obligation created by the
obtaining OF money or property under
false pretenses.
The dishonest debtor receives no consid-
Grafton. II is provided that IL any person
owing $500 or over shall at any time within
four months of the time of the filing Of a
petition. convey or voluntarily cucumber
any of his property with the purpose to
prefer. or defraud any creditors, he shall
be deemed a bankrupt. Creditors having
debts against such bankrupt to the
amount OF 500 may. within four months
after the act OF bankruptcy has been
committed. file In the court petition for
an adjudication of bankruptcy. AS a trial
is to be had in open court, there is very
little chance OF injustice.
II this bin shall so into effect it VIII Gre
ate new profession. that of assignee. 1t
would be too costly to have separate as
signees for every 500 bankrupt, so that
assigned estates will be handed over to
men who are prepared to make a business
OF keeping watch on the tags and frayed
ends of all kinds of property. and to give
bonds for the honest handling of trusts.
Tho uniformity OF the law all over the
country and its strict enforcement will
have a most beneficial effect upon bust
ness. and while IL can not supply the de-
AGENCIES OF Judgment on the part either
Of him who assumes a debt or extends a
credit IL will be a great protection for the
honest on both sides aud a check upon the
dishonest.
GEN MILES, WISH