The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1897-02-17
NEED OF A BANKRUPT LAW,

Suppose a man fails in business. shall
he forever be debarred from making
a fresh start? Is it right to keep him
under the ban. and whenever he makes
a little headway, take from him what
ever he has obtained. and reduce him
20 poverty again2
The United States has numerous
hisolvent debtors. Their property has
been taken to satisfy their debts, and
they are weighed down with judg-
ments and obligations in excess Of their
assets. 1t is impossible for them to
20 into any kind Of buiness and begin
a new career OF active usefulness.
state laws cannot relieve them from
their obligations to creditors in other
states. They are hedged about, walled
in, and utterly helpless. Many Of these
men are possessed of excellent business
talent, and were they relieved OF the
burden OF old debts they could make
a fresh start, and become again active
Snd useful in the business world.
The conditions existing for some years
past have been such that many men
went down, not as the result Of unwise
acts of their own, but because Of cir
cumstances over which they had no
control. The collapse of real estate
speculations in Western towns and cit
les left a multitude OF men hopelessiy
bankrupt The panic Of 1898, and the
years of depressed business which have
followed, have wrecked thousands Of
Arms and individual business men.
There is no help for these men save
in the passage OF a bankrupt law by
congress. The need Of such a statute
was never so great as now. The thou
sands VINO have gone down, manfully
and honestly struggling to the last TO
save themselves and their credit. can
never be anything or accomplish any
thing unless such law comes 20 their
relief. Their old creditors Will never
get anything. as the case stands; why
not. then. through bankrupt act, al
low them to wipe out rhe old scores
and begin life anew?
The present house Of representatives
in May last. passed the Torrey bank
rupt bill. providing for both voluntary
and involuntary bankruptcy. In tbs
senate the majority of the committe'
recommended the Georgia bill as sub
stftute. while the minority reported il
favor Of the original measure. II
proper effort were made, a bankruptc!
law could be passed before adjourn
ment OF the present congress. II L
to be hoped the effort will be made
and that il viii be successful.
The st. Paul Pioneer Press. in al
article on the subject, has this excel
lent comment on the need Of such
law:
While it is for the benefit OF tn
hopelessly involved and embarrasse
but honest debtors that relief is sought
in q national bankruptcy law. they d
not ask a law which shall not CAREFUL.
protect the just and reasonable right
and interests Of creditors. What !
wanted, and what the bills before tn
senate provide for is a law which vii
enable the victims OF misfortune 10 Civ
up all they possess-except such rea
sonable exemptions as state laws pro
vide for-and having thus done tn
best they can in settlement Of claim
they cannot pay, to be delivered from
the pursuing shadow Of remorseles
creditors and bounding sheriffs, an
to be able to start anew in bushes
with a clean sheet
''Thus relieved from the burden
which crush him, the honest debtor.
he should again be successful in bust
ness, would deem II a point of homo
30 pay, If he could, the debts frcn
which he had been Legally discharged
No man can ever acquire the credit o
capital for a new business career VIII
does not deal honestly with his credit
Of,s. and the dement's Of voluntary bank
ruptcy are intended for, as they ca
only be realized b.. this class alone.
The prosperity which with the pass
age df a wise taIiff DILL is awaited wit
sangui1e confidence will come in val
TO muItftudes of the victims Of the pas
four or Eve years. Of unexampled deprei
sion. II 1t shall not come with the boo
Of emancipation from the Consequence
Of misfortunes which is promised IN
uniform national bankruptcy law.