New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-25
BANKRUPTCY LAW ADOPTED.
sr~,ToR HoAR's FIFTEEN YEARS OF
LABOR CROWNED WITH SUCCESS
ray rr.r.rAru 70 TUr TRIBUNE

so,.,.- rosre vel Axpressed rhA general feeling
Of .he Senate ;o-9av when he SAID 20 The I0n"h"
CORES pondent
p. TSs 1sCy'S S ~ me senate followed i VII
certainly rs similar action on me par OF M
ness az lesislst.on i3r which strong efforts haze
been made. both nsid" ana OUTSIDE or Con@ISo ~
1crS chief credi belongs - senator toaT VINO
has had the BIZ in ehaTss ana WIo sn n5S cara 70
one not familiar With TIE details Of LEGISLATION ana
me sGar,xss an e1 rearze the amonnt OF work
ns eISr and abby Vh'ca Mr Hoar as chairman
o. The J99ic@Sy. P9n Is siea, and USEFUL
measure and Senator Hoars admira he manage-
oo Snr IN His success Brings fresh honor not
only n rim. hu' 70 massachusetts,
SENATOR HOA7's GRATrFIcATIoN.
Senator Hoar vas bearing with gratifcation
when The Tribune correspondent saw him this
afternoon and in response 70 request f-r state
ruent about his hsrd-Won victory the senator laid
have worked .ndsfatisaolv ior moro than n!teeA
years tor the passage q oankrnptcy piiI Wncn
should release IN" lrge nnA1oer o. pnio'1snals
debtors N the country from ne deots "hlch cani"
be discharged oy the OPERATION Of STATE avs ana a,
~ Ied,tors against fraud and preference IF favored
creditors. But the difficulties have been ioln1
ting what was known as the Lowell bllr through
the Senate against the opposition or the 1 TnU.a
FOR the lac; of three votes whom wo-thirds vote
81 the House wss ns,esSaIN 10 gel II up gu, o w.
States in the far West there is great prejudice
against bankrupt processes partly because OF me
Inrilllnsness o. their people to submit to com
pulsory payment Of debts ard partly because 90
dislike to legal proceedings in the United Sac:
distances from their homes and from the scene a.
e Few n4ss, Sou.ei vh onnscons
all over the eopnry lavc had arrangements ..
gave them the preference one nrm IN O6icaso
IS said 70 have OFT credits - ne amonn' ., 80 w.
/ per cent Of that whole Indebtedness a. course
ysiat,ves Of the deator are frequently made with
the proceeds OF goods for which dealeI: aage oesH
%ev-Englan1
THE CoMPL1~sTED 7oRREY BILL.
IN, boards Of trade and other business asso
Citations Of the grea; commercial cites and ~
tho manufacturing States have for many years
urged upon Congress bill known as ne TorreI
BILL This bill covered more that one hundred ana
twenty pages ard a very carefully prepared
mechanism fun Of minute provisions for dealing
with all conceive hle Of fraud ard preference
But the objection 10 II vas hat IT vas 100 compi.
Sste6 IL TOO e2 nsrd ~, 20 he b ana Of for
Withholding dscharse radH y seem rs IL a
and as II bankruptcv bin We're lutte NOR" than
chapter from crminal tode Tasn me p, en-,
unwilling 10 be the subjects u bankruptcy against
their will. and there vas Frea, ooj~ou'H G ',if
itself ground Of oankruptc, II was said that
Sisculties' especaIly In rev countries could get
along very well If they could hat" time. and they
0.ght not BE- stripped Of heir property ard
subjected TO the odum Of bankruptcy without
Some Of these arguments had good deal Of
force: some of them had not much ioIee- or ana
some Of them we're not appf,aoe 70 taS aS
individual creditor 20 bring suit al his pleasure
two houses Of Congress. and would probably have
been suficent to defeat the foTsysr OIL '0' q"
A COMPROMISE REACHED.
- rill
doubtcdly be found that in getting II through we
have been obliged TO leave IN II some orudities
and inperfections which must be remedied oy
subsequent legislation. It IS quite likely that the
fees Of clerks referees ard trustees VIII ne fouhd
n he TOO low One of the great objections was
that under the old law the estates we're eaten up
by costs and that the creditors got little or moth
,,s,. Sc we have pared to the quick in '''' par
Instead Of the long list Of crimes there are only
fTT wn ans 1anf als Is so Se ae bank
ruptcy proceedings; the other emDezziement OF tle
are exceedingly liberal: and it is provided that
farmers and wage-earners Will not be ne sGojeS0s
eral to merchants. manufacturers bankers. printers
and publishers. etc There are some possible cases
o: fraud which the law will not prevent But the
objection 10 a strcter one great that 1t Was
not thought best TO risk the success OF THIS bill
standing out for perfect rule TO be applied 70
cases which would not occur once in thousand
than that known The Torrey bill in two particu-
lars--one that the settlement cannot be DELAYED ~
appeals 10 the Supreme Court OF the lntcG states.
IS Involved and ,ond where decision Of the Su-
tpreme Court s needed for uniformity o. construc-
ton throughout the country. ana next, in the pro-
vision for a summary Application 10 a court OF ap-
peas In an nterlocutory way 70 correct mistakes
as the proceedings 60 on. instead Of waiting until
tho final determination in the court below and then
keeping the whole estate tied up until after nnal
decision In the higher court The public 10
especially indebted 10 Senator Nelson. Of Minnesota
and the Hon. Mr. Raw. OF New-York. Of the House
OF Representative. for dligent labor in conference
extending through the whole winter. I per
fectly willing now the result is accomplished 10 let
anybody else have the pride and glory OF II II there
he any, But have personally seen on the subject
OF The bill within the last few weeks majority OF
the members Of the Senate and have spent great
jeetions and endsa rcGing 10 stimulate feeling OF
zeal in gentlemen who were Indifferent The num-
Der of crude Objectionable and vicious propositions
which have been made ~ tho matter is almost be
yond reckoning
What's done partly NAV compute but know
not what's resisted
The bill. with many imperte:,ions is submitted 10
the cons!dera:e Judgment % the professional and
the business men o. the country II will enable
from $50 no TO 20 o0o bankrupts get their feet
again. II will enable nianufa and merchants
70 get fair division OF their DEBTORS property and
Will prevent a great deal Of fraud emhezzlemen
ana wastetul dealing With property
WELL SUPPLIED WITT OTTNINE
Washington. June - Through he fores.sh;
Of surgeon-Genersl siernberg OF the Army the
troops which have gone - Santiago A. well as
the Insurgents who may Join the Army. vii be
we'll supplied with auinne. so necessary TO ieath