New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-29

to many important matters OF detail
STATEMENT BY HOUSE CONFERREEs
PROBABLE END OF A LoNG-coNT1NUED EFFORT
TO RrcoNc1IB THE TWO HOUSES
OF CONGRESS
Washington June Is Special Among the praise
worthy achievements OF the IVth Congress VIII
be numbered the enactment Of National Bank
ruptcv law For wears there has been demand
for this legislation. and for years Congress mas
been trying enact il and always without sue
cess owing to the ina bity Of the two branches 20
sgree on a measure ~ the beginning OF this Con-
cress the prospect seemed less promising than u
had az times in the past, but the demand was more
insistent than ever before. and the Judiciary com
rnitees OF the two houses addressed themselves 10
the task with renewed energy and redouoled zeal
The advocates Of a purely voluntary system and
OF combined voluntary and involuntary system.
respectively were as active and apparently as de-
ternined as ever but both sides at last fully real
tied that each must make some concessions II
any legislation 10 he had The Senate passed
the Nelson bill: the House substituted for II Dill
OF It's own. The latter was based on the Iorrey
bill but in all essential features It was the product
O. the labors OF the judiciary COMMITTEES Of the
House of Representatives.
The bill and substitute were referred TO con-
ference committee months ago ana after long ano
unweared efforts agreement was reached Which
has ratified by the senate ana Will pe CON-
frrned by the House tomorrow. The statement
which will accompany the report OF the majority
OF the House conference.-the Terry. % Arkansas,
dissenting-sets forth in clear. concise form not
only the changes made in the House substitute,
but also the more important provisions as they
will stand after the adoption OF the report and the
approval Of the law The statement" is. in part.
as follows:
BANKRUPTCY COURTS DESIGNATED.
IN q
bankruptcy. and declares certain courts 10 be SUCH
and then defpes the jurisdiction OF courts Of bank
ruptcy the same did the House amendment 10
the Senate bill, with the important change that
whereas under the House amendment to the Sen
ate bill a person might be adjudged bankrupt IN
any district where he had done business. under the
a bankrunt and proceeded against in the district
where ne has had his principal place OF business or
Upon also limits the power Of the courts in taking
charge OF the property Of bankrup!s after the nins
where the Court finds ii absolutely necessary so 10
DO for the preservation OF ne estate ne oliI as
power to close estates and reopen them in certain
amendment 10 the original Senate bill. so far as
ruptcy. are substantially Identical
The House amendment TO the Senate BILL in
ferent acts. That bill made it an act Of bank
T a ta his so r9ce Of dspadi
,domiole. with intent 70 avoid the service q
agreed upon does not make these acts Of them
selves acts of bankruptcy. but the subject IL COW
ever an insolvent person has concealed himself de-
aes5si b and snv of he prepeTy is
tached or seized by creditor. the failure Of the
before II is sold or disposed Of is declared ac,
Of bankruptcy. and hence under the bill as agreed
speeifed and made acts Of bankruptcy by the
House amendment mend. to the Senate eill In sub,
who Is insolvent when q petition is filed are made
Under the avs Of the several States dr there is an
exception we are not ware OF iO. when debtor
e and Snder desy or deraud his cTed
itors suit may be commenced. the property OF
the debtor attached and held and eventually sold.
Hence. IN all cases; so long as the aosconding
debtor Il solvent the creditors may secure their
case the property is insufficient 10 all claims
made and satisfy all attachments issued, or one
such proceedings. il such attachments or any ono
OF them are not released at least ave days before
voluntary bankruptcy may be fled and the cred
@ Sc 6 tns Of snSh 'Hs
by legal proceedings are by subsequent provisions
vacated and declared null and void
FAIR FOR ALL CREDITORS.
The result Is tina, IN such cases there is no
danger that the one creditor viii obtain an ad-
vantage over the others The main objection is
that the more diligent creditor who is put to the
expense Of attaching and holding property IN such
case may be compelled TO release surrender
It. and 50 lose the full benefit OF his superior ac-
tvity. II the abscond!ns concealed debtor
leaves sufficient property 10 pay all MS debts all
creditors will be satisfied and great Injury done.
The main construction of the Senate conferrees
was that no person. however great the frauds COM
nitted by him should be forced into Involuntary
bankruptcy unless actually insolvent the date
Of the fling OF petition against him. While re-
.vc,ant 70 yield on this point II is well 70 state
or concealed debto. may not be safely proceeded
O. Conceal themselves TO avoid service Of civil
process and defeat their creditors. II such per
ceedng to aajudge MIN a bankrupt is commsnced.
ne must disclose the fact that he has suf1cien,
property TO satisfy all his creditors or else he is
One OF the main objections to last National
,remey drastic in many OF It's provisions. In franz
ipg The House amendment 20 the Senate act and In
ferrees great care has been taken 10 eliminate or
modify every provision OF this nature. and 1t Is
confidently asserted that no honest need fear
that wrong can be done him under the operation
OF the law. The conferrees have stud!ousy avoided
eomprehensive uniform system of bankruptcy.
They have not sought 10 snac, collection ns Jaw or
The conferrees have sought y afford every homes;
his property not exempt BY the law Of his domice
from levy and sale on execution 10 secure dis
A. The same time IL has been necessary 10 guard
the bin by reasonable involuntary provisions that
the property Obtained on credit, or applying il al
20 the payment Of che or more special creditors 10
the exclusion Of others equally deserving OF pro-
AN EXECUTION OF 800
, The House amendment 10 the Senate bill also
declared that 1t should be an act Of bankruptcy
for a person to suffer while insolvent an execution
from court OF record for 800 or over. or a num-
Der OF executions aggregating that amount. 10 be
returned no property cound." unless such 3udg-
rents should be paid before The hiing OF petition
finally agreed upon: siiil the act is really declared
to be an act Of bankruptcy Tor The 5ill as agreed
upon provides that II the debtor while nsovent
suffers or permits any creditor obtain a prefer