The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-18
JIENDERsoN'S SPEECH
!, u.nlrnpisy plii-Pro,i.ion, OF

m The bshkt"P'V $4,000
A., ron,,itution Comforting Upsn Con.
.,,,,n- Power to PRss lsuch y Law.
WASHINGTON, D. c.. Feb. i7.-ion.
n n Henderson, OF Iowa. made the
,lscIpal argument in the house yester-
S,y In support OF the bankruptcy bill.
,,o traced tho subject historically: re.
,,,.d 10 The provisions OF the federal
constitution oonterrins upon Congress
~. mower to pass such law; briefly
,,,,sd. the principles OF the subject and
nt,eIy set out In detail tho provisions
=, the bill favorably reported. He spoke
=, The necessity for the enactment OF
~. bill and tho demand for It, which
sd been made up on Congress by the
,,oD,e and anticipated with confidence,
ma, IT'S enactment would DO followed
w beneficial results to millions OF In.
1IJd,ials and to all commercial Indus.
,d,, and professional transactions.
ia was particularly forceful In HIS
dsnnncIatlon OF m attempt which he
I'D Is being made In the interest OF sell
s,Snrs, 10 wrongfuliy create a feeling
~ stctlonalIsm among the people. upon
,s,s subject. Confidence. he said. was
,'.sntjal 10 the credit system: that con-
sience would be greatly strengthened
.rd credit extended In consequence OF
%S massage OF the pending bill
.hIrh would supercede the nd
v,,se state insolvency laws. He pointed
ont The fact that his committee Is DOM
,ro,ed by western and southwestern
,c, and that Il Is overwhelmingly In
,ayhr Of the bill reported. In his opinion
,ss debtor classes OF the country would
bs benefited by untold millions of dol
lar, as the result OF the passage OF the
law.
,prs In bankruptcy as plain, simple md
Inexpensive. He gave In detail the
,,eps 10 be taken by a voluntary bank
,nht. who desired to secure the benefits
az The bill: also the proceedings which
would be taken In an Involuntary case
NJ bankruptcy, and within what time
,he answer would be filed and where the
,rial would be had. He pointed out that
,,ter the adjudication In voluntary
bankruptcy. the rights OF each OF such
bankrupts and the privileges OF their
creditors would be Identical. He states
that the United States district courts
would DO original courts OF bankruptcy;
that state courts would retain 1urisdlc-
lion OF litigation. the reason, therefore.
being that great hardships would fol-
low II all OF the litigation Incident to
closing bankrupt estates was transfer
red to the United States courts. as was
The case under the last bankruptcy law.
He pointed out the fact that the major
part OF bankruptcy business Will be
conducted before referees, large num-
Der Of them will be appointed. SO that
there will be at least one In every coun-
y.
In summing up. General Henderson
said: IN general terms 1t may be said
that under the provisions of this bill
The honest bankrupt will be treated
with consideration and within a reas-
enable time be discharged. That the dis
honest bankrupt will be explicitly
charged with his wrong-doing. dellber-
a,ely. tried and Immediately punished.
That the state will be as quickly re-
duced 10 cash as possible and distribu-
led 10 the creditors. That creditors
will have an opportunity at each stage
Of the proceedings to be heard In favor
Of, or In opposition to any proposed pro-
ceedilg. That the claims OF creditors
will be carefully scrutinized and such
as are Just will be promptly allowed at
trivial expense, and such as are unjust
will be rejected. The inexpensive arbi-
tratiols and compromise will be substi-
tuted for expensive litigation. And, all
In all. that the misfortune Of men. as
relating to bankruptcy will be assuased
es far as possible"
The speaker stated emphatcally that
The bill tavorahly reported by the COM
m!ttee would, II finally passed. constI-
tute: T5
A law which will enable Judges to be
Just and jur!es TO be merciful.
4, law which will draw the line be-
tween honest and dishonest debtors and
grant to the former an honorable dis
charge and to the latter a term in the
ren!tentiary.
law under which every debtor will
secure not cent more, nor q cent less
than Is due him.
A law which will so protect the hon
est debtor that he cannot be coerced in
10 giving preferences or paying unjust
claims by threats OF attachments.
A law which will enable every honest
debtor TO have, at all times. the assist
ancs and advice OF all OF his creditors,
without the fear that on an. attempt to
take advantage OF each other. they will
wreck him, financially.
law which will enable debtors 10 be
honest and creditors to be humane.
law which will rebound TO the best
interests Of the whole people.