The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1898-03-15
HON. STANYARNt WILSON ON BANKRUPTCY
EVILS OF SUCH LEGISLATION.

In the Interest OF he Creditor and
Against the Unfortunate. Debtor
a strong and Vigorous Argument
Irnm the Representative OF the
Fourth District.
The Congressional Record of March
l, coGtStns a speech on the bankruptcy
rlil, delivered in the House on Feb
ruary II, by Representative Stanyarno
wilson, from the 4th district OF this
state. AS the speech shows the reasons
for opposing this bill, ia a clear and
torcible manner, it will doubtless bc
read with interest by both the friends
n opponents OF the measure. After
some remarks on the silver question
MIR. Wilson proceeded to discuss the
bill before the House as follows
This bill Is not In the interest OF the
people, but, as practically admitted to.
DAY upon this floor, at the demand Of
the wholesale dealers and jobbers of
the large cities OF the East, North and
West, who for ten long years nave nur-
tured and fondled it as the hopeful
m ans which would place within their
power the b1rdened debtor struggling
uphill and upon the edge Of insolvency.
so thr as relief Is needed by unfor.
tunate debtors, the several States are
able to provide and taye upon their
statute books laws a%bundantly broad
and strong enough to enable failing
deotors to obtain release from their
debts and start life anew. They also
nave provided the machinery for the
protection OF creditors. They have
their assignment statutes, by which
the insolvent debtor can transfer his
property to an assignee or trustee to
be divided amongst his creditors, and
by their acceptance OF their pro rata
OF the assets obtain his release from
their claims.
Then there are attachment laws and
the common law by which fraudulent
c~onveyances OF q dishonest insolvent
DEBTOR may be set aside, and by which
receivers may be appointed to take
charge OF and distribute the assets of
the failing debtor, who is trying to de.
fraud his creditors. There is no iusti-
ncation on the score Of niece ssity for
the National Government to inaugu-
rate a system OF machinery which will
oust the state Courts of Il Jurisdiction
winch they are fully prepared and
equipped to exercise betw cen debtor
and creditor. The demand for this
Legislation does not come from the
debtors OF the country.
Ihey are content with their State
laws. Their sentiment cacnot be
eP'h WHO hOoI oH UuOSe WIG
Speak in advocacy Of the measure. |
~repudiate the right of representatives
OF wholesale dealers and jobbers to
speak for unfortunate citizens, whose
property Is sought to be sacrificed. AS
the advocates of the single gold stand
ard robe themselves in the spotless
livery of "honest money" and 1.-THE
national honor" in trying to fasten
upon the country a contracted cur
rency, which deprives industry of one
half of its earnings and REQUIRES the
payment OF two pounds of cotton or
two bushels of wheat to liquidate q
contract which contemplated but one,
so the defenders of this bill clothe
themselves in the habiliments of the
debtor and plead in his name for this
legislation. Well may he say MIR.
Speaker, Heaven defend me from nv
riends ~
For the voluntary bankrupt this bill
Is a delusion and a snare. To the in.
voluntary bankrupt it is an outrage.
When the Respondent debtor bending
under The burden of his debt, with nc
ray OF light to lead him out of the
darkness of his financial difficulties,
snail come into the United States
Court under this bill and file his petit.
tlon In bankruptcy, turn over to the
trustee all OF his property and hope.
fully await his discharge from all his
debts so that he may start life anew,
he will find in many instances that the
hope was held out to him only TO be
blasted.
Subdivision b, of Section 13, pro.
V!ueS tnat the Judge may refuse the
discharge II the debtor, among other
49, ~ Made a substantially false valua-
tion OF any OF the property of his estate
In MS schedule OF property, or inten.
tlonally omitted therefrom any of the
property OF his estate, or from the list
Oh MS creditors any person to whom
he is indebted in a substantial amount,
or ~ transferred any property
otherwlse than in the ordinary course
OF his business in contemplation of
bankruptcy"
v, The Judge is to decide, in his discre-
ton, whether the debtor has done anv
OF these things. If he ices so hold,
then no discharge is granted the
bankrupt's property has all gone to his
creditors and to pay the fees and costs
OF trustee, referee, receiver, apprais-
ers, marshal, CLERK, stenographer, at
torneys, Witnesses, etc., and the debts
remain hanging over him. More than
that, he Is subject to be imprisoned for
those same acts under Section s of the
Oil, winch provides
"A bankrupt shall be exempt from
apprehension upon civil process, ex.
cept upon a warrant from q Court of
Bankruptcy, unless the same is founded
upon some debt or claim from which
his discharge in bankruptcy would not
be a release Instead Of freedom from
his debts, he obtains quarter 70 in iail.
AND who measures the discretion of
The Judge determining those charges
against the bankrupt The Judge
himself. Lord Selden said
Zone chancellor has a long foot. an
other q short foot, a third an indif.
ferent foot. So 1t ia with q chancellor's
conscience.
II, for instance, the debtor should
place his property at what he consider.
ed its value, and the Judge should con.
clude that the valuation was too high
or II he should unintentionally omit
the name Of one of his creditors
amongst a hundred, and the Judge
should think that it was done inten.
tionally or IL he had sold u horse O,
COW, and the Judge should determine
that such sale was not in the ordinary
course OF his business and in contem-
plation Of bankruptcy In any of these
cases away goes his discharge and awav
he goes to prison. What then, Mr..
Speaker, becomes of the guaranty in
the Constitutions Of the several States
protecting citizens from imprisonment
for debtP The adoption OF This bin
would ba a aa6 6au IN. tbo D,s.Iir