New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-27
THE NEW BANKRUPTCY BILL.


Great credit will be given for the passing Of
the Bankruptcy bill in the Senate by the COM
mercial community At the East and hy many
M the West and South to Senator l1O2", Of
Massachusetts. whose labors in this matte: :oy
many years have shown remarkable legal ahi.-
ity. practical good sense and tactful managc
ment and to Others who have assisted. .nclud'
Ing Senator Nelson. OF Minnesota and Repre-.
sentative Ray. Of this state, 10 whom Senator
Hoar himself expressly gives honor for laLors
In conference extending through the whole win
ter. The result has been the framing OF what
n substantially n new bill, compromise be
tween the Torrcy bill advocated for so many
years by Boards Of Trade and business associa-
lions. and the Nelson bill which was passed
las. year in the Senate against The opposition
or the judiciary Committee. As is well known,
III. TWO measures represented radically differ
on. views regarding the treatment Of debtors,
and II is really marvel OF tact and patience
and constructive ability that it has been found
o,slble 10 frame a measure which j. accepted
bv both sides almost unanimously The report
was submitted for printing on June II by Sen
ator Hoar and when called up on Friday was
briefly explained by Senator Nelson, who
showed that the objections formerly urged 10y
him and n majority of the Senate had been OBJ
vlated by the compromise. and 1t received the
votes of forty-threc Senators while only thirteen
voted against il.
Traces of the former antagOnism appear IN
the fact that all the votes against the bill came
from the South and the Far West. North Caro-
Ina was divided the Republican for and the
Popullst against the bill. and Georgia was d-
vided. one Democrat for and one against, while
one Democrat from Tennessee and one from
Alabama opposed L.: but no other Southern and
no Northern vote this side Of the Mississippi
was cast against the bill The two Democrats
from Arkansas were against il. but Texas was
divided Mr. Mills alone opposing, with ono
Democrat from Missouri. one from Utah and
one from California. and three Silver men,
Nessrs Teller of Colorado; Pettgrcw. of South
Dakota. and Cannon. of Utah. Thus while
there are traces OF the old hostility to any
measure compelling payment OF debts or pro-
yIdinc for Involuntary bankruptcy on any
ground. il will be seen that the provisions OF
tho compromise bill have removed that oppo-
s!tion 10 a great extent. This IS largely be-
cause the measure. while allowing any person
who owes debts 10 take the benefit OH vOlun.
tary bankruptcy, exempts entirely from those
who can be declared involuntary bankruptS all
wncc-carners and persons engaged chiefly In
farming or the filling of the SOIL Private
bankers can. but National, State or Territorial.
banks cannot be adjudged involuntary bank
rupts.
While this provision removes much Of the
ouposition bv Western farmers and Others the
fees for clerks referees and trustees. and Other
costs which under the old law often ate up the
whole property. leaving creditors nothing. have
beon ~ reduced that some fear Is expressed
lest they may be found too low. But the re-
duction undoubtedly commended the bill TO
many who had dismal experience under the
&C. repealed twenty years ago. Senator Hoar
himself states that II seems a great deal bet
ter than the Torrey act in preventing delay by
appeals to the Supreme Court without adequate
reason, and in providing for interlocutory ap-
sliaatlons to courts Of appeal for corrections Of