The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1899-06-17
FIGHT ON BANKRUPTCY LA "

1t is said that a strong movement Is
On foot to repeal the national bank
ruptcy law, those especially desirous
of bringing about this repeal being
the wholesalers and jobbers in Chi
cago. They claim that under the law
it is too easy to avoid paying honest
debts and that lenient privileges are
being taken advantage of to get free
from old obligations only to contract
new and larger ones.
Since the federal law went into effect
people in every state and territoi y
have availed themselves of its provi-
sions. Up to the present time it is
estimated that over $50, 900, 900 in old
| debts have been wiped out through
bankruptcy proceedings. In New
York city 575 persons haye been dis
charged of an Indebtedness of Sl9, ,O0O.-
900; Chicago reports 400. with $4,000,
900 debts; Minneapolis 260, with
$1,000 900 debts; Omaha 237, with
$500, 900 debts; Pittsburg 100, with &c.
600. 900 debts; Louisville 1874, with
81 SOC, 900 debts; San Francisco 10,
with $4,000 debts; Seattle 35, with
81 200, 900 debts.
From nearly all the federal court
districts which have Jurisdiction there
are favorable reports as to the opera
tion of the law, and it has generally
- Sc Ia
| evidence that an undue advantage is
being taken of it by insolvents, and
while the amount of liabilities wiped
out is said to be large. it is explained
that the greater part of it is made up
of old debts that would never haye
been collected anyway.
1t is not very probable that the law
will be repealed. Its enactment came
about only after many years of stub
born effort and the consideration of
many bills, and it is not unlikely that
it will be as difficult to get repeal as
it was to secure the original passage
of the law. Until it has had fair
trial and can be shown to be harmful
until it is used as means to practice
gross fraud the demand will be that it
remain on the statute book.
The ability to be relieved from debts
contracted through the demorolizing
period of boom and the subsequent era
of depression will be the making of
many man. Loaded down with
mountain of obligation from which
there is no release, the average per-
son eau see nothing but an unequal
struggle with slight chance Of victory.
There is no hope, no encouragement,
no faith in once more becoming free
man. 1t is future black and cheer
less with shattered ambitions, de-
spondency and broken spirit.
Bankruptcy gives man fighting
chance; puts him on his feet without
debts, even If he has no capital, and
equips him with clean slate and some
hopes tor the future. His creditors
are. no doubt losers. but they would
probably get nothing in any event.
Little can be gained by holding an
eternal mortgage over an unfortunate
who, debt ridden, find all progress
barred, but relieved of the burden,
gets new courage and has chance to
accomplish something.
The present law may possibly need
amendment in some particulars. but
the operation of its general principles
will be for good. The number of cases
in bankruptcy will grow less and less,
and the law will undoubtedly have a
good effect in putting stop to the
reckless extension of credit which
characterized business dealings during
the past decade and to which in no
small degree present heavy insolvency
is due. 1t should be recollected that
the country has gone through one of
the most serious financial periods in |
its history, and that unusual leniency
was necessary to bring ABOUT relief and !
a return to normal connitions. With |
an opportunity to start ou6 anew, VITA |
better prospects, more careful methods
of business. a sharper scrutiny of
credits and less wild speculation there
will be healthier state of affairs in
the business world, and the passage
of the bankruptcy law will be ore
reason for it.--Spokesman.Re