Arizona republican., 1899-03-24
THE BANKRUPT LAW
lis Operation of Adv dntdge
 to Business Men.
The Voluntary Feature Enables Many Small Merchants Deserving In Character 10 Begin Life Anew. Salvation From PetfY Ex!orfion.

Washington, March 23.-The na- tional bankruptcy law which has now been in force nearly nine months is demonstrating it's practicability util- ity and advantages. MT. E. c. Bran denburg, the authority on bankruptcy in the department of justice, who has just published a treatise on the sub ject, when seen with reference to the practical operations of the law, said:
 Under it's involuntary feature, num- erous suits have been and are being in stituted throughout the United States. The value of this particular provision is being daily demonstrated Under this feature the moment a creditor finds his debtor wasting his property or permitting it to deteriorate in value he is authorized to institute bank ruptcy proceedings, and upon an ad- judication of bankruptcy, to have the estate or business conducted or settled by a trustee of his own selection who is naturally in sympathy with his in terests and will see that they are care7 fully protected. It also permits the
 
 debtor has secretly made a conveyance of his property, to have the same set aside in bankruptcy proceedings, when such property is turned in as a part of the estate for the purpose of distribu- don in dividends. Another feature of great importance under the federal law is that no advantage is gained by being first in the institution of a suit for the recovery of obligations, as pref erences are forbidden except in a few specified instances.
 The voluntary feature is proving of lnestimable value to great numbers of men who have been unfortunate in business enterprises. It permits them to be discharged from their obligations upon turning into court all their prop erty, except such as is exempted under the various state laws. Under this pro- vision, as Q condition precedent to be- ing relieved of his obligations, it must be shown that he is dealing honestly and fairly. While there is an apparent rush of suits of this character at this time in which no assets are scheduled, it must be remembered that many of these applicants for bankruptcy are those who have failed in business many years since, and have taken ad- vantage of the state insolvency laws, which relieved the debtor only within the confines of the state in which the insolvency proceedings were had
 The object of now being adjudged a bankrupt under the federal law IS to relieve such merchants of their ob- legations throughout the United States In one district the referee reported that of the many cases which had been re- feTred to him, five hundred were suits in forma pauperis, or in which no assets were scheduled, and in which he stated that the petitioners in the ma jority of instances were the most de- serving and needy of insolvents, being mainly wage-earners and farmers, white as well as black, who, under this law, find their only relief from the ra- pacity of petty officials, usurers and ex- tortioners who have been fattening off of them for years, and from whom they are never allowed to escape By be- ing adjudged bankrupts they are re- lieved from past obligations and are permitted to start life anew"