El Paso daily herald. (El Paso, Tex.) 1881-1901, 1900-09-17
nding the Bankruptcy Law.

From the Providence Journal lCondensed.i
The proceedings of the American
Bar association have brought to notice
some fscts regarding tho working Of
the bankruptcy law and the need OF its
amendment with which everyone ought
TO have ~ least a superic al familiarity.
The law, after many years OF hard
work to get IL, has now been In oper a
ton long enough to demonstrate lie
lndispensability; NO sensible person lie
suggesting it's repeal. Al the same
time, however, as WAS TO be expected
In view OF the circumstances In which
II was enacted, some dehci .ncies have
been found in IL, and the time has
come when attention must be given
to the various proposals VI amendment.
The referees in bankruptcy under the
law, meeting in convention q short
time ago, made certain amendatOry
propositions, and now q committee Of
the Bar association, after q year OF
study aud investigation, has come
forward With its idea-. Ia consequence
the subject will doubtless be considered
In congress again next winter.
To one thing ,it should be noted, all
those who have inselligently studied
the matter subscribe, and that is that
the existing law as q whole Is wise and
bsneficent and should have the approx al
and support of lawyers and business
men alike. The amendments needed
relate mainly TO the provisions for
voluntary bankruptcy and are in the
direction OF sffording better protection
to the creditor against fraud in bank
rupscy proceedings.
The ideal bankruptcy law is one that
allows every honest debtor 10 procure
release from his obligations upon the
surrender Of all his property. that gives
every creditor complete r. medy against
actual or contem plated fraud and that
Furnishes all fraud on the part of either
debtor or creditor relentlessly. To
bring the present law up to that ideal
is the task now presented.
The principal attempt In that direc-
tion that has yet been made 10 en-
pending In the house OF representa-
lives, having been introduced during
the Last session and being still on the
Its most radical and i'm
portant amendments relate to the
grounds on which q discharge In
bankruptcy may be refused. In the
present law Only two grounds for op
position to the discharge of Q bank
rupt are named; the Ray bill retains
com mittee of the Bar association
approves and urges the adoption of
all these changes, and on Its state-
ment Of the facts they certainly seem
TO be needed.
So far as the present law goes it has
been found almost impossible to pre-
vent the discharge OF q bankrupt,
though forsun ately the courts have
been found better than the law and in
many cases have refused discharges
when the strict Interpretation Of the
Law would not necessarily require them
to do so. IL such liberality OF construc-
tion has been found promotive of justice
and good business morals, IL would OBJ
viously be we'll TO provide for IL In the
terms of the statute, and that 10 pracsi-
cslly what the Ray bill undertakes to
do. Primarily Its aim is nothing more
than to prevent the use Of the
Law for fraudulent purposes.
Further amendments are also need
ed however, before the Law can be
made an ideal measure. With the
amendments now before congress we
should get statute that would give
the debtor all the protection that he
has right to ask; but IT would not
assure absolute justice TO the creditor.
Ii would still be in a measure one sided,
not affordinQ to the honest creditor
luite all the protection that Is given
To the honest debtor. This IL certainly
3 serious defect: the provisions
that allow creditor TO seek
relief when bis debtor is doing or con-
lem p ating wrong are quite as impor-
.ant as those that allow a debtor relief
when a creditor is irving tn oDpress