Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1900-01-18

ikely 10 De repealed at the present SeS-
sion, said Commissioner Mason Thurs
day. "The petitions are coming in too
thick and the office will be showed I'M
der by the applications which are being
entered. There is no doubt but THAI
the people who are taking advantage
of the provisions of the law are anX-.
ious to get thru before it is repealed.
But there is no use in their being
frightened about its being repealed at
this session. Under any condition time
would be given after the bill for the
repeal of the present law was passed
before it could go into effect. And in
the present condition l do not think
that there is any chance for the bill
being repealed at this session"
Des Moines, Jan. 15.-The legal fra
ternity of Des Moines is considerably
interested in the present movement to
abolish the present bankruptcy law,
bill to that effect having been intro
duced into the national house of rep
reseEtatives by Congressman Dolliver,
OF Iowa. On an average of fifteen petit
tons in voluntary bankruptcy week
are filed in this city with the clerk of
the United States circuit and district
court, referred to the proper referee,by
whom the matter is adiudicated, and
then returned the presiding federal
judge, who enters the ruling of the
court. There is no question but that
the law is proving popular to certain
officials and to those debtors who find
it an easy way to settle old debts with
out having to settle TO them, but
1t is an open question whether or not
it meets with the approval of the great
number of creditors in this country,
with the better class of debtors and
with attorneys in general.
Opinions differ widely in regard to
the efficiency of the law, and there are
those who have the strongest dislike
for its dealings, while others still think
that it has been one of the best pieces
of legislation ever enacted The mat
ter has been discussed at length at va
rious times and is now re-opened on
account of Delivers bill to abolish it.
The workings of the bankruptcy law
are so generally known at present that
the matter is now being taken up with
renewed vigor and the opponents of the
measure claim they will not rest until
It has either been repealed or amended
in such a way as to make it better fit
ted for the entire country.
Conversation with the attorneys of
this city discloses the apparent fact
that most of the lawyers are not sat
isfied with the law. They complain
that their business has been seriously
cut into by the workings of the law,
because creditors refuse to try to col
lect small claims against doubtful debt
ors. Formerly the creditors did not
hesitate to sue for the claims, and by
an examination in supplementary pro-.
ceedings take chancefof squeezing the
money out of the debtor. There is no
longer any need for supplementary pro-
ceedings, out of which a young lawyer
can secure referees fee of SIS or $40.
To some this would appear to be an
argument in favor of the bankruptcy
law, but there are of course two sides
to the argument.
1t is especially noticeable in the
courts of the justices of the peace that
bankruptcy has cut down the litiga-
ton two-thirds. For this reason ii! is
not to be wondered at that there is a
feeling of dislike among the attorneys
on personal grounds. This feeling is
as prevalent in this city as elsewhere,
and few attorneys uphold the law. The
majority of them, however, have
watched its workings and are opposed
to it on other grounds than those of
mere personal loss or gain. 1t is
claimed that the. law works greater
hardships than it does good and is a
menace to the country.
While decreasing the quantity of lit
'igation, which might be considered a
Tnn1 fhircr fln 1oxr ole Il,
amount of claims paid, for debts just
ly owed. Petitions are frequently filed
in which the liabilities extend way up
into the thousands and the assets are
less than hundred. Several cases are
on record where the petitioner owes sew
eral thousand dollars and possesses alb
solutely nothing, so he claims, other
than the clothes upon him, all the
ready cash having gone to raise the
$25 necessary as fee to become a
bankrupt. The assets range from
nothing up to a COW and saw buck
to a few hundred dollars worth of
property nearly always claimed as ex-
empt. Should the law be repealed, af-
ter its present eighteen months or so
OF service, there would probably be a
grand rush of debtors to get in on
VIC SIouuu uOOr anu take advantage OF
the measure. While the law may not be
repealed there is growing belief that
it will be amended so as to protect the
interests of the creditors as well as the
debtors of this country.
The National Bankruptcy News finds
much to commend and much to oppose
in the present law. In a recena issue
it quotes largely from speech made
by Dorr A. Kimball, of Chicago, before
the ninth annual meeting of the lii
nois Bankers association on "Credir
and the Effects of the Bankruptcy
Law" A few of the remarks are as
follows:
Zone of the fundamental laws OF
credit is that every man shall deal
honestly with his fellow man. Any
law which permits a man to discharge
his legal obligations by legal process
is exceedingly dangerous to society.
The recent bankrupt law which went
into operation last year enables man
to clear himself of hundreds of thou
sands of dollars of obligations without
any assets whatever. I know the ar
gument that is generally advanced in
favor of the bankrupt law is based on
supposed public policy. 1t pre-sup-