Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1900-09-18
part thereof, or diminished the Sc
curity of his creditors by
90 Gam Hing 81.

part thereof, or diminished the Sc
curly of his creditors by
"(a.) Gambling or
"(b.) Specializing in any securi-
ties or property outside of his ordt-
nary business or I
"(c.) So wastefully, reeklessly or I
managing his business
affairs as to do substantial injury to
his creditors or imperil the claims of |
such creditors.
Cor (7) If corporation paid, while |
insolvent, extravagant salaries to its |
officers or. employees
1--WE do not claim for our proposed !
amendment that it covers the whole
ground or that it is by any means the
last word that is to be said in respect
to the features Of the law which pro-
vide for involuntary bankruptcy. We
are we'll aware of The practical diff
culties in the way of accomplishing
what we seek We know too we'll
the infirmity of human language, es-
pecially when one attempts to pro-
vide by general phrases for particu-
lar emergencies.
ton of this amendment would do
evil which we have endeavored to
set forth, and would make the bank
ruptcy act fairer piece of legisla-
ton.
I'VE believe it would do something
perhaps much-towards the estab-
lishment of more rational basis for
commercial credits. We believe 1t
would benefit the creditor by giving
him an additional remedy against a
reckless debtor, and that 1t would
benefit the honest debtor by giving
him a broader basis for the credit
that he seeks and by taking away
some of the elements of chance which
the creditor has TO consider when tho
application for credit is before him.
"The present acts of bankruptcy
give the creditor no remedy what
ever unless the debtor deliberately
seeks to defraud his creditors or to
prefer one creditor over another, or
suffers or permits such a preference,
or commits an overt act in the way
of making an assignment for the
benefit of his creditors. or admits in
writing his inability to pay his debts
and is willing to be adiudged bank
rupt on that ground.
There is nothing in the presnt law
or in the law as amended by the Ray
bill that gives creditor any rene
dy whatever against reckless or i'm
provident debtor.
I 1.-THE debtor, instead of using his
money to pay his debts. may gamble
with it, may speculate with it, may
use it as wastefully or improyidently
as he chooses. and the creditor has
no remedy except that when his debt
becomes due he may sue upon it and
collect it If he can.
4 "A man may have thousand dol
i lars in cash and owe debts of thou
sand dollars which he ought to pay
with that cash; instead, he may go
into a gambling house and bet it on
the turn Of a wheel, and the creditor
has no remedy. He may go into a
worse than gambling house on Wall
4 street, or State street, or Chestnut
j street, and bet it on the turn Of
4 something more uncertain than a
4, wheel, and the creditor has no rene
Idly. He may indulge in wild reckless
Il ness in his business ventures, or wild
II extravaganza In his personal outlays
and the creditor has no remedy.
ut is the object of our proposed
amendments to furnish the creditor
/ with a remedy under such circum
, stances. When a man is in debt he
has no moral-and we believe he
:: should have no legal-right to USE
, the money or the property with which
!, alone he can pay that debt, in suct
!, a way that the creditor takes all thu
, chances in case of failure, and tn,
/, debtor reaps all the profit in case o
: success.
$ 1--WE are not at all unmindful of tn,
3 difficulties in the way of enforcini
I such provision in the statute as W
r seek to have enacted. It may be tina
z in many cases, perhaps most case;
t the creditor would not discover th
$ wrong that was being done him unit
I it was too late to apply the remed,
$ The stable door might be locke
s only after the horse was stolen.
J. But the difficulty of enforcing
d right is no reason why it should /
e withheld"