New-York tribune., 1901-10-23
DEFECTS OF BANKRUPT LAW.
SHOULD BE AMENDED TO BENE-
FIT NO RoGUEs.

Philadelphia. Oct 22-At the dinner Of the Phila-
dephia Credit Mems Association this evening an
address on the bankrupt law was made by Morris
S. Wise. chairman Of the executive committee OF
the National Association Of Referees in Bank
ruptcy. In part he said:
believe that a national bankrupt law is ma
tona necessity, and should form permanent II aGa r1e
have secured nothing else by the enactment Of a
national bankrupt law We have at !east see tSa
most important OF the latter is that the creditors
and not the debtops are yesfea MN N nv ye experience
of the executive of1cers OF the nathl hd Ii. u
case yet where if the creditors attended to theiT
business and looked after their interests they Gd
higher benefit than could have been obtained uhoef
/ now come to a consideration OF how this bank
rupt law. which is wise and so necessary can an
operations. so thai it may remain as permanent
part OF the administration of justice In TINS coun.
try. In my opinion, and my opinion is based on
some experience believe that the act of 1898 can
is known as the Ray bill" This bill was miro miro
judiciary Committee, and it will If enacted, tend
70 make certain obscure parts OF the and
vexatious questions which have come up 10 harrow
ee nd Of he eoanTy by of
made the law by the United States supreme
When man becomes unfortunate in business
ana tnTSug9 S fG his G s in addition
that man makes a clear and honest accounting OF
although he may have been indiscreet. although he
may have been incompetent in the management OF
undefiied and if he has not yielded to temptation
that most seductfye temptation which comes IN the
guse Of sitting conscience by whispering INTO the
when business overtake him TO protect his
wife and children in other words when zen the banK
record and having surrendered his property, / say
from his debts not as a matter of charity but as
a matter of strict right. But, on the other hand
mercial knave the mercantile thief, the business
ean ana and ao ae TRACE es 10 ba and rob their
creditors and carry away the spoils and then have
unclean. foul hands and there ask the great boon
of receiving absolution and exoneration from all
suIiied seal Of the United States court say to
Intended or conceived to aord proecticn TO such
as these; and if such a class Of bankrupts ana
then the law fails utterly and miseraby in its
operation and the sooner il is repealed the better
courts with sufficient grounds whereby discharge
a man is honest it is easy for him to prove his
honesty and for the honest ] man n eve even though
on discharge might be refused still, as an honest
and he could obtain his discharge.
But you cannot have grounds enough TO circum-
the marts Of commerce. and at the present time
me courts are ha9deappea because OF me e16Teie ne
refused to an undeserving bankrupt
grounds in addition to those found in the present
law, among them being the following; so that the
First-If the bankrupt has committed an offence
punishable by Imprisonment under the act
Second-Destrcyed. concealed failed to keep
proper books OF account.
Third-Obtained property on credit by means OF
false statements made in writing and issued for
the purpose of obtaining credit.
Fourth-Made fraudulent transfer OF any part
Of his property
Fifth-Been granted discharge in bankruptcy
within six years;
sixth~in the course of his proceedings refused
TO obey any lawful order of the court.
AT the present time have only the first
grounds to work on, and little reflection Will
easily establish the necessity preventing dis
charges TO fraudulent debtors. and also preventing
debtors from acquiring the bankruptcy habit.
And in conclusion, therefore, gentlemen, know
that will with when / submit the
proposition that everything which to support
and strengthen the credit system is something de-
serving of commendaton; the great commerce or
this country is founded the greater extent upon
the credit system, and even that system is sup
ported is made the subject OF attack so is the
commerce Of the country benefited injured.