The age-herald., 1901-12-07
Report of Legislative Commit tee Will Be Sent to
 Representatives
PROVIDES FOR LIMITATIONS
Most Important One Fixes Measure So Only One Discharge Can Be Obtained Every Six
 Years.

At the meeting of the Commercial Club yesterday afternoon Judge J. J. Banks, of the legislative committee, submitted a report on the question of the bankruptcy law. This report suggested number of amendments to the law, the most im- portant of which is one allowing only one discharge from indebtedness every six years and another providing no appiica- tions shall be considered when the in debtedness Is less than $500.
 This report was adopted as expressing the sense of the Commercial Club. A resolution introduced by Maj. J. w. John son and amended by Col. T. G. Bush and Joseph Beitman, providing for the print ing of a number of copies of the report and their distribution among the Con- gressmen and Senators from this State the commercial clubs of the entire Unit ed States and the wholesale grocers of twelve Southern states, was passed.
 The report was commended by J. A. VanHoose of the Wholesale Grocers' As sociation and by Secretary Jonese of the Retail Grocers' Association. It is as fol- lows
 Report of the Committee.
 Tt is not surprising that the bank ruptcy act of 1898 should contain much that is hurtful to the business interests of tho country. The framers of the act must of necessity have been greatly in- fluenced by similar previous legislation, and the bankruptcy act of 1867 was crude and furnished cloak for many fraudu- lent and unfair transactions The pres ent act while a great improvement on it's predecessor, is still imperfect, and under It's provisions much injustice has been done the creditor class of the people. This has brought law whose aim Is both beneficent and wise into disrepute and has resulted in a widespread demand Tor its repeal or amendment. If it cannot be amended 1t ought to be repealed; but If its defects can be cured by amendment, Congress should enact a permanent and stable bankruptcy law. The advantages of such law have been too long demon- strated to be the subject of further dis oussion. It is a benefit to the debtor in that it enables him to get a new start in life, and it is a benefit to the creditor in that it prevents fraudulent dealings be- tween the debtor and his favorite credit ors, and makes preferential settlements practically impossible.
 Series of Amendments.
 MT. Ray of New York introduced be- fore the last Congress a series of amend ments to the present act which for the most part are sufficient to cure it's most glaring defects. Your committee submits the Ray bill as a part of it's report and with a few exceptions, to which we call attention, indorses it's provisions.
 MT. Rays amendment to section of the present act reads as follows: '(b) Any corporation engaged principally in manu- featuring, trading, printing, publishing mining or mercantile pursuits, shall be entitled to the benefits of this act as Q voluntary bankrupt on petition of an of ficer or stockholder of such corporation duly authorized either by the vote of a majority in amount of the stockholders present at a meeting of stockholders called for that purpose or the written consent of stockholders holding at least one-half of the stock of such corpora. tion.'
 Your committee thinks that a mere majority In amount of the stockholders of such corporation should not be given the power to file a voluntary petition in bank ruptcy in behalf of the corporation. We suggest that this power should not be exercised by a less amount than two- thirds of the stock Otherwise those hold ing a bare majority could wreck the con- cern if they conceived it to be to their own advantage, against the will and to the detriment of those whose holdings were nearly equal to their own.
 Amendment to Subdivision.
 'The amendment to subdivision b of section 5, reads as follows: The judge shall hear the application for a dis