The Washington times., 1902-06-18
Revised Legislation In
dorsed by the Attor-
ney General.
OPPlSED BY THE DEMOCRATS
Say Law Is Not Needed-Amendmen
Carried That Where Debtor Valves
Exemption, Property Shall Not Be
Set Aside by Court.

Inc attention OF tHe House Was VI
rected yesterday chiefly to amending the
present bankruptcy law.
Since the early part of the session the
Committee on the judiciary has been at
work gathering opinions from hundreds
of lawyers throughout the country upon
the subject of bankruptcy and making
| inquiry as to what amendments were
needed to improve it. The result, &C.
cording to Judge Rays statement made
in the House yesterday, is that a very
large majority of the legal minds of the
country are heartily in accord with the
measure. while others have suggested
certain amendments. many included in
the bill which passed yesterday.
Attempt to Repeal Law Fails.
An unsuccessful effcrt was made to
strike out the enacting clause of the
bill and substitute a provision re-
pealing the entire bankruptcy law. This
failed. however, by a vote of 137 to 65.
Mr.. Clayton (Dem., Ala.) and Mr.. De
Almond dem, MOI were the chief OPP
ponents of the bill amending the law,
and both argued in favor of a repeal of
the statute.
After a small amount of routine busi-
ness had been disposed of, Judge Ray,
the chairman OF the Judiciary Commit
tee. called up the bill to amend the
bankruptcy act.
In support of the bill he stated that
Inquiries had been sent to 20, coo lawyers.
judges, and business men by the Speak
er. asking If a bankruptcy law was de-
sirable. and if so, what changes, If any.
were needed in the law which took effect
July /. 1898.
Fifteen Thousand Replies.
More than Is. GOO replies were received.
More than 90 per cent insisted upon the
retention of the law. Seven per cent
favored repeal of the law, and the
remaining per cent suggested amend
ments TO the law and in revised form
retained.
Attorney General Knox recommended
the passage Of the bill to amend the
law. As amended. Mr.. Knox is reported
by Judge Ray to have said. the United
States would have the most lust bank
Thousands Of copies of the bill. Judge
Ray said, had been sent out and criti-
cism invited, but not a single substan-
tial amendment had been suggested.
This was not strange he said, because
in the first place it had been perfected
by the ablest representatives OF all
classes interested in the law. and was
not introduced until it had been made
satisfactory to them all.
Bankruptcy Law Unnecessary.
Mr.. Clayton made somewhat extend
ed argument against the bill, contend
ing that a bankruptcy law was unneces-
sary. He declared that other bankrupt
y laws had failed. and during the ia
years of the existence of the Government
there had been but twenty years when
there was i bankruptcy law upon the
statute books. lie denied the assertion
that the law was a popular one
Mr. DeArmond presented a similar
argument.
An amendment offered by Mr.. Crum-
packer Rep., lnd.D was lost. denying a
discharge TO any voluntary petitioner in
bankruptcy who shall not surrender TO
his creditors any property exempted by
The law of his State in excess of 81, eco |
A new section was proposed by Mr..
Ray as an additional section to the |
law providing that where
debtor valves TO his creditors the ex-
cmption accorded by the laws of his |
State the bankruptcy court shall not |
thereafter set aside to him the property |
so exempt. Agreed to-76 to So.
Mr.. DeArmond's amendment, which |
the Speaker held to be germane, repeal |
ing the bankruptcy law was lost by a |
gcte of 65 to 1877 on a roll call. The bill |
was then passed without division.