The Providence news. (Providence [R.I.]) 1891-1906, 1905-12-02
NEED OF UNIFORM NATIONAL
SYSTEM OF BANKRUPTCY
Continued from mage Eight

Continued from page Eight,
and the feeling I'm the business COM
munlty that the assets were divided up
between the administrative officers. The
act of 1898 has gone TO the other extreme
on this question Of fees. That a uniform
system was desirable was evident TO the
wise founders Of our nation, for among
the express powers granted by the consti-
tuition to congress was the right to create
"a uniform system of bankruptcy. IL was
thus appreciated at the outset that the
different states could not satisfactorily
administer a bankruptcy system for the
whole country.
A SQUARE DEAL POLICY
In fact the chief argument OF the re-
pcalers Is that IL is against the policy
OF the United States TO have a permanent
Bankruptcy law. They say the law
should be periodic following only a time
Of depression In business for the purpose
Of releasing those debtors who have be-
come involved. Is this a true statement
OF our policy? If / understand the pol
icy Of the United States it is summed M
I'm the Square deal" for every man, and
this means a square Geal between the
debtor and his creditors all over his
country.
II is 10 be noted that the present bank
ruptcy law and no law can make "a dis
nOOLAL- HEtn -nQltNlf iiOIltE
matter of legislation. Jut the laws can
be so framed as to put barriers in the
way OF dishonesty ana this law is a
step IN that direction. one Of its strong
est features Is it's publicity. thief
ever wanted to explain I'm court under
oath his business transactions TO his
creditors assembled for the purpose OF
finding out what has become OF his
property. The honest man could have
no fear Of such an inquisition although
It must be admitted that IL is not pleas
ant, but if the man Is asking for a dis
charge from his debts and that his CreS
| itors shall release him from his obliga
lions. il IS only fair that be should an
swer fully and satisfactorily to his cred
! itors as TO what has become of their
K goods and their money with which he has
been entrusted. There rs a feeling among
some men that IL Is a disgrace 10 take
advantage OF the bankruptcy law. Those
same men will feel that II is no dis
srace TO make an assignment with al
its possibilities for fraud and Il Is my
contention that the disgrace is not IN
being bankrupt, but In being dishonesty
bankrupt, and IL b. my belief that IN
most cases where a man Is found with
so tender a conscience that he feels the
I disgrace of bankruptcy bat does not ( 81
the disgrace Of the assignment hat tho
basis OF that feeling Is q desire 20 save
something for himself and let the cred
itors get what they can n is aptlv Y.
pressed by what a simple and con q ms
bankrupt said % me n short tiwe since
After hts estate had been admirably ad.
/ rin,stered and paid 80 cents on the 90. r.
the man IN a burst OF conddeuc said
II ought TO have made an assignment
and then ] would have saved something
for myself out OF this business"
40 1NDIsCR1M1NATE CREDIT.
In closing Il may be well 70 mention q
few results OF the present law.
1-rrTnTr--t-r-
cessation OF the giving OF ndiscriminate
credit, a habit. forced in part by competi-
ton Of business men stocking mp those
with whom they were trading far beyond
their capacity 10 use or ability 20 pay
for. which had become chronic. A certain
knowledge that the debts could b dis
charged by a debtor going into bank
ruptCy has tended I'm u marked degree as
testified 10 by various credit associations