Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1909-02-09
HOUSE DEFEATS BILL
TO REPEAL BANKRUPTCY

WASHINGTON. d. c.. Feb. 6-The fail
ure OF the effort to repeal the bank
ruptcy law in the house this afternoon
was not due the Georgia delegation.
Barbara. born IN 1904.
voted for the outright repeal OF the en-
actment- Mr.. Lee. of the Seventh dis
trict, was the only member who voted
for the retention of the statute. Messrs.
Griggs and Lewis were absent from the
city temporarily.
Messrs Brantley, Bartlett and Hard
wick voted against the ten amendments
which were adopted. not because they
opposed some of them, but because IL
was swallow them all or take none at
ALL Each of these Georgians addressed
the house on the legislation and Mr..
Hardwick waxed warm over the pro-
cedure.
He declared that the agreement where
by the bankruptcy law was made a spe-
cial order for today provided that each
proposition should be submitted sepa-
arately and that each should stand on its
own merits. He resented the tactics
which coupled the ten amendments.
After devoting almost its entire ses-
sion to the consideration Of the SUBJ
ject, the house OF representatives today
passed a bill, making several amend
ments to the national bankruptcy law.
Mr.. Clayton, Of Alabama, made a des-
perate, but unsuccessful attempt 10 re-
peal the law, he and his supporters claim
ing that It had served its purpose
Objects of Bill
The bin Is designed to correct certain
inequalities in the administration of the
bankruptcy law in various parts OF tine
country and amends the law by regulat-
ing the duties and compensation OF re-
ceivers IN order to prevent excessive fees.
II also provides that any moneyed bust
ness commercial corporation, except a
municipal railroad or banking corpo-
ration may file petition fol
bankruptcy, thereby eliminating the
discrepancies. which heretofore - ex-
listed where some court decisions barred
many corporations in one circuit which
would be admitted into bankruptcy ir
another and restores the language Of me
act OF 1857, which has been fully settled
by decisions OF the courts.
No Adjudication Needed
1t provides, further that, in any com
position proceedings, It will not be neces-
sary to have an adjudication, where a
composition is affected. thereby remov-
ing the stigma OF bankruptcy which al
ways attaches under such circumstances
It prevents a few creditors from forcing
by involuntary proceedings a debtor into
bankruptcy and then after receiving
their additional compensation or other
wise adjusting their affairs with bank
ers in order to have the petition dis
missed without the knowledge OF the 9TH
er creditors; II enables a trustee with
the consent of the creditors to appear
In their behalf in proceedings In court
connected with his discharge, thereby
lessening the expense by separating u
from the whole estate.
Auxiliary Jurisdiction
It confers ancillary Jurisdiction, so thai
all the assets Of the estate can be mar
shaled substantially in one court, thereby
obviating the filing of suits in different
courts where the property might happau
10 lie. It provides also that II a oredi-
tor has reasonable cause to believe that
he was receiving a preference that that
shall be a bar to the debtors discharge.
With practically no debate, the mes
sage of the president, vetoing the census
bill and the bill itself. were referred to
committee for appropriate action.
At 4:40 D. m. the house adjourned.