The Daily Cairo Bulletin

THE PROPOSED BANKRUPT LAW.

We have received a copy of Judge Lowell's bankrupt law, and a few words in regard to it will doubtless be of interest to the merchants of Cairo. The necessity of a national bankrupt law is very generally recognized. In the large cities, particularly, merchants who sell goods in all sections of the country, demand a uniform law for the collection and distribution of the assets of bankrupts. They cannot depend upon the uncertain and inefficient insolvent laws of the different states. Indeed, they have neither the time nor the inclination to make themselves acquainted with them. These laws are often very unjust and discriminate against creditors outside of the state. What is wanted is a law that puts all creditors upon an equal footing, and by authority of which bankrupt estates can be settled speedily and inexpensively. Such a law is provided by Judge Lowell's bill now before congress. This bill, which was introduced at the last session of congress, has been greatly modified and improved, and its passage will be strongly urged this winter. The old bankrupt law was repealed not because there was any particular opposition to a bankrupt law, but because that law had so many objectionable features. When a bankrupt estate got into the bankrupt court, it generally stayed there until it was consumed by the fees. Of course, neither creditors nor debtors had any use for a law that benefited no one except its administrators and the lawyers. Judge Lowell's bill avoids the objections which were raised to the former act. As far as possible small salaries are paid, and when fees are allowed they are so limited and restricted that no advantages accrue to those receiving them by keeping business unsettled. The chief aim of the bill is to discourage delay and expenses, and to make as much as possible for the creditors out of bankrupt estates. Creditors themselves are authorized to fix the compensation of assignees and registers, being paid a salary, have no interest whatever in the cases brought before them. Perfection is not claimed for Judge Lowell's bill, but there is no question that it is a great improvement on the repealed act, and hence The Bulletin favors its adoption.