Show THE TORREY BANKRUPT LAW IN article one section eight clause four of the constitution of the united states it is provided that congress shall have power to establish uniform laws on the sub eject of bankruptcies throughout the united states this power powe given to the federal congress has been exercised only L three times in 1880 in 1841 a nd and in 1867 all were emergency laws and were promptly repealed when the emergency passed what is known as the torrey bankrupt bill a measure prepared by jay ii torrey of st louis was passed by the house of representatives last year and favorably recommended om oni mended by the judiciary committee but it was not reached for consideration because of its place on the calendar the first question that naturally presents itself is what chatis is the purpose of a bankrupt law the answer is that the simple purpose of a bankrupt law is to secure an equitable qui table distribution of the property or effects of an insolvent debtor among his creditors any law which will accomplish this result with certainty with expedition and with as smidt small an expense as possible will vill be satisfactory to both debtor and creditor today each state legislates for itself upon this subject and consequently there can be no wonder at the resulting injustice conflict and confusion preferences may be given by the insolvent and the beneficiary efi ciary of this right is generally some som dear edear brother in law or other relative with a confessed judgment under the torrey law there will be no confessions of judgment no preferences no previous transfers of property it will be a boon to the honest insolvent and a terror to the dishonest under it the entire estate of the insolvent will be turned over to the bankrupt court the atie fees that would be paid to referees under this law are much smaller than fees that are am allowed assignees by state or county courts the I 1 game of grab now resorted to will be done away and the small creditor and the large will be treated alike the race of getting in first which has so often led to vexatious attachments unnecessary sary suits and trouble with consequent loss to creditor and debtor will have bave been a thing of the past the and injustice that now attends the winding up of a bankrupts bankrupt estate is simply shameful and alarming the me lawyers and receivers are the largest beneficiaries enormous fees are chargo charged and allowed being out of all proportion to the value balue of the services rendered As au an example we cite attention to the failure of deimel bros of chicago last year the lawyer who asked judge collins for an early closing of the jaff affairs of 0 the concern made maae the following significant statement operation of the business is ia W per day master Bo is receiving 40 per day two dav lawyers ers for the receiver is pau paid 1 L I 1 at the A a ottto per adgy aay a book clr 50 gift the oe receiver ce ivert ot of the american darior IM frame tow RW r 75 i ay tw 1 nw numerous M musa i a ss v |