Mr. Nelson and I, with Mr. Lindsay of Kentucky, were put on
the Conference Committee in the Senate, with Mr. Henderson,
afterward Speaker, Mr. Ray of New York, now Judge of the U.
S. District Court, and Mr. Terry of Missouri, on the part
of the House. We struggled nearly the whole winter. Mr.
Nelson and Mr. Ray took the burden of the contest upon their
shoulders. Their attempts at compromise reminded their brethren
of the old scientific problem--"What will happen when an irresistible
force encounters an immovable obstacle." But both gentlemen,
each exceedingly firm in his own opinion when he thought he
was in the right, were wise and reasonable and conscientious
men. So at last they agreed upon the present Bankruptcy
Bill, which became a law July 1, 1898. It was on the whole
satisfactory to the country, except for one clause in it, which
was interpreted by the United States Supreme Court in a manner
contrary to the understanding and expectation of the framers
of the Bill.
A law was passed February 7, 1903, correcting this and some
minor defects. It is hoped, though we cannot be sure in
such a matter, that a permanent system of Bankruptcy, so
essential to all commercial, indeed to all civilized nations, is
now established, and will be maintained in the United States.
Pages:
1251
1252
1253
1254
1255
1256
1257
1258
1259
1260
1261
1262
1263
1264
1265
1266
1267
1268
1269
1270
1271
1272
1273
1274
1275