Many considerations might be urged for its total repeal, but,
if this is not considered advisable, I think it will not be seriously
questioned that those portions of said act providing for what is called
involuntary bankruptcy operate to increase the financial embarrassments
of the country. Careful and prudent men very often become involved in
debt in the transaction of their business, and though they may possess
ample property, if it could be made available for that purpose, to meet
all their liabilities, yet, on account of the extraordinary scarcity
of money, they may be unable to meet all their pecuniary obligations
as they become due, in consequence of which they are liable to be
prostrated in their business by proceedings in bankruptcy at the
instance of unrelenting creditors. People are now so easily alarmed as
to monetary matters that the mere filing of a petition in bankruptcy
by an unfriendly creditor will necessarily embarrass, and oftentimes
accomplish the financial ruin, of a responsible business man. Those who
otherwise might make lawful and just arrangements to relieve themselves
from difficulties produced by the present stringency in money are
prevented by their constant exposure to attack and disappointment by
proceedings against them in bankruptcy, and, besides, the law is made
use of in many cases by obdurate creditors to frighten or force debtors
into a compliance with their wishes and into acts of injustice to other
creditors and to themselves.
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