Mr. WILSON. It seems to me that there is a very plain reason. The reason is this: within the year persons who are now bankrupts will have an opportunity to commence proceedings; after a year's time the provision will apply to persons who are not now in a condition of bankruptcy; and I think the distinction a good one and one that ought to exist. I. think it will be much safer for the law itself and for the community that it shall exist, because, that being the law, persons engaged in business will be less reckless, more careful of their affairs, finding that they cannot be discharged without paying something to their cred itors. This bill applies to men who are already bankrupt, and you allow it to apply to them for a year, and that whole class of men can enter their cases, and then you begin again. The men who are not when the bill passes and for one year are not in a condition of bankruptcy, but after that time become so, are required to pay 50 cents on the dollar, or have the assent of a majority of the creditors in number and amount. I believe it does no injustice to men who are now in a condition of bankruptcy, but applies to operations commenced a year hence. e have tried that experiment for a quarter of a century in Massachusetts and it works well. 99 out of every 100 honest men get their discharges without any trouble, whatever they may pay generally. The effect of it is to check wild and reckless operations, to make men more careful in their business If his estate fails to affairs, and therefore it is much safer for the great mass of the community. We are to let off now all who are bankrupt; and I know men today who ride in their carriages with money covered up who are to be released by this bill, whose creditors, reduced from abundance to poverty, are toiling for day wages men among my neighbors and friends. There is quite as much suffering in that direction as there is in the other; but this releases the whole class of bankrupts in the country today, and applies only to men who shall enter their cases a year hence. I hope it will be adopted.