Mr. WILSON. Mr. President, I intend to vote against the bill as it now stands. I understand from the best sources that the provision on which we have voted this afternoon was incorporated into the bill as a compromise, and a great number of gentlemen voted for the measure because it was regarded as a compromise. I refer to the provision that has been stricken out in regard to one year's time. By that provision as it passed the HoRep all the Present debtors in the coun: try within a year could enter their cases and obtain their discharges, and after that, persons who become bankrupt in the country, as the bill is to last, would be required to pay 50 cents on the dollar, or obtain the assent of a majority in number and amount of their credit ors, and after that a 2nd or 3rd or 4th time they would have to pay 70 cents on the dollar, or obtain a majority in number and amount of their creditors. Now, sir, we have stricken out this 1st provision to stand permanently in the country. We tried that experiment once in my State. We passed a bankrupt bill or an insolvent act; men ran into debt and then took the benefit of the insolvent act. We found the whole system demoralizing both for debtor and creditor. We changed it and required that the debtor should pay 50 cents on the dollar or obtain a majority in number and amount of his creditors to release him. 20 years of experience proves that system to be eminently wise, and under its operations there can be no question that business affairs are carried on with more caution, with more care than before. Now, we have stricken this out, and what are we to have? There are tens and tens of 1000s of debtors in the country who will take advantage of this act, who want to be released and ought to be released; but we make it a permanent system, and men who 2 years can get anybody to credit them can rush in and take advantage of this act and pay nothing, and in some of the States hold $100,000 of property and nothing can be realized by their creditors, for the exemption laws of some States may enable them to do it and cover it up. This is the way the matter stands. I think if the bill had stood as it came from the HoRep that no great hardship would be imposed on any portion of the people; that after the 1st year or 2 we should find it working admirably; we should find that in all parts of the country the practical operation would be to make debtors less reckless and creditors more careful. It would have had an excellent influence upon business operations in the country. Men, instead of going on reck lessly when they were in debt, until they squandered everything they had, would see where they stood, and would feel that they had got to pay 50 cents on the dollar or else satisfy their creditors that they had acted honestly. We should have had fault enough found with the bill if we had passed it in the form in which it was passed by the HoRep. Gentlemen voted for it in that House, in the form in which it came to us, who desired to have 50 cents paid or no discharge without the assent of creditors here after, and to let all persons who wish to take advantage of the act, who are now embarrassed, to do so for one year without being subject to vthoatet sr;equirement. The bill passed with their it came here; and we have stricken out that provision. I believe that vote to be wrong. I believe we are starting a system by this bill as it stands that will encourage dishonesty, recklessness, and carelessness in business af. fairs. If that provision had been retained the debtors of the country who are now debt ors, who have been embarrassed for years, would be able to obtain their releases, and then in the future men engaged in business would know that under the national bankrupt law, they must pay their creditors 50 cents on the dollar, or they must so conduct their affairs as to satisfy a majority in number and amount of their creditors that they honestly ought to be discharged, and there would be no hardship. honest men in requiring them to obtain that assent. As it is now I shall not and cannot give my vote to the measure. I shall vote against it.