Mr. POLAND. By no means, sir. The fear that the Senator exPressed was, that under the involuntary system proceedings would be insti, tuted against religious and educational and eleemosynary corporations and they wound up. There is very little fear of a corporation of that sort committing an act of bankruptcy by making a fraudulent assignment of its property. But the section was not intended for that class of corporations at all, and I am entirely willing to have the section amended, and will propose, if the gentleman's motion to strike out the whole section does not prevail, to amend it so that it shall apply to all banking, trading, and business corporations. That is what the section was intended for. Then as to the application the Senator refers to by the corporation itself or by its officers, the voluntary system of bankruptcy in favor of the corporation, what can be the object of that? This section itself provides that where the officers of a corporation carry it into bankruptcy, a case of voluntary bankruptcy on the part of the corporation, no debt against the corporation.? be discharged and no claim against any stockholder or officer of the corpo ration. What could be the object on the part of the corporation or of its officers, or on the part of anybody, to carry the corporation volquentari.ly into bankruptcy, when the act itself that when they get through there shall e no allowance made to them in property, no discharge granted to the corporation or any of its officers or stockholders, and when they have; through and surrendered everything they have got precisely where they started, and if there are any debts not paid they owe them the same as before if contracted as a corporation, and if there is a liability on the part of the stockholders or officers the same liability ilms. t seems to me that the section with this limitation and I am willing that it shall be confined to banking, business, and trading corporations, that is the real purpose and object of it is very necessary., We have found it so in my own State, and they have in other States. I understand that in Massachusetts their insolvency system in the 1st place left ont corporations; and they were obliged to put them in. I know very well, you know, : President, [Mr. Edmunds in the chair, that in our State some of the greatest attempts at defrauding creditors have been made under the guise offmanufacturing corporations. In 1841, when the last bankrupt law before this was for. one of the greatest objections to that ill on the part of its opponents was that it did not include these banking and trading corporations; and those persons who are conversant with the history of those times understand very well that the failure to include cor F.” in that bill was one of the great eatures of its unpopularity, one of the great reasons why that bankrupt law was repealed. In relation to the last clause, the portion of the proviso about forfeiture, I feel a little scru ple myself whether Congress has a right to declare a forfeiture of the charter. It is wholly unnecessary for the purposes of this bill to retain it, and I shall be content to have those words stricken out, and indeed it seems to me rather necessary that they should be stricken out, because this section itself saves all the remedies in favor of the creditors against the corporation. If we destroy the corporation, forfeit its franchise and take it away, what would the remedy of the creditors be good for against the corporation? What is the use of saving remedies in their favor if we destroy the corporation itself? Inasmuch as their whole property is to be surrendered and no discharge is to be executed I can see no possible danger arising from leaving the franchise, the corpo rate existence to remain; and therefore, as I said in the outset, I shall be willing to have this section modified so as to make it extend only to banking, trading, and business corpo rations and companies, and to strike out in ‘the proviso the words “such decree of bankruptcy shall work a forfeiture of all the franchises of such corporation.”