Bankruptcy

The power to establish uniform laws on the subject of bankruptcy is conferred upon Congre by the Constitution, notwithstanding which the power has been exercised four times and always with unsatisfactory results. The first bankruptcy act pa ed Congre and became a law April 4, 1800, but was repealed in 1803, and no further attempt was made to adopt a new act until 1841, when a bill pa ed in August of that year by a small majority that continued in force le than two years. A third bill was introduced and adopted in March, 1867, but was repealed in 1878. Thereafter several attempts were made, at nearly every se ion of the national Legislature, to pa an acceptable bill, but it was not until 1898 that another uniform law was pa ed, which went into effect July 1 and is now in force, though great opposition to its provisions has been made in nearly every State and its repeal is continually threatened. 62