Horace Gray

“ In giving effect to a statute which simply directs an equal and ratable distribution of a debtor's estate among all creditors, without saying anything about either collateral security or set-off, there would seem to be quite as much ground for requiring each creditor to account for his collateral security, for the benefit of all the creditors, as for allowing him the benefit of a set-off, to their detriment. ”

“ While also unable to concur in the opinion of the majority of the court, I prefer to rest my dissent upon the effect of the legislation of congress, read in the light of the English statutes and decisions before the American Revolution, and of the judgments of the courts of the United States, without particularly considering the cases in England in recent times, or the conflicting decisions made in the courts of the several states under local statute or usage or upon general theory. ”

“ If a creditor of a bankrupt holds a security on part of the bankrupt's estate, he is not entitled to prove his debt under the commission, without giving up or realizing his security. For the principle of the bankrupt laws is that all creditors are to be put on an equal footing; and therefore, if a creditor chooses to prove under the commission, he must sell or surrender whatever property he holds belonging to the bankrupt. But, if he has a security on the estate of a third person, that principle does not apply. ”