Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1826-02-28

Ertract Of a letter from Ucshington.

&C In regard to the Bankrupt Bill assure YOU it is
not lost sight oil, and serious attempt will he made
to passit. The resolution Introduced by the Chair
man OF the Judiciary Committee some time ago. has
been suffered TO lie on the table, from expeca-
ton that bill would be reported to the Senate
Such report, it is understood. may now be very
soon expected, as 1t is said bill has been agreed
on by The committee 1t is thought to be as " ell
considering the state OF the business in the House.
that the Bankrupt Bill should be first introduced
into the Senate, the'case formerly.
"i believe it is intended 10 make several era
tons In the Bankrupt system, and to simplify
the whole, as much possible. AS TO what
cissses 1t shall embrace, learn the idea is that
merchants and traders shall be subject TO a com
mission Of Bankruptcy, on committing any of
the usual acts of Bdnkruptcy and that, as to other
descriptions OF persons, any one, owing debts 10
given amount, ,oao shall voluntarily file ,critten
declaration Of Insolvency, may render himself SUBJ
Ject TO the provisions OF the act and by compli-
ance, ent:tle himself TO certificate Of discharge
The reasons given for this extending OF the sys-
TEN, are, that other bill can be passed. and
secondly, that as the States possess the power,
(and most OF them exercise it) Of diSch0rging the
person from Imprisonment, upon conforming to
the requirement of State insoIvent laws there is no
experience TO prove, that the remedy against sub
sequen acquisitions of property, after f1sqly dis
charging the person tiOH, npriSO,,nl,7at is, in
| general, OF any great value or importance TO the
creditor.
learn also, it is contempated'to dispense in
many cases, aud as far as possible, with commits
sioHers; and 10 make the District Court the Office
OF bankruptcy; that the principle part of tie bu-
slness may be then promptly and cheapiy despatched
The most intelligent English writers on the subject,
now speak OF the substitution of some other tribu-
nal, instead OF commissioners, The great remaining
object yet unattaned in their sy en- An a,,empt
will be made, also carry further than even by the
new act, has been done in England the principle o
compromise: that is to say, that when one has
been declared bankrupt, if large majority (to be
iXed) in numbers and amount of the creditors
think hi 10 receive certain proportion of their
cebis from The bankrupts friends, in satisfaction OF
their debts they may do so and The rest othe Gre
dit0rs shall be bound 10 the ike conlproDlise
The OBJECT OF this is to re-instate the bankrupt in
such cases, as speedily and with as little expense
as possible, in the possession of properiy and credits
and to leave him TO settle his own sffairs-In short
1t IS intended TO extend and simplify the system; NO
reorsanize compulsory and voluntary cases;
to get rid OF oil unnecessary apparatus and machi
merry in us administration; & to diminish the ex-
pen=c as much as possible. These are the objects as
lar as learn, contemplated by the committee of
the ii. r.; and probably they will be all or prin-
cipally embraced in the expected bill in the Senate
! NJ y Ere Past