New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1843-02-16
Voc. HI. NO. 265.

cies of the community and calculated to form a.
part of the permanent Jurisprudence of the country.
The salutary influence of such law, they thiak,
will be manifested.
!. By the prevention Of undue credit;
9. BY preventing partial assignments;
3. BY substituting one uniform rule for the con-
ficting bankrupt and insolyent laws of the several
States;
T. By arming the creditor with power to force
failing debtor to go into liquidation before his
assets are wasted by desperate speculations, to
which men in such circumstances generally
tempted. And they find additional motives for its
enactment now,
l. In the consideration that the benefits Of the
law have already been extended to portion of the
people, and that its sudden repeal would be de-
NAL Of equal justice to others;
2. That by decision in the Courts Of one State
of the Unicn, the people of that State have been
cut off from all the benefits of the law;
3. That the bankrupt law is but the necessary
exercise of bencfcent power;
A. That its repeal will injure American credit
abroad;
S. That the law will prevent the ruinous opera
ton of stay laws and
6. That it extends the protection Of the Govern
ment to class of citizens who, though poor and
unfortunate, ought not for that cause to be beyond
the pale of its protection.
For these reasons the Committee report the
House repeal bill to the Senate with the following
amendments:
!. TIE repeal the law of 1884, provided that such repeal
shall prevent the determination Of any pending case
that II offences and penalties under the former shall be
still prosecuted, and that rights acquired under it shall
be in any way affected or repaired by this repeal.
2 That sny person, owing debts contracted by de-
acaiion shall file declaration insolvency in the District
Court, with list OF his creditors, the Clerk shall sign
morandum, which shall be sufficient authority for adver
sement OF such declarations and every sush declaration
shall be art OF bankruptcy and the Court may eight
days after and within months oil the insertion Of the ad
vertsement, the petition OF any creditor 10 the
Of $500 any number of creditors 10 tue Of $500
decree sue person bankrupt
That the person and properly Of such debtor shall be
excepted from arrest and levy.
d. That if any trader shall leave the State
convey away bis property with intent 10 deraud bis cIed
ors he shall be deemed have committed Of bank
rnptcy provided that bu. traders shall be liable these
provisions OF the act and that no partnership concern shall
be liable in their joint character.
That il any person liable TO be made bankrupt &c.
cordng to these povsens shall convey his effects by deed
10 CREDITOR the execution of the deed shall be deemed
act of bankruptcy if petition be filed within three
months roridd that the deed be valid unless for the
equal benefit Of att his creditors unless executed by
each trustee within Is days after its first execution.
That the assgnees of the bankrnprs estate shall be
chosen by The majority value Of the bankrupts creditors
L No final discharge shall be allowed any bankrupt un
less he shall first file in the Cerksoce the written consent
in value Of minority of his creditors its allowance and
creditor may be heard against The allowance and shall
have the right of appeal from the decision of the Court and
of trial by jury, is provided by the existing law.
That vixen decree Shall! be rendered aganst one or
more members Of firm in their Individual capacity, the
separate only OF such bankrupt shall be vested in the
assignee appointed. re-
g. Tba, the Courts having Jurisdiction after petition
filed shall have jurisdiction secure property OF the bank
rrpt to which the assignee may become entitled.
TO- That all questions arising and all orders necessary s1
cept The final decree may be heard and given by Commits
sioucr W it'll righ, of appeal 10 the District Judge.
II. That debts under proceedings in bankruptcy may be
proved by foreign creditors before any minister agent Of
the United States resident in the same foreign country with
the creditor before Commissioner apponts for the
purpose.
~ Notices may be served on foreign creditors by publ.
cation in one or newspapers and when they are sent
by mail the postage shall be paid.
49, Costs may be decreed by the Court in all cnnrovcrt
ed cases and such remedies given therefor are allowed
in Courts OF Equity
a. II majority in value Of the creditors shall assent the
Court may dect the Assignee TO pay the necessary e1'
peases of the proceedings.
These are the essential provisions of the Bill
submitted to the Senate by the Judiciary Commit
tee They obyiate the most valid objections to the
existing Law while they preserve its most essen-
tal benefits We trust they will be considered
with earnestness end careful thought; and that
some system may be adopted which shall place
tho relations of debtrr and creditor upon more
permanent and equitable basis than that upon
which heretofore they have rested This isl que s.
ton not of party but of public interest and of JUS
tiee; and as such we hope it will be calmly and
cautiously discussed.
COLE IN ALAEAmA.-Wc learn from the let
ters of gentleman travelling at the South that
some very valuable Gold Mines have recently been
discovered in Alabama, not far from Montgomery
said to be the richest ever found in our COM
try. Several thousand persons are now engaged
in searching them for the precious ore, and one