The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1858-05-14

MR. Io0MBs BANKRUPTCY BuL.-The following
IS an abstract of the bill to establish uniform sys
tenn of bankruptcy throughout the United States
winch was reported to the Senate Wednesday,
May ,, by Senators Toombs and Benjamin. minor
lty OF the Judiciary Committee. The bill contains
twenty three sections:
Section l-Bankrupts are divided into two classes
tine voluntary and involuntary; the former con-
sshg on persons who are unable to paw their debts
and who choose to avail themselves of the provis-
ions OF the act; the latter of individuals in trade
who, by some fraudulent proceeding, evince a dis
position to wrong their creditors or some of them
In compulsory cases the bankrupt may have a jury
trial. ''
Section provides against payments and transfers
made IN contemplation of bankruptcy.
Section declares that by the decree of bankrupt
cy the title OF the bankrupt to his property is di-
vested, and becomes vested in the assignee Rut
necessary household effects not exceeding in yaue
three hundred dollars, are to be exempt, together
WIN Whatever property is exempt from execution
by the laws of the State.
Section grants a release to bankrupts who fnllv
comply with the requirements of the act ninety
days after the decree, and after seventy davs adj
yertisement in a public newspaper, unless one
fourth In number and value of the creditors file
their written dissent. 1t also provides infinitely
against frauds, and specifies the course to be pur
sued in appeals.
Section The property of bankrupts to be divi-
ded pro rata Preference is only given to debts due
the United States to sureties who are entitled To
preference by the laws of Congress- and laborers in
the employ of the bankrupt, to an amount not ex-
ceeding twenty-five dollars.
Sections and give full jurisdiction in bank
ruptcy cases to the T. S. District Courts and direct
what proceeding shall take place.
Section : conters upon the United States Cir
cult Courts concurrent jurisdictions in certain
cases.
Section directs the manner in which assionees
shall discharge their duties.
Section lO-The Court shall order collection of
the assets, sale of the same and a distribution OF
the proceeds without unreasonable delay.
Section ii defines certain powers of assgnees
Section 12-No person to be second time enti-
tied to the benefit of this act unless pays seventy
five cents on the dollar
Section l3-Proceedings in bankruptcy to be OF
record.
Section IA relates to proceedings against or by
partners in trade who become bankrupt
Section 10 relates to the conveyance of the bank
rupts real estate by the assignee
Section l6-Circuit Court in the District of Co
lumbia 30 have jurisdiction.
Section 10 Furnishes fraudulent assignees. "A.
Sections 20 and q allow bankrupt when his es
tate pays 40 per cent. above expenses, an allowance
of 29 per cent? whenit pays per cent an allowance
of per cent; when so per cent is realized, the al
lowanee to be ~ per cent; but allowance to ex-
coed $1,000.
Section 22-The United States to pay no costs or
other charges in bankruptcy cases. All such
charges to out of the fund of the parties other
wise not to be paid at ALL