The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-05-13

Mr.. Toombs' Bankrupt law Is being act
lively considered by the Judiciary Commit
tee, and it will probably be presented to the
Senate early next week. 1t Is understood il
will be general bill, including individuals,
corporations, chartered banks, and any asso.
Citations Of persons authorized to issue notes,
bills, &c. 1t will provide for voluntary and
Involuntary bankruptcy, and will be retro:
active. The retroactive feature will b.
guarded 80 a TO exclu ie all who, subsequent
70 January last or any other time, have
made assignments, 10 contemplation Of the
passage Of q bankrupt law, which gave pre-
ference to one creditor over another, and the
bankrupt in such cases shall not receive a
discharge unless with the consent Of q ma
jority Of his creditors who have not been 80
preferred. The involuntary bankruptcy ap-
plies TO cases where the debts exceed two
thousand dollars, and the person declared
bankrupt is entitled to trial by jury-ail
transfers Of property Of any kind, for the
purpose Of giving any creditor, endorser or
other person any preference or priority over
general creditors, to be null and void, and
the parties obtaining them to be sued for
such amount as assets Of the bankruptcy.
With regard to banks and other issues Of
paper money they are TO come under the
head Of involuntary bankrupts and, in I'D
dition TO the liabilities which attach 10 indl.
yiduals they may be declared bankrupt for
the non-payment for ten days after demand
Of any bill, note or other liabiIity-all the
expenses of proceedings to be paid by the
parties interested, and under no pretense to
be paid by the United States. These are
the general features OF the bill, we believe.
1t il to go into effect next November, if now
passed.
Under all the circumstances, il is exceed
ingly doubtful if it can pass at this session,
but the general impression is that some bill
OF the character indicated will become law
this Congress. The retroactive clause will
meet with good deal of opposition, but if
it is well guaranteed that may be overcome.
A question will also arise Us TO the power
Of the general government to interfere with
the State corporations but if thisis pressed
the banks may force the agitation of the
much more serious question, ii it should be
carried out, OF the power Of the general gov
eminent TO prohibit altogether the issue Of
money by authority OF any of the States.
Mr.. To0mbs will, doubtless, call the subject
up in the Senate next week
The foreign appointments ye. remaining
open will all be disposed of before the all
journment OF Congress and as soon a. the
Kansas mbrogi,o is out Of the way. Con
trary to general expectation. there will be
no change in either the mission to England or
France. Mr.. Dallas will be permitted to
remain, though it is probable had he tender
ed bis resignation it would have been ac-
cepted. He will not he removed. Since
the acceptance Of Mr.. Mason's resignation
all parties in Virginia, including the MEM
bers of the Legislature, have petitioued the
President TO let him remain at Paris, and it
is understood the request has been acceded to.
Mr.. Clingman will present the resolutions
from the House Committee on Foreign Re
ations on the subject OF the Clayton Bull
wer Treaty on the first opportunity. The
esolution recommends the immediate abro-
cation Of the treaty in the most emphatic
terms, and deprccates any renewal Of ncgo-
tiatons. There is this difficulty iu the way
that unless negotiations are resumed when
the treaty is abrogated it leaves England
free to 90 on and colonize the Bay Islands
and in that case we would have to enforce
the Monroe doctrine by physical means, or
quietly submit to disgrace after all our de-
clama,ion. AS the initiative in hostlites.
Congress evinces no disposition to grant any
power. Negotiations will, therefore, un.
doubtedly be entered into. There s no rea-
son TO believe the English government will
offer any strong opposition to the abrogation
Of the treaty. Sir Gore 0usoicy, it is I'M
derstood, expected his instructions, which
were 70 open negotiations on the subject Of
Central America, by the very steamer which
brought the news OF Lord Palmerston's de-
feat in Parliament.