The Cass County Republican. [volume] (Dowagiac, Mich.) 18??-1880, 1858-05-20

The following is an abstract of the
bill to establish an uniform system of
Bankruptcy throughout the United
States, which was reported to the Sen
ate on the 9Th inst, by Senators Toombs
and Benjamin, a minority of the Judi
cfary Committee. The bill contains
twenty-five sections :ssar~<-s- 4 .i.ls1 :
SECTION l. Bankrupts are divided
into two classes-the voluntary and in
voluntary the former consisting of per-
sons generally who are .unsblelto pay
their debts, and who choose to avail
themselves of the provisions of the
act; the latter, of individuals in trade,
who by some fraudulent proceeding
evince disposition to wrong their
creditors, or some of them. In com
pulseis'e ases the 7bankrlrptyinay have a
jury trial
SectTon2 provides against payments
and transfers made in contemplation OF
bankruptcy. ~-st.s 7s-.l1 IIrsa1 .fT3ft
Section 3 declares that by the de-
cree. Of bankruptcy the title of the
bankrupt to his property is Invested,
and becomes vested In the assignee.
But necessary household effects, not
exceeding in value, three hundred dol
lars, are to be exempt, together with
whatever property is exempt from ex-
ecution BY the laws of. the State.
Section grants release to bank
rupts who fully comply with the re-
quirements of the act ninety days after
the decree, and after seventy days
advertisement in public newspaper
unless. one-forrth. nnumber and value
Of the creditors file their written dissent
1t also provides infinitely against frauds
and specifies the course to be pursued
In appeals. no az rr<ff.fg -
Section 5.--The property of bank
1yupts is to be divided pro rata. Pre-
ference only given to debts due tc
the United States to sureties who are
entitled to preference by laws of Con
gress and laborers in the employ OF
the bankruptcies an amount not exceed
ing twenty-five dollars.
Sections and give full jurisdiction
ip@bansruptey cases to the. United
States District Courts, and direct what
proceedings shall take place.
Section s confers. upon the, United
s States Circuit Courts Concurrent juris-
diction in certain cases.
Section directs the manner in which
assigpees shah discharge their duties.
Section 1O.-The Court shall order a
collection of the assets, a sale of the
same, and a distribution of the pro-
ceeds'Without Unreasonable delay.IU' !
Section ] l defines certain powers Of
assignees.
Section I2.-No person to be sec
ond time entitled to the benefit of this
act, unless he pays seventy-five cents
on the dollar.
Section 13.-Proceedings in bank
rupfcx To be of record 40 x9z &
Section IA relates to proceedings
against or by partners in trade who be-
come ,bankrupts Al s, ~ la -.
Section Is relates to the conveyance
of the bankrupt's real estate by the
S Section ? is.@cc'iiArc sui Court in tn,
District of Columbia to have jurisdic
tieri:s.e ssrfs ga ggss nsr-ssss q hsfs.-. u
Section 10 Furnishes fraudulent as
signees.
Section 20 and Fl allow bankrupt
when his estate pays 40 per cent. allow
expenses an allowance of % per cent.
when<it paws 90 percent, anaallowaae,
ef per- cent; when so per cent. !
realized, the allowance to be q pc
cent; but no allowance to exceet
Section 22.1The United States t
RAY no costs or other charges in bank
ruptcy Rases 7 all such eharsestoscom
out Of the 'fiinf OF the parties other
wisesnotto beraid at all se,rAas III
a.S - - 4ss-i4
.x29r1 [757TT w 7l@G7I- a. a0.a
Tue sI4EyIATHANs NOT ,CoauNG. TIL
AUTUMN.-An extraordinary meeting @
the Great Eastern StemB Nayigstio
Company was held on Saturday. Apr
18th. The report stated that the dl
rectorss spseee the -last9neeting of tn
shareholders, had devoted considerable
time in procuring information, and il
obtaining specifications, estimates, am
tenders, for completing the works OF
board the company ship Leyiathan, t
enable her to proceed to sea- To .effec
this an outlay of ff7z 000was necessar.
which sum, added to the present liabil
ties of the company, amounted {
f21l .2s2 to meet which, the director
IL mr..