The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-05-07
TYIIRTY-FIFTH CONG1yasG
FIRsr SESSION.
Senate.

WASHINGTON, March 6, 1853.
The business transacted during the morning hour
Of an uninteresting nature
BANKRUPT BILL
Yesterday Mr. BAYARD, (adm) OF Del, Chairmsa q
the Committee, made q report from tho majority Of ths
Judiciary committee asking to be discharged from tss
consideration Of the subject Of uniform Bankrup, law
the majority could not agree upon the OF bill
Mr. TooxBs, adm OF Ga, thereupon presented bill
reported by himself and another Senator, forming
minority Of the Committee but the Vice President Messrs
Green, Iverscn, and other Senator'S objected to this
course unusual Finally, the bill was received by
courtesy and It's title read, Mr. Benjamin presenting H.
may or may not have reference 10 the above incident
but Mr. foombs day requested 10 be from fur
ther service the Judiciary Committee. Messrs Cay
Benjamin and others invited him 10 remain but he refused
TO be modified, and accordingly ceased from the Com
mit,ee.
Annexed is Mr.. Toombs' bill -
SzcnoS l. Be II enacted by the Senate and HOUSE fRsp
rcsentstvos OF the United States OF America Congress
assembled, That there be, and hereby h established
throughout the United States uniform system Of bank
ruptcy, as follows All persons Whatsoever, residing In
any State district or territory OF the United states, OWING
OF defacauon public officer or as executor sdmn.
siraior, guardian or trustee while aang ANY other
hducary capacity, or on account OF breach OF rust
aseut or factor Sho shall by petition sstpg forth. TO the
best q bis knowledge and belief list Of bis their
dtofs, their respective places OF residence, aod the
Of his their property rights and credits every name
kind and description and the location and situation Of
each ard every parcel and portion thereof verified by
oath or conscentiousiy scrupuous OF taxing an ovt
by solemn affirmation, apply TO the proper court
declare themselves to be unable to meet their debts and
engagements, shall be deemed bankrupts within the pur
view Of this act and may be 40 declared accordingly by
using the trade OF merchandise all retailers Of meroSAn
disc ard all bankers factors brokers' under writer's
psuIcrs owpg debts the amount OF no, loss taAn
two thousand dollars shall be liable 10 beco bansrupts
within the true intent ana meaning Of this act and may,
whom they debts amounting In the whole no. les
than five hundred dollars 70 the appropriate court be
declared accordingly in the foiiowing cases. TO sit
using the trade Of merchAndse or beng retailer a
merchandise, or being banker factor, broker, under
uct Territory OF which he nhssitsnt with lntsst
10 defragd his creditors shall copceal himself
se c he 81 ~ m Or %
tenemeus 10 be attached, distrsined, sequesteed
taken in execution; or shall remove his goods, chatel
and effects conceal them TO proven Their being levied
unon taken In execution or by other process make
fraudulent conveyance. assignment, sale, gi Other
transfer Of bis lands tenemens, goods or chsiss credits
evidence Of debt Provided however That any orsoo
declared bankrupt al the instance OF creditor may
at hrs election by petition 10 such court within ten days
after decree, be entitled trial oy Jury before sucs
court TO ascertain the fact Of such bankrupcy such
s,a snsh rSsee great distance from The psce Of
direct such trial by jury be had county OF such
persons residence In such manner and under dueo
such DEGREES passed by such court and not 20 re
mined, shall be deemed final and the sub
sec. q And be II further enacted That all future pay
ments, securities, oonveyances transfers OF property,
Or agreements made or given By any bankrupt IN con.
Temptation OF bankruptcy and for the purpose Of giving
any creditor cndorser, surety ether person, any pre-
Terence or priority over the general creditors OF such
bankrupt, and oil other payments, sec1rites convey
snces or transfers Of property, agreements MADE or
given by such bankrupt contemplation OF bankruptcy,
10 any person persons whatever being bona I'D.
or a
out notice. snail be deemed utterly void, and fraud upon
this act and the assignee under the bankruptcy shall be
entitled 70 claim, for and receive The same ~
part OF the ses OF the bankruptcy and the person maxi
ing such preferences and pay ments shall receive
That 81, dealings and transactions by and with bank
rupt bona fde made aud entered into more than two
months before the petition fled against him, or By hun,
shall be nvadated affected by this act Provided,
That the other party TO any such dealings
mao n no Oorce Of pIor s shs ssnes. Of ,sS
act And in case II shall be made 70 appear 70 zee
court In the course of tho proceedings 10 panupsoy'
subsequent to the first day OF January last, or any
other time contemplation OF the passage OF bsnsrup
law, by assignments otherwise given or secured any
preferences 10 one creditor another he shall not
ceve discharge unless the same be asscnted 70 By
majority interest OF those Of bis creditors Who nave
not been 40 preferred And provided Also That nothing
this ac contained shall be construed 70 annu destroy
mpair any lawful rights Of married women, or minors
or any allie MS mortgages, other securities property
real or personal except bills created by original
especsyely and which are no, Inconsistent with the pro
visions Of the second and 9th sections OF this act
Sec 3. And be further enacted, That all the property,
and rights Of property, Of every and nature and
whether real personal Mixed OF every bankrupt
cept a. Is hereinafter provided, who SHALL by decree OF
the proper court, be declared TO be bankrupt within
this act, snail by operation Of law tpso faco,
from the time OF such decree, be deemed 10 be
diyested out Of such bankrupt, without any other
act, assignment, or other conveyance whstsoey.
er and the same shall be vested, By toscs Of
the same decree in such assignee A. from tins
70 Tine shall be appointed by the proper court TOT
this purpose which power OF appointment and reu,cva
such court may exercise at R discretion, totes qcs;
ana the assignee appointed shall be vested Win All the
rgffs, titles powers and authorities 10 sell manage soo
dspcee OF The same and for and defend the sane,
subject 10 the orders and directions OF such court,
fully, 70 all intsnts and purposes a. the same uSs
vested h. o. might be exeressd sy, such baaxrv2t ba.