The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-05-20

The following is al abstract Of the Bill
to establish uniform system OF Bankruptcy
throughout the United States, which was
reported to the Senate on Wednesday, May
), by Senators ToosBs and BENJAMIN, Il
minority OF the judiciary Committee.
The Bill contains twcnty.three sections !:
SECTION l--Bankrupts are divided into
two casses--the voluntary and involuntary;
the former consisting of persons generally
who are unable to pay their debts aud 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 credi-
tors, or some of them. In compulsory
cases, the bankrupt may have jury trial.
Section 2 provides against payments and
transfers made in contemplation OF bank
ruptcy.
Section 3 declares that by the decree of
bankruptcy the title Of the bankrupt TO his
property is Invested, and becomes vested in
the assignee. But necessary household et-
iects, not exceeding three hundred dollars,
are TO be exempt, together with whatever
property il exempt from execution by the
laws of the State.
Section 4 grants a release to baDkrupts
who fully comply with the requirements of
the act ninety days after the decree, and al
ter seventy days advertisement in public
newspaper, unless one-!ourth in value Of the
creditors file their written dissent 1t also
provides infinitely against frauds, and spec-
iics the course to be pursued in appeals
Section 5-'rhe property of bankrupts is
to be divided pro rata. Preference is only
given to debts due to the United States; to
sureties who are entitled TO preference by
laws Of Congress and laborcrs in the EN-
ploy of the bankrupt to an amount not cX-
ceeding so.
Sections and give full jurisdiction. in
bankruptcy cases TO the United States Dis
trict Courts, and direct what proceedings
shall take place.
Section s contcrs upon the United States
Circuit Court concurrent jurisdiction in
certain cases.
Section l0--The Court shall order col.
lection OF the assets, a sale OF the same, and
distribution of the proceeds without I'M
reasonable delay.
Section II defines certain powers of as
signecs.
Section l2-No person 10 be a second
time entitled to the benefit OF this act, un-
less he pays sevcnty.tive cents on the dollar.
Section Proceedings in bankruptcy
TO he Of record.
Section Ii relates to proceedings against
or 10y partners in trade who become bank
rupt.
Section l. relates TO the conveyance OF
the bankrupts real estate by the assignee.
Section l6-CIrcuit Court in the District
Of Columbia to have jurisdiction.
Section 10 Furnishes fraudulent asstgues.
Sections 70 and 81 allow bankrupt,
when his estate pays 40 per cent above ex-
pcnses, an allowance Of q. per cent; when
II pays 90 per cent an allowance OF per
cent; when 40 per cent is realized, the al
lowancc to b. -, per cent; but no allow
ance to exceed $4,000.
! Section 22-The United States 10 pay
~ costs or other charges in bankruptcy
cases. All such charges to come out OF the
iund or the parties; otherwise not to be
paid at all.
1t is not probable there will be action in
Congress, on the subject, during the present
session. A majority OF the Judiciary Com
mit,ce OF the Senate reported adverse to the
( hill