Democrat and sentinel. [volume] (Ebensburg, Pa.) 1853-1866, 1858-06-02
The Proposed Bankruptcy Bill

In the Eastern cities, more than IN the
West. the late extraordinary 6nancil crisis
has called public attention 10 the question of
general Bankrupt Law. aud the most just,
equitable and fair basis upon which such a
bill could be framed In the Senate of the
United States, Messrs, Tootnhs and Benjamin
have proposed bill which. as the gentlemen
are members of the judiciary Committee, is
entitled to consideration and in order that
our readers may understand the measure of
relief which these gentlemen propose for the
relief of those who have been unfortunate in
their pecuniary affairs, We give a condensa-
ton of the principal features OF the bill. AT
the present session, it is not at all probable
that this, or any other Bankrupt Bill, will be
considered The question is one of large i'm
portance, and there remains no time to ma
ture bill, the effects of which would be SO
wide spread, and effect SO many people
General Bankrupt Act. Senator Toombs'
proposition will, however. draw public atten-
ton to the subject, and induce discussion as
to the kind of plan to be adopted, and thus
pave the way for action hereafter. The Bill
proposed consists Of twenty-three sections -
By Section ! , bankrupts are divided into
two classcs-the voluntary aud involuntary
the former consisting of persons generally
who are unable to pay their debts, and who
choose to avail themselves Of the provision OF
the act the latter of individuals in trade,
who By some fraudulent proceeding. evince
disposition to wrong their creditors, or
| some of them III compulsory cases the bank
| rupt may have jury trial.
Section provides against payments and
transfers made in contemplation Of bankrupt
cy.
| Section declares that by the decree Of
| bankruptcy the title Of the bankrupt to his
property is divestcd, and becomes vested in
| the assignee But necessary bouscbold eft
feets, not exceeding three hundred dollars,
are 10 be exempt, together with whatever
property is exempt from execution by the laws
| of the State.
Section 4 grants release to baukrupts who
fully comply with the requirements OF the
act ninety days after the decree, and after
seventy days advertisements in public news
paper unless ono-fourth in value of the cred
itors file their written dissent. 1t also pro
vides minutely against frauds, and specifies
the course to be pursued in appeals
Section 5-The property OF the bankrup;
Is 10 be divided pro rata. Preference is on
/; given j debts due to the United States; to
sure;ie. who are entitled to preference by
laws Of Congress; and laborers in the employ
Of the bankrupt TO an amount not exceeding
$50
! Sections 5 and : give full Jurisdiction, in
bankruptcy cases to the United States Dis
trict Courts, and direct what proceedings
shall take place.
Section confers upon the United States
Circuit Court concurrent jurisdiction IN &C.
tain cases.
Section l0-The Ceart shall order sol
lection of the assets, sale of the same, auo
q distribution Of the proceeds without unrea
sonable delay.
Section IL defines certain powers Of as
signccs.
Section 2-No person TO be q second tim,
entitled to the benefit of this act, unles. h,
paws seventy five cents on the dollar.
Section l3-Prcceedings in bankruptcy t
be of record.
Section Il relates to proceedings asains
or by parties in trade who become bankrupt
Section Is relates to the conveyance of th'
baukIupts real estate by the assignee
. Section 16-Circuit Court Of the Distric
Of Columbia to- have jurisdiction.
Section 19 Furnishes Fraudulent assignees
Sections 30 and u allow a bankrupt, whel
his estate pays so per cent. above expenses
an allowance of . per cent #; when 1t pay
, 60 per cent, an allowance OF per cent.
when so per eeut. is realized, the ailowanc
to be II per cent but no allowance to ex
ceed 50, 600,
Section 22-Thc United States to pay nj
costs or other charges in bankruptcy cases
All such charges to come out Of the fund o
t the parties; otherwise not to be paid at all
t -PtttsLrg Post.
=.