, 1861-12-19

to bankrupt, whose estate does not pay fifty
per cent. of the claims proved, without tho
assent in writing OF thrcefourt1ls Of the credi
tors nor shall it be granted third time
unless the banhupt proves that he has paid
In full 1ll his previous debts, or is voluntarily
released by bis creditors. This discharge
shall not re1ease any other person liable for
the same debt.
II any person, being inso1vent OF likely to
become such, within SIX months before pcti-
ton is filed By or against him, makes any sale
or transfer Of his estate, In view of such in
solyency, with intent to prevent the same
from passing into the assignee's hnnds, such
proceeding shall be void; tie assignee may re-
cover the property or the value thereof Hthe
transfer be not made in the usual way, the fact
shall be 7,y5,na 5aeie evidence Of fraud In like
manner, any Increment made by the bankrupt
with any particular creditor, securing him the
payment Of money rs consideration, or in
ducing him to lorbear opposing the applica-
void Creditors guilty Of accepting such
fayors, forfeit all right to dividend, and double
the value of such money or sccuritys obtaiE-
ed.
The bankrupt is to be allowed witnesses
fees for attendance on court; and sum not
to exceed three dollars per week for each MEM
Der Of his family, for two months OF less also,
at the time Of his discharge, five per cent Of
the net proceeds Of his estate, if it has paid
fifty cents On the dollar, only this allowance
shall not exceed SOW III all.
In the case Of partnerships, separate &C
counts, one Of joint property and one Of lndi-
vidCal property, are to be Kept By the as
signee, the net proceeds Of each to pay the
creditors Of each respectively. If there be
any balance Of the joint stock, after paying
such debts, it is to be divided among the sepa-
rate estates Of the several partners, as # the
partnership had been merely dissolved In all
other respects the proceedings against such
! partners shall be prosecuted as If against one
person. Corporations and joint stock comp1-
niee, other than banking or railroad corpora
| On the petition OF any OF their officers or
| creditors. But no allowance or discharge
shall be granted to any corporation OF any Of
| fcer or member thereof.
| The remaining sections relate to the ma
| chine1y provided for carrying this act into ex-
ceution, aud possesses less general interest.
| We shall, therefore, refer more briefly to
them. All proceedings shall be deemed to
be proceedings in Court Of Bankruptcy the
| powers granted may be exercised at any time
with full authority: The District Court pre-.
scribes rules in bankruptcy: No greater ices
than are now allowed in similar proceedings
in suits shall be allowed Circuit Courts have
concurrent Jurisdiction in suits by or against
assignees; but the time Of action for sucl
suits is limited to two years, the filing Of pc
proceedings to be filed and docket kept.
The Supreme Court may designate SOM
newspaper published at Washington for th'
publication of all notices in bankruptcy; AMI
may prescribe regulations as to fees and costs
Tlree-tourtls of the creditors consenting, II
estate may be wound up By trustees, unde
the inspection Of committee Of creditors, Al
assignee in bankruptcy being dispensed with
such trustees to have the full powers con
ferTed upon the assignee.
From the date Of the passage Of this bill
any debtor who shall, after the commencement
Of proceedings and with fraudulent intent
sccretc or conceal property; alter, destroy
1nutllatc or part with any Of his books Q
papers; make any payment, gift, sale q
assignment Of his property; fal to disclos
| any fictitious claims presented against him
shall have obtained, within three months, III
der pretcnce Of carrying on business, goods {
, | ehattcls or credit with intent to dcfraud
: | pledge, pawn or otherwise dispose Of his c
fects except by fair transactions, shall be liabl
, to Imprisonment for term not excccdin
three years. ANY other person making oat
! falsely to claim against such estate, shall
deemed guilty Of perjury, and subject to i
pains and penalties.
! The act is made to extend to the federal di
: trict through its Circuit Court, to which II
full powers are granted; also, to tile Terrlt
| RIGS through their Supreme orSupcrior Court
| It is to take effect within Six months after i
; passage.