Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1862-02-21

hy Hon. Roscoe ConEling, Of New York, is
very volEminous, occupying fOrIy-sight pages
Of printed matter. As it seems TO be gensr-
ally conceded that such law is necessary,
end win probably be enacted BY the present
Congress, the provisions Of this bill are mat
tsr q general interest. We therefore give
&c main features: It provides that United
States District Courts shall have control of all
matters ia Bankruptcy, deciding questions
ariaiag between debtor and creditor and all
cSncene5; such Courts to appoint an official
sssignee in bankruptcy in each county Of the
district who shall execute q bond for the
faithful performance Of duty; also to appoint
commissioners to take depOsitonH and exc
anime questions referred to them. Any person
owing debts to the amount Of two hundred
and kfty dollars, may upon application to
the Court setting forth his inability to pay
his debis In full and giving list and de.
seription Of them, and Rppending q verified
inventory Of his assets, be adjudged bank
ruot, and his estate viii be taken in charge
By the assignee in bankruptcy, who shall
give noice of the same in some public jour
nal, and proceed to settle the estate substsn-
tally according to the usual mode in cases
Of assignment Any person proved guilty of
attempting in any manner to defraud his
creditors, either by concealmentOr improper
tra1zfsr Of property, shall upon application
Of one or more creditors representing claims
Of not less than $lOO, be declared g bank.
rupt and his estate taken possession d
settled By the assignee in bankruptcy; the
psrson receiving such property BY fraudulent
transfer to forfeit the property and also his
claim. In ali cases, the necessary wearing
apparel Of the bankrupt and family, togeth-
e. with kitchen furniture, and all such
real or personal estate as is exempted BY the
common or statute law of the State OF Ter
ritory, shall be exempt from the operations Of
Che act.
"Ths bankrupt shall not be entitled 10
the beasats, nor be bound upon the covenants
Of any lsass held BY him at the time Of his
hAnkruptcy,n unless the assignee in bank
ruplcy 5han elest to assume the lease; in
eass tie lease be snnuIled, the owner Of
the property may have opportunity to
Pr0ve and collect damages. Until his
discharge, the bankrupt shall be subject to
the ordsr oF the o0zFt, and make such writ
ings and instRments as It may order.
San creditors whose dsbts are duly proved
and alloEad, shall be entitled to share in the
hsnkrupts property and estate pro rata, with
ont any priority or preference whatever, ex-
espt that wages due from him 70 any
operative, to an amount not exceeding City
dollars for labor performed within six
months next preceding the adjudication Of
bankruptcy; and dsbts due any physician
for mSdical attendance on the bankrupt or
his family during the tendency Of the pro.
eeedingz IN bankruptcy until the final divi-
dend is declared, rot exceeding hfty dollars,
shall be entitled 10 priority and shall be frst
paid in full"
aAt any time after the expiration Of six
months and within one year from the adiu-
dication Of bankruptcy, the bankrupt may
spDly 70 the court for q discharge from hfs
de5is, and the court shall thereupon order
notice 70 be given by mail 10 all creditors
who hsve proved their debts, and by publ.
cation at least once week in such neWspa-
psFs as the court shall designate, to appear
On day ap JOinted for that purpose, and
show cause why q discharge should not be
granted 70 the bankrupt. No discharge
shall be granted, or, il granted, be valid, if
the bankrupt has wilfully sworn falsely in
his afi6aVit" or sbeen guilty Of any fraud
contrary TO the true intent and meaning of
this actn
$40 person who shall have been dischsTg-
Cd under this act, and shall afterwards BE-
eons bankrupt, shall be again entitled to
9 diSOhefee, whose estate is insufficient to
pay seventy per centum Of the debts proved
agAinst II, unless the assent in writing Of
tkree-fourths Of his creditors who have
proved their claims is fled ct or before the
time Of appliestion for discharge. No dis
charge shall be granted to . debtor third
time bankrupt Except in cases where proof
q furnished that he "has paid eli debts oW-
lag By him ct the time Of any previous
discharge from bankruptcy"
No discharge grained shall release or affect
sny person liable with she Eame debt with
the bankrupt, either Is partner or surety
Each bankrupt shall be allowed out Of his
estate, for the necessary support Of his fami-
-, such SUM as the Court may determine,
net 10 exceed three dollars per week for two
months; and shall be allowed Eve per cent.
Of the net proceeds Of bis estate, provided
Afty psr cent shall then remain for the cred
itou,-and ten per cent. if a dividend Of
ssvsnty.fve per cent. remain; provided, that
this allowance shall not exceed fifteen hun
drad dollars.
The provisions Of the act apply to all cor
PofaEions and joint stock companies, other
thaa railroad companies. Any person con-
tsmplatihg bankruptcy, or against whose ss-
tate proceedings in bankruptcy have al
rsady begun, who shall Be proven guilty
Of any transaction Of fraudulent ma
tuEe, shah, upon conviction, be sub.
Jsct to imprisonment not exceeding three
ysaES. Any person swearing falsely in pro-
esedingB In bankruptcy shall be liable to
punishmsut t0r perjury in the same manner
e is alresdy provided BY the laws Of the
United Ssstes.
The oct provides that Official assignseB and
commissioner shall be appointed on and af-
tsr the hntof July next, and proceedings in