Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-12-20

CorrespondeHce Of the n. Y. Journal % Commerce ]
Tho Bamkruptcy Bili-a sketch os
lss Psovssi Ons

WASHINGTON. December IL.
The passage Of the bill to establish a uniform
system OF bankruptcy throughout the United
Ststes. by decided majority In the House oil
Representatives, renders !, certain that before
the close vi the present se.sion bankrupt law
"a authorized and required toy the constitution
will have place on our statute book. This will
not only lie hailed with JOY by thousands OF bu
siusss men heretofore unfortunate but il will be
. consolation TO Others who Gee was lust
year remarked by leading supporter Of the ad-
mnstrstion, that "whsn tie ebo tide of this Ia
eetious paper money prosperity comes. a. como
II must, the shores OF The great seas OF trade will
be strean With more wrecks than ever vet we're
seen ia any panic or revulsion." The House of
REPRESENTATIVES has done we'll 10 acknOs ledge
its constitutional obligation. and u exercise its
power 70 remedy aud anticipate these evile
Surely the Senate will concur
The bill passed by the House - based upoa
the insolvency act OF Massachusetts, aud is de
signed TO bring the failing debtor aud his credit
ors upon ground Of negotiation and settlemens
equally beneficial 60 both. Our national bank
rupt act OF 1900 Vas bv a dgest-ol the Eng iisa
statutes OF bankruptcy ID that date, and was for
tae benefit o. creditors. As such u was repealed
The national bankrupt act of lS4l was substtn
uslls for The benefit of debtors. auf short
lived. The points aimed al IN the Hluse bill. a.
stated by Hon. Mr.. Jenckes. of Rhode Island.
who drafted it are:
lst The discharge Of the honest dettOg moon
the surrender of bis property, ana
- Tho protection OF the creditor against he
fraudulent practices and reckless conduci Of his
debtor
The district courts are to ne made court. or
bankruptcy and the baukrupr business. where
there Is no opposing interest i 70 be transacted
by otti ers be calle registers. u A. lchuseits
idea, incorporated into the English bankrup.
Law OF 1861 When there arc opposing INTEREST,"
they are 10 make up he case for che dcci~io
OF the Judge They sre 10 be the hands aud ne
eves OF the court. out neither % be clothed
With it, power or its discretion. Receiving 6xel
salaries. il will De their interest well their
duty to discourage litigation
Creditors are 20 have assgaee>, but the law
ignores the eumbrous machinery Of Official a.
slgnees. accountants. registry Of courts snd sc
cOunttnts general insolvency j. matter be
tseen the btukrup, AMI hi- creditors, and car
best he managed by them under the direction OF
the courts Every question raised by litigatie
cou;estiug the baukrupt'- discharge must be
helri nd deei .el 10 0oea c. ia IL which r
-pert mis- oil differs from other laws C0mmis-
sione-s appointed by the supreme court ere 10
sztab!ish code of rules 10 secure uniform prse
sire
Honest debtors are to receive an allowance 80
that they NAV no, he turned upon the world
without a carreu.v- note u thes have Surrender
ell their effects tor administration and dislrlbu
ton among their creditors
Another provision sive- A debtor an opportn-
nifty % meet his cleiitor-. aud. II they arc Salts
Sci 81 hi- integrity aud sbtv. 70 Wind up his
sifsss Gader a trust deed Nth the same effect :
II the pfpceeiings had been cOnGeCied IN the
court OF bankruptcy
The shove provisions. with others constitute
the la~ which will probably De enacted IL hope
less Insolvency be commercial death. then wall
this constitutional statute opea 10 the homes,
bsnkfnp, freedom from hs membranes. snd
the road 10 4 nes Commercial Tie