The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1866-02-28
Thc National Bankrupt Bill.

WAS take, up and considered by the
House last week. AS tte Till is one OF
universal interest, We give an abs,fact of
is provisions
"The bill gives the present Upi,ed
State, courts Jurisdiction in all cases
arising under the ac,, and regulates the
appointment, duties and powers Of tho
officers who are to act in Judicial capa.
ci'y under supervision Of the courts. and
subject to their order, tho practice in all
Proceedings In bankruptcy, and some
other matters of merely professional in.
terest. The bill then provide, for volun.
sary bankruptcy on the motion o: the
bankrupt himself and Involuntary bank.
ruptcy on tho mo:ion Of the creditors of
the bankrupt. The provision, are dis,iuc,
as to each.
"ln voluntary bankruptcy it ia provi
ded that any person resiLing within the
Jurisdiction OF the Guted States, owing
debts prorabls under the act exceeding
$500 in amount, can apply by Petition
to the judge Of the judicial district in
which he resides, setting forth his iuahii
ty to pay his debts, Fnnesing a sworn
schedule Of his debts, their amount and
nature, with the names and residence Of
the creditors annexins also an inventory
OF all property OF every kind in his pos,
session in which he has an interest; and
:be filing Of such petition is to he an &C,
OF bankruptcy, and the petitioner is to be
adjodsed bankrupt. The Judge is then
70 Issue warrant, directing the marshal
20 take possession Of all the debtors pro.
per'y OF every kind, and keep the same
until the appointment of an assignee, and
directing him to notify creditors to prove
their debts. hssignees are 10 be chosen
b7 the greater part, in value, Of creditors:
aud such a''ignees. when approved lv
the judge, take Possession Of the debtor, !,
property and all books and papers .sla, ing
'nsrsto' with certain slight exceptions.
All debts and liabilities exis,ino
though not matured or not ascertsined in
amount a. the time cf the adtudic.,io Of
Bankruptcy, may be proved sg.i ps, the
oanSruPts estate, and all claims prov.b e
Under the act can be prosecuted in no
other manner than under the act, excep,
Tor the mere purpose Of deciding their
amount. All claims are to be pre-. en- ted
on OATH and are to be Investigated Judi.
c'al'y IN case either Their amour, or valid.
~ is disputed. The assignees also hav.
power, under the supervision Of the courts
70 sell or redeem property, and to take
var'osa prescribed measures for the adj.
vantage Of, the ss,a,e-,o bring and de.
fend suits on behalf Of the estate.
""ases Cue an operative, clerk or
house servant 10 an amount not exceed
ing fifty della" are to have property over
all the other claims OF individuals, and
he frs. paid 10 full. 4, tie fnaI dividend
claims are to be paid in tie following
order: First. fees and costs Of. ,b, pro
ceedinss; second. all dues to the United
States; third, all dues to tho State in
Which the case is pend ng; fourth, wages
OF operatives, DC, which have accrued in
the six months preceding ,ba frs: notice
q tho proceedings AS above mentioned; ;
nth, all dues to persons entitled to priori.
~, aside from the provisions OF the act.
under the laws oithe United States.
"On due notice, a, The lime and u Gder
the conditions provided by the act, the
fnal discharge is to be given to the bank.
rups from all claims provabIe under the
act; such discharge to be withheld, or to
be invalid il granted, in case Of fraud or
violation on The part Of the petitioner o +
the provisions OF the aci in that behalf
mo second di.cAars. is 10 be granted
to any bankrup. whose estate is INSULT.
cisnt TO pay seventy per cent. Of the claims
against it withou, the consent Of thre..
four,as in value OF bis creditors. And no
third discharge can be granted in any
case. But any bankrupt who la. paid
'Il claim. existing n. the time Of prs,i
Gus bahsruptcS shall be entitled to a
DISCHARGE "A thouob ,b.,. h.AIE