The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-02-19


Tho powerful advocacy which your journal afforded 70
the bill TO establish uniform system of bankruptcy,
when before Congress last year. induces 70
few marks upon tho bill this important subject
awaiting its passage by Congress this session.
In your Washington intelligence Of this day para.
graph appears stating that tho bill is Understood DO
worry accommodating one, since II provides way for
any embarrassed 10 wipa out all his debts" There
never greater faacy, and the writer Of that para
graph cannot have read It's provisions The untng and
assiduous labor Of Mr. Jenckcs tho author Of the
measure, has framed code Of bankrupt law both sim.
pic and as respects rsief 10 the honcss
bat unfortunate trader and most eoctvo and stringent
respects the punishment Of the dshoness and sudu
The committee haviag done me tho honor to transmit
me tho BILL with tho amendments which have from time
70 time been made In H. brief analysis Of is objects
your columns Afford Commercial men the opportunity OF
forming their own judgment Of Its advantages and pnc
scsi efficiency. All the amendments made by the
senate last year have been adopted In the BILL and
substantial objections ara anticipated 10 passage.
Two sysiems Of bankruptcy are comprised in the
person can be compusorly made bankrupt except for
causes happening or continuing aer the approval Of the
e SSa aov vTSnssy and compulsory ssnsrgp are
or's effects equally and fairly among his credit.
made BY the debtor TO one creditor 70 the
injury and loss Of Others TO set aside fraudulent
70 By Se trader e. nsspns :" u
and true accounts 70 punish breaches Of trust and mis-
approprs.sons Of money received in nduciary charac
TER and 70 submit the bankrupt 10 full and searching
examination 10 his properly and estate and al hs
dealings and transactions The remedy and benefit Of
the bill are expressly denied any debtor who has
ce.ied any property from his creditors; who has been
guilty Of any fraud in the disposition Of his estate who
has sworn falsely In rsnderinsan Of his property
TO his crrditos who. amor the passage OF the act has
Destroyed OF mutlated his books who he's removed
caused to b removed out Of the district any property
provisions are sufncisutly stringent 70 secure
commercial honesty and integrity on. the
part Of The debtor in his relations with his
the conduct Of the senecs elected By The creditors are
also provided and In order 70 prevent reoe specula-
ton and 70 secure commercial integrity the bill declares
sfssr the paing q the scs no bsniups who's sssss
have mot realised my per centum Of the caims aein
81, eststs shall receive any discharge from hs dsbss
vaes Of the creditors who have prove under such ssnf
Re ssovs bss analysis Of n. p.ua, os,.s.s Of ne
SnL me prcpossd system establishes sound bese Of
which exi: beswesn debtor and creditor upon new end
moge wnoiesome model When u 10 underwood thas
snse can % no preferences 70 crsdton The Of
e..ses = the dsbsor's fsads and relatives; no snas
Wilton cannot b. inquired into; sssslemsaos ~
insevsns upon his wife and chldrsa which canncs b
sS. ~ ss a.. x: Az ssr = g sss'
ne eeeecr Who nnds hinsslf h lhne csFsunnsansss
$1,000 asd ftssd MN hk debss upos eoaisS Ssws
- ssssisss s ns sd'sSsS vs,ssss = sss
- esSssv = ~ 80 b cehw eoanas1ss unl6B Wlss
- eeees eeoocelna ysesnA
- ss 49,: 3. - e - A.s. 80 -
- - g.sssss.e = ss.gslsZ. $500 N
KDWU JAuua