The weekly standard. (Port Gibson, Miss.) 1865-1867, 1866-01-27


thereto, with certain slight exceptions
IS All debts and liabilities existing
though not matured or not ascertained
in amount at the time of the adjudica.
ton of bankruptcy, may be proved
against the bankrupt's estate. And
all claims provable under the act can
be prosecuted in no other manner than
under the act, except for the mere pur-
pose of deciding their amount. AL
claims are to be presented on oath,
and are to be investigated judicially in
case either their amount orlvalidity is
disputed. The assignees have power,
also, under. the supervision of the
courts, to sell or redeem property, and
to take various prescribed measures
for the advantage of the estate, and to
bring and to defend suits on behalf OF
the estate.
Wages due any operative, clerk, or
house servant, to an amount not ex-
ceeding fifty dollars, are to have pri-
ority over all claims of individuals, and
be first paid in full. Atthe final divi-
Gend, Claims are to be paid in the fol
lowing order: FIRST. fees and costs of
the proceedings. Second, all dues to
the United States Third, all dues to
the State in which the proceedings are
pending. Fourth, wages of operatives,
&C., which have occurred during the
six months preceding the first notice of
the proceedings, as above mentioned.
Fifth, all dues to persons entitled to
priority, aside from the provisions of
the act, under the laws of the United
States.
On due notice, and at the time and
under the conditions provided by the
act, the final discharge is to be given
to the bankrupt from all claims paya-
BILE under the act; such discharge to
be withheld, or to be invalid if granted,
in case Of any fraud or violation on the
part of the petitioner of the provisions
of the act in that behalf r q
No second discharge is toibe grant
ed to any bankrupt whose estate is in
sufficient to pay seventy per cent. of
the claims against it, without the con-
sent of three-fourths in value of his
creditors. And no third discharge can
be granted in any case. But a bank
rupt who has paid all claims existing
at the time of o previous bankruptcy,
shall be entitled to O discharge as
though there had been no previous ap-
plication. Creditors may oppose the
discharge, and have the grounds of
their opposition tried by iury. All
debts created by action of the bank
rupt in o fduciary capacity, are ex-
empted from the operation of the dis
charge.
Similar provisions are made as to
bankruptcy proceedings on the part Of
partnerships and corporations.
The proceedings in Involuntary
bankruptcy, on the motion of the cred
itors, differ from those in voluntary
bankruptcy, simply in their commence
nent. Whenever a debtor avoids legal
process in an action for the recovery of
a debt or demand proyable under the
act, or disposes of his property in fraud
of his creditors; or whenevera banker,
merchant or trader, fraudulently sus-
pends and does not resume the pay
ment of his commercial paper within
fourteen days, and IN large class of
enumerated cases, the debtor, on the
petition of his creditors to the amount
of over two hundred and fifty dollars,
shall be adjudged bankrupt
After the adjudication of bankrupt
cy, three -fourths in value Of the credit
ors can, under the direction and ap-
proval Of the court, wind up and settle
the bankruptls estate in such manner
as they may agree upon, and the estate
is then vested in trustees, the rights and
duties Of the trustees being similar to
those of the assignees under the ordi-
nary method of procedure: and the
discharge is to be in the same form and
OF the same effect as though the usual
proceedings in bankruptcy were had
EscksbatYg Herald. z sss sS.,E z fEsAs
RAmRoAD WaaGERY, Wages went to
the station of one Of our railroads the
other evening, and finding the best
carriage full, saidin aloud tone, 'sWhy,
this carriage isn't gong. Of course
these words caused general stampede,
and Wages took the best seat. The
train soon moved off. In the midst OF
the indignation the wag was quesr
+ A Il.