The daily clarion. [volume] (Meridian, Miss.) 1863-1866, 1866-02-27

TsIsrd and. 1pon his motion, was referred
70 ! select COMMITTEES, which COMMITTEES was
again constituted at the present sesslVn, @ o.
TIE hin passed the House in the last Con-
eress. aud viii probably pass both Houses
af the present session. IL
II has been very carefully prepared ana
p,atnred by the author, and it has been APP
proved by leading jurists and eommerclai
bodies throughout the country :.
Wheu a year or two ago, committee OF
the British Parliament was engaged upon
the modification and Improvement OF tner
bankrupt system, they took eighteen out OF
the twenty-one new provisions incorporated
in their act from Mr. Jenckes bill -,
Today the House will take up the DILL
when Mr.. Jenckes will answer any o4]ectlonS
that NAV be made, and close the debate:
The following is an abstract of the bill:
The hill piyes the present United states
courts jurisdiction in all cases arising under
the act, and regulates the appointment, du-
ties, and powers of the officers who are 70
act in judicial capacity unde- SUPERVISOR
of the courts, and subject to their order, tne
practice in all proceedings IN banKruPtcy'
and some other matters of merely proiesslon-
al interest The bill then provides Tor VOL
untary bankruptcy on the motion OF the
bankrupt himself; and involuntary DanA-
ruptcy on the motion of the credltors ol bne
bankrupt. The provisions are dlstlnc' "' :"
each. ;aa !
In voluntary bankruptcy it Is provloeu
that anv person residing within the luIls
diction of the United States, owing ueots
provable nuder the act exceeding Sooo III
amount, can apply by petition to the Ju9ge
| of the judicial district In winch ne reSiuoo'
| setting forth his inability to pay his debts'
! annex a sworn schedule of his debts; their
! amount and nature, with the names ana
/ residence of the creditors anneXlng also an
! inventory of all property of every kind IN ms
possession in which he has an interest anu
! the filing of such petition is to be an ACT VI
| bankruptcy. and the petitioner is to be ad-
| Indeed a bankrupt The judge is then to Is
sne warrant, directing the marshal to take
possession of all the debtors property Oh
| every kind and keep the same until the aP-
nointment of an assignee, and dlrectlng hilh
i To notify creditors to prove their deDts- AS
signees are to be chosen by the grea'er
part, in value, OF creditors anu suon 1
eiUnees. when approved by the Judge take
nossessiOn of the debtors property and an
hooks and papers relating thereto, Win
slight exceptions. .,l
not matured or not ascertalned IN amount
at the time of the adjudication OF pa1hIu
| CIV NAV be proved against the bankrupt
| estate and all claims prOvable under the acI
can he prosecuted in no other manner than
rnder the act except for the mere purpose
of deciding their amount. All claims are to
! he presented on oath, and are to be lnVestl-
GATED iudicially in case either their amount
Or validity is disputed. The assignees also
have mower. under the supervision of the
courts. to sell or redeem property, and
, to take various prescribed measures tor the
advantage of the estate-to bring and to
defend suits on behalf OF the estate.
Wages due an operative, clerk or mousse
servant to an amount exceeding fifty dollars
+ ore to have priority over all the other
claims of individuals. and be first PAID IN
fnII At the final dividend claims are to be
: maid in the following order: First, fees ana
, | costs of the proceedings; second, all dues TO
! | the United States third, all dues to the
i State i'll which the proceedings are pendlhS'
{ fourth, wages of operatives, &c, which have
5 accrued in the six months preceding the tlrst
: notice Of the proceedings as above mention
-, | ed fifth all dues to persons entitled 70
priority, aside from the provisions OF the
l. act. under the laws of the United States
On due notice, at the time and under the
: conditions provided by the act, the hnal dis
charge is to be given to the bankrupt IRON
u all claims provable under the act; such dis
S charge to be withheld, or to be Invalid L
0 granted, in case of fraud or violation on th'
! 1art of the petitioner of the provisions O.
/ the act in that behalf.
u No second discharge to be granted to an!
5, bankrupt whose estate is insufficient to pa,
|. seventy per cent of the claims against l
n without the consent of three-fourths IN Valu
of his creditors And no third discharge cal
y be granted in any case. But any bankrup
n who has paid all claims existing at the TIM
/ of a previous bankruptcy shall be entltle
- TO n discharge as though there had been II
preyious application. Creditors may oppos
le the discharge, and have the grounds OF thel
: opposition tried by jury. All debts create
,e bv action of the bankrupt in hduclary CT
20 pacity are exempted from the operation
- the discharge. Similar provisions are mad
es as to bankruptcy proceedings on the part
of partnerships and corporations.
III The proceedings in involuntary bankrup
:, CIV on the motion of the creditors dltter 1ro
IA those in voluntary bankruptcy simply
ld their commencement. Whenever debit
" avoids legal process in an action for the I
a. covery of debt or demand provable und
"a the act, or dispOses of his property IN trau
Z" of his creditors; or whenever banker, me
ms chant or trader frauduently suspends al
'se does not resume the payment OF his CONNIE
nd cial paper within fourteen days, and IN
= large class of enumerated cases, the debtC
ny on petition of his creditors to the amount
NY over two hundred and fifty dollars, shall
len adiudged bankrupt.
ors After the aiudication of bankruptcy, thrt
- fourths in value of the creditors can, und
n0 the approval of the court, wind up and sett
act the banlIrupt's estate in such manner
zen they may agree upon, aud the estate is tn
mt vested in trustees, the rights and duties
= the trustees being similar to those OF the
ny signees under the ordinary method OF p1
ec- cedure; and the discharge is to be IN t
are same form and of the same effect as thou
,ed the usual proceedings in bankruptcy we
80 had-National Intelligencer.