Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1866-02-19
the NATIONAL BANKRUPT BILL.

From the National Intelliyencer.

From the National lnielli gencer.
T,.is bill was introduced in the llrusc in
The last Congress by Mr. Jcnckcs, OF Rhode
i-land, and, upon hiJ motion, was referred
10 select committee. which committee Wa
again constituted ut tic present SESSION.
TIE bill passed the House N The las, Con
.rcss, ard vii probably pass both houses ut
the present session
When, II year or two ago. committee OF
the Brush Parliament was engaged upon
the mudili alton and improvement uf ,hri,
bankrupt system. they took Is out OF the
II new provisions incorporated in their act
from Mr. Jenckcs' bill.
The following is an abstract Of the bill
The bill yives the present United states
courts lurisdicti Il i'll all cases al sing W.
der HE act. aud regulates the apo ntnen,.
DUTIES and powers of the Officers who are to
act 10 n jGd,ci, capacity under supcrNi> on
OF the courts. and subject to their order, the
prarticc IN all proceedings N bankruptcy.
md some Other matters Of merely profess
ionnl interest. The bill then, Provide, f"i
voluntary bankruptcy On the motion If \ I
bankrupt himself, and involuntary bank
ruprcy Oh the mpilon vi the creditors OF III,
bankrupt The provisions are distinct a.
TO each.
la voluntary bankruptcy it is provided
ha' any PERSON residing within the jurIs
| dsctlou of the United States. OWING dcot>
| provab'c ind + In, act exceeding 500 in
amount. can apply by petition to the Judge
| IT the judicial DIS let m which he resides
| setting forth Iii, inability to pay his ,lehs
- . Ht,t,. IF In II t,tc
Their an unl and ma u,c, with the nan,c.
| ana rcsidei &C Of the creditors anncxinp
,lsn an Inventory II all propc,t, OF ever,
| kind in his poS,, sson in which he has an
int, rest and the filing of sach petition l.
/" hc an at OF bankruptcy. and the pcti
TONER j. to be adjui:cd 10 b. bankrupt -
| II { Judge - tLtn to issue a warrant, d
| rcctli,g the ,par>iIal tn take possession IT
all the debtor property OF every KIND, ~ d
| keep tue same until the appointment Of M
assignee. AND directing him 10 notify oicdi-
tors To lrove their debts. Assi.nccs are 20
DC chosen by The greater part, II value, ci
| creditors. ard such assi.necs. when az
| nos ii ~ the Judge, take pns>c>s,on Of III,
debtors pro- crtv and all books ard papers
relating thereto, with certain sli.h Int cxccp
| tiers.
An deb;s and disabilities existing though
| not naii.'et! ~ not a>rcrlainc,l III amount
| at the iin oil adjudication OF bankruptcy,
nay bc ,lovci against the banhnp pts cs-
tate, ARA AL clnims Irovsblc under the act
| ran lie prosecuted in II, other manner han
under The act. cZccpt for the mefe puipoS,
If deciding their amount All cltm> are
70 be presented on oath, and are to be IN
vcsiisa'cd jnd' ciai'y in case either amount
" vad,t, 1t disputed. The ass'gnccs ais.
have powe under Tie SUPERVISION # the
cuu't>, to ell or redeem lror crty. and TO
aAc various prescribed measures for the
,dvantagco al the cs,a,c--tc bring and de
end su,issn behalf Of the estate.
Wages due an operative. clei 4 or house
servant 10 mn amonmtsnut exceeding $50 are
10 have priority over all other claims CT in
iiviuualS, and Lc first aid in luli At the
linal dividend CLAIMS ate 10 be paid in the
following crdcr: FIRST, fees and costs OF
the proceedings; second. all dues tn the
United Stat : third, all dues To the State
IN which the proceedings arc pending:
fourth, wages Of cIc.atives, &c, " hri,
have accrued in the SIX l. on,hs preceding
the first notice ofthc procce inrs as Above
mcntinn,d; rilh, all dues to pc, sons e,li
lied TO priority, aside from the provisions
II ti,c .cts, under the laws of the United
States.
o, due notice. OF The time and under the
G millions provided Ivy the act. the final
d'>charS; Is to be given 10 the hankrupt
from all calms Withheld or 10 he Invalid il
.ranied, in case OF fraud or vic lat on on the
part of the petitioner Of the provisions Of
shc act IN hat h,half
No on'l discharge is to be granted to
my hank'np. whose estate is insufficient, to
pay 20 per cent. pt the Claims against i,
" ,hort tie consent Of three Eurths il.
value Of hls cred t.rs And no third dis
charge can be granted in any case Blu,
any bankrupt VINO has paid all claims cxis-
iing mt The time Of q previous bankruptcy
shall be entitled toa discharge as thou IL
there Ia been no Previous application =
Creditors may OPPOSE the discharge. and
have the grounds of oppos ton tiled b,
jury. All debts created by action Of the
hcnk-upt in iiduciary capaciy are exempt,
cd from the operation OF the Discharge. =
Similar provisions are made a. tn the hank
rup'cy p."r' edings on the part of partner
ships nd c'rpora,ions
The proceedings IN involuntary bank
rurtcv on the ,n"iioa of the ,resli,u,s tliffhr
from those IN voluntary bankruptcy si.nrsy
in their announcement. Whenever debt
or a. ids legal proc S. in On ac,inn cor the
recovery OF . debt or demand prevail K un
der the act, or disposcs Of his property m
fraud of his creditors; or wht mt yer bank
or. merchant or trader fraudulently. ,Sus>
n"nds and does not resume the payment 81
his commercial paper within IA days, and
ma large class or enumerated cases, the
0eotor, on petition Of bis creditors 10 the
amount OF over $3.50, shall be atjudged
bankrupt
Alter the adjudication Of bankruptcy,
tn-.e 'onrths in value or the cred,'ors ,an,
under the direction and .nnrov.l If ~.
court. wind up md settle the bankrppt's "a.
tAte IN such n'an'cr as they may agree upon.
ard the estate is hen vested II, those Of the
assignccs under the ordinary method of pre-,
cctu,c; and the dl~chsrre is 10 Il ii the
same form and Of the same effect as though
the unlIctoccedihnD Il kadk, untrv srere