Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1866-01-24

! "a 1855. s..,..,.s .ss : 80 49,. !
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: Fa~,z=- y The New Bankrupt Bill. set
+: Thesopossd National Bankrupt Act, whisl
4 has-bee1 read twice in fthe House ofsRepre
i Esentatiyes, and referred TO a. committee, is
long document, which would fill nine, of thes'
columns in small type. The. Bill, as it nov
stands gives the present United States Cour
Jurisdiction in afl cases arising under the Act
and regulates the appointment, duties ant
I powers Of officers who are to- actin Judicial
! capacity under the supervision of the Courts
land subject to the;rSorder, the practice'in al
4 isroeeedings in bankruptcy, and rsome other
matters. of merely professional interest The
4 Bill then provides for voluntary bankruptcy
on the motion of the bankrupt himself and
involuntary bankruptcy, on tho motion Of the
baskrupt The provisions are distinct as to
each. 4 l.'.' =. - - ~.
that any person residing within the %jufisdic:
tion of$the United States, owing debts prova,
/ BILE under the Act exceeding $500 in amount,
can apply by petition Ito the Judge sof the
judicial district in which, heresides, setting
forth his ability to pay. his debts, and annex
ing sworn schedule of his debts, their
amount and nature, with the names ard resi-
dences of bis creditors, annexing also an in
ventory of all property Of every kind In his
possession, or in which he Has any interest !;
and the filing of eucll petition is to be, an act
Isof bankruptcy eands Sthe4 petitiener shal be
4adjudged-a bankrupt The .Judgeis then to
issue warrant directing the marshal to toke
possession .of. all the debtors property of
every kind, and keep the same unit the ap3
pointmept Ct an assignee, and directing him
10 notify creditors to prove their debts. AS
signeess are 10 be chosen by the greater part
in value Of creditors, and such assignees,
when approved by the Judge, take possession
of the debtors property ard'2ali books and
papers relating thereto, with certain slight
exceptions. - ~; - y, ss'i-..., =. y
>. All debts and liabilities existing, though
not, matured or not ascertained in amount at.
the time, of the, adjudication of bankruptcy,
may be proved against the bapkrupt's estate.
And all claims provable leunder the Act carbe
prosecuted In no other manner than under
Che Act, except for the ntsre purposesof deci-:
ding their amount All claims are to be pre-
sented on oath, and are 10 be investigated
jndicially in casea-either their amount Or
validity is disputed. The assigDees have power
also, under the. supervision Of. the Courtsi to
sell or redeem property, and to take Y rioos
prescribed measures for the advantage Of tie
estate, and to bring and to defend suits on
behalf Of The estate; S'Sf s'@ '''''s- '< l..
Wages due any operative, clerk orhouse,
servant, to an amount mot exceeding fifty
dollars, are to hdvesa priority over alltclaims.
of individuals, and be first paid in full. At
the final dividend claims are to be-paid in
full in. TIE following order: First. Fees and
costs Of the proceedings, Second; All dues
State in which the proceedings are pending,
Fourth. Wages Of operatives, Sc, which have
accrued during tho six months proceeding
the first notice of the proceedings as above
mentioned. Fifth. All dues to persons enti-
tied to priority, aside from the, provisions Of
the Act, understhe laws Of the Unitee States.
mt lR aaa .satifs and.at the time .agd under
discharge IS 10 30 given. to the bankrupt from
all claims provable under tho Act; such dis.
charge 10 be withheld, Or to be invalid if
granted, in case Of any fraud or violation on
the part of the petitioner Of the pr,.Yiscn of
the Act in that behalf - ~ g S,'
No second discharge is to be granted to any
bankrupt whose estate isinsuficient to pay
seventy per cent. Of the claims against him
without the consentofthree f6urths, in value,
Of his creditors. And no third isel-srgc can
be granted IN any case, But q bankrupt who
has Maid all clairas existing OF the time Of a
previous bankruptcy shall bp entitled to q
discharge as though there had been no pre-
'vious application. Creditors may oppose the
discharge, and have the grounds of their ops
position tried by jury: All debts created by
action oftho bankrupt in 3 judiciary capacity.
are exempted tpom ethe operation, of the
discharge. ~, 20 s.-, - a.. .s-s,,,5 .
Similar. provisions are made as to bankrupt
cy proceedings on the part Of partnerships
end corporations.
The procoodingsin Involuntary bankruptcy
on the motion Of the creditors, differ from
those in, voluntary. bankruptcy simply in their
commencement. Whenever debtor avoids
legal process in an action for the recovery Of
a debt, or demand provablo under the act,
or disposes Of his property in fraud Of bis,
creditors; or Whenever q banker, merchant
or trader; fraudulentIy suspendsand does not
resume the payment of his commercial paper
within fourteen days, andin a large class Of
enumerated cases, the debtor, on, his,petition'
OF. his creditors to the amount oftoyer two
hundred and fifty dollars, shall be adjudgeda
bankrupt. ss ,vs3 =. l. .ess,s ~
T Alter the. adjudication Of bankruptcy
three.fourths in value of the creditors csp,
under the direction and approval Of court
wind up and settle the baukrnpt'S 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 sinsl'
lar to- those of tie assignees under the orli-
nary method Of procedure aud the discharge
is to- be in. tho same form and of the same
effect as though the usual proceedings in
bankruptcy were had.-N. Y. World. 80
.GooGAdvice to Business Men. X