Daily clarion and standard. [volume] (Jackson, Miss.) 1866-1866, 1866-06-07
The Bankrupt Bill.


Gently passed the House of Represen-
tadves establishes uniform proceed
ings for bankruptcy in all the States
and constitutes the District Courts Of
the United States, Courts of Bank
ruptcy. 1t provides for voluntary and
involuntary bankruptcy
Any person within the jurisdiction
Of the United States, owing debts
over three hundred dollars, shall APP
ply, by petition, to the judge Of his
judicial district, setting out his inabil-
ity to pay his debts in full, and his
willingness to surrender his estate for
the benefit Of his creditors, The filing
of such petition shall be an act of
bankruptcy, and such petitioner shall
be adjudged q bankrupt A warrant
shall then be issued by the judge, di
recting the Marshal Of the District to
! take possession of the estate, and keep
the same until the appointment of an
assignee Notice is then to be given
to the creditors to hold a meeting and
/ choose one or more assignees.
An creditors whose debts are duly
proved and allowed, are to be entitled
to a share in the bankrupt property, pro
rata, without any priority or prefer
ence whatever, except that wages due
from him to any operative, clerk OF
house servant, to an amount not eX-
ceedingffty dollars, for labor perform
ed within six months next preceding
the adjudication of bankruptcy, shall
be entitled to priority, and shall be
first paid in full In the order for 9
dividend the following claims are to
be entitled to priority Of preference
and to be first paid in full in the fol
lowing order: First, fees, costs ano
/ expenses Of suit, and for the custody
Of property "a. All debts due to tn,
United States. and all taxes and assess
ments under the laws thereof 81
All debts due to the State in which tn,
proceedings in bankruptcy are pend
ing, and all taxes and assessment
made under the laws Of such State.
Cases Of involuntary bankruptcy ar,
provided for in the following cases:
A departure from the State, avoid
ing the service of 1egal process, re
moval or cOncealment of property
arrest and detention for debt for
period of seven days, confession o
judgment, or suspension of paymen
OF commercial paper for fourteen days
2 shall be deemed an act Of bankruptcy
Penalties are provided against bank
rupts for concealment Of property
/ classifying books or papers, fraudulen
r assignment or conveyance of property
spending in gaming, permitting a ficti
tious debt to he proved against hin
obtaining goods on credit fraudulent
5 within three months of the commence
I ment of proceedings in bankruptcy
r These are to be deemed misdemeanoT
and punished by Imprisonment, wit
or without hard labor, for a term nc
q exceeding three years.
5 We think such a law demanded 4
I much for the interest of creditors q
o. debtors There are thousands ofhone,
men who, if they were relieved by
judicious bankrupt law, would, by the
i energy, accumulate property and eyeI
; tually pay their debts Wear not az
: vised as to what the fate of the hi
= will be in the Senate, but think it veI
: probable that in some shape or Othe
it will become a law In the meal
r time, rapacious creditors, who al
struggling for judgments with a vie
of coercing principal, accumulated il
.------ ------- -.---.. s--~y.y> ,rrIO .,I
$ so unfortunate as to be in debt wi
q consult their interest by endeavorir
g to compromise with all except tho.
g who are undoubtedly solvent. In e.
e deavoring to collect the whole of the
; debts, they may be able to realize on
t a very small part
/ The dividends obtained in bankru
p cases, will be small, while the cou
5, gives the debtor discharge that W
d be conclusive on all creditors