The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-03-13

of Equity, and Judges Of the District
Courts will be assisted by Registers
in Bankruptcy, whose powers are
limited, and provision is made for
reference of disputed questions to the
District Court judges, and for appeals
from the District Courts to the Cir
cult Courts, and from the latter,
where the matter in dispute shall ex-
ceed $4,000, to the United States Su-
preme Court.
There are two kinds Of bankruptcy,
voluntary and involuntary. In the
former, any person residing within
the United States jurisdiction, owing
over $500, and finding himself in
solvent, may apply by petition to the
Judge OF the district in which he has
resided for the six months preceding
the date of the petition, or for the
longest period during such six
months, and shall thereupon be de-
clared q bankrupt. The creditors
having been properly notified by the
court, may appoint one or more as
slgnees OF the estate of the debtor,
the choice to be made by the greater
part i'll value and in number of the
creditors who have proved their debts,
or in case of failure to agree, then
by the District Judge, or where
there are no opposing creditors, by
the Register. The whole affairs Of
the bankrupt pass into the hands of
the assignees, who have full powers
granted them necessary for the col
lection OF all debts, and the final ad-
Justment and closing M of the estate;
and where delay is likely to occur
from litigation in the final Gistrihu-
ton of the assets, the court is en-
powered to direct their temporary
investment. The bankrupt is liable
at all times to be called up for ex-
animation on oath upon matters re-
latlng to the disposal or conditioned
his property or business transactions.
and for good cause, his wife may, in
like manner, be compelled to attend
as 4 witness in the ease In the dis
tribution OF the bankrupt's estate.
dividends are to be paid as agreed
upon by q majority in value Of the
creditors, from time to time. at three
months intervals, but the following
claims are first to be paid in full:
First, the fees, costs and expenses
under the Act; second debts, taxes
and assessments due to the United
States; third, State debts, taxes and
assessments; fourth, wages to any
operative, clerk or house servant, to
an amount not exceeding $50, for
labor performed within six months
preceding the bankruptcy; fifth, debts
due to any persons who are or may
be entitled to preference by the laws
Of the United States. The voluntary
bankrupt is entitled to his discharge,
provided no fraud is proved against
him, at any time from sixty days to
one year after adjudication of bank
ruptcy; but the proof or discovery of
any fraud or concealment deprives
him of the right to discharge. No
person who has once received his dis
charge is to be entitled again to be-
come voluntary bankrupt, unless
his estate is sufficient to pay seventy
per cent. of his debts, or unless three
fourths of his creditors assent, in
writing, to his bankruptcy Erefer-
ences and fraudulent conveyancesa are
declared void by the Act, and suita-
BILE provisions are made for the volun-
tary bankruptcy of partnerships and
corporations. The exemptions are as
follows: ''The necessary household
and kitchen furniture, and such other
articles and necessaries of such bank
rupt as the assignee shall designate
and set apart, having reference in the
amount to the family, condition ana
circumstances Of the bankrupt, but
altogether not to exceed in value, in
any case, the sum Of $500, and also
the wearing apparel of each bank
rupt, and that of his wife and chill
dren, and the uniform, arms and
equipments Of any person who is or
has been q soldier in the militia or in
the service of the United States; and
such other property as now is or here
after shall be exempted from attach
ment or seizure OF levy on execution
by the laws of the United States, and
such other property not included in
the foregoing exceptions as is exempt
, ed from levy and sale upon execution
or other process or order of court,
, by the laws of the State in which the
, bankrupt has his domicil at the time
OF the commencement OF the suit
, NeU Yoyd: Sun.
During The forty years from 1920
to 1860, we took from Europe 4, 4,512, :