Des Arc weekly citizen., 1867-03-16

and safe keeping, and in case of delay
 in settlement, for their safe investment
 The bankrupt is always liable to be
 called up for examination upon oath
 upon all matters pertaining to his prop
 erty or business transactions, and for
 good cause shown, his wife also may be
 compelled to appear and testify. | In the distribution of the estate, div
 idends are to be paid as agreed upon by
 the creditors, a majority in value deter
 minlng. But the following claims have
 precedence, and must be paid in fuel
 flrst, expenses of the Bankrupt act, in : 'cluding fees, etc. Second, debts. taxes. cct., due the United States. Third, State debts and taxes. Fourth, wages due operatives, clerks and servants. not exceeding fifty dollars, for labor per- formed within six months precedinc bankruptcy. Fifth, all debts due to persons preferred by the laws of the
 United States. If no fraud apnears the bankrupt is entitled to his dis charge. Fraud or concealmenl de- prives him of the right of discbaroe No person once discharged can again be come voluntary bankrupt, unless his assets will pay seventy per cent. of his lhdebtedness, or unless three -fourths of his creditors agree to his bankruptcy Ill Writing. Preferences and fraudu- lent conyeyances are declared void Provisions are made for the voluntary bankruptcy of partnerships and corpo rations.
 The exemptions under the laws are necessary household and kitchen fur. niture, such articles as the assignee shall designate and set apart, but not to exceed ill value in any case five hund- rod dollars; also the wearing apparel of the bankrupt and that of his wife and children, and such other property as is exempted from seizure under sx- ecution by the United States laws. and such other property as is exempted rom levy and sale by the laws of the State where the bankruptresidcs at the time of commencing proceedings in bankruptcy. Involuntary bankruptcv is declared liable to ensue under tbe following circumstances First, de- parture or absence from the State where debts arc due, with intent to de- fraud creditors. Second, concealment 10 avoid process for the recovery of dcbt' Third, concealment of prop erty to avoid seizure on legal nro- cess. Fourth, assignments to delay or defraud creditors. Fifth, arrest or detention for seven days under execu- ton for debt of one hundred dollars ard upwards. Actual imprisonmt for seven days ill civil action, founded in contract for one hundred dollars and upwards. Seventh, assignment. eft gift, confession of judgment, or any other act by which creditor. indorser or surety is preferred. Eighth, dishon- bring commercial paper, ar suspending and not resuming payment for fourteen days.
 In any of these cases one or moro creditors whose debts reach two hund- red and fifty dollars may petition for an adjudication in bankruptcy. The petition must be brought within six months after the act of bankruptcy is committed. In involuntary bankrupt cy, the proceedings are very severe, the penalty for fraud or concealment. di- rect or indirect, being Imprisonment. with or without hard labor for period not exceeding three years.
 The bill had hard fight through the House, and was supposed to be dead several times. It was passed by ma Jority of two only, the vote being 73 to II. The supporters of the bill, to save It, consented to an amendment by which it is provided that, in all pro- ceedings in bankruptcy commenced af- ter one year from the time the act goes into effect, no discharge shall be granted to debtor whose assets do not pay fifty per cent. upon the claims against the estate, unlessa a majority of his cred itors, who have proved their claims. as- sent in writing to his discharge.
 The foregoing outline of the provis- ions of the bill will show to creditors and debtors what the law is. It will be perceived that those who expect or hope for discharge, entirely indepen- dent of the consent of creditors, wheth- CT their assets will pay fifty per cent. or not, must commence their proceed ings within one year from the time the act goes into operation. Af ter that time they are dependent on the assent of the creditors to their dis charge, if their assets do not pay fifty per cent of their debts.
 D@- We have picked up somewhere the following joke, which is too good to be lost:
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