The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-03-07
The General BanErupt LA~--synoP
sis OF the Leading Fentures-


trict Courts Of the United States, with
the United States Circuit Court acting
in a supervisory capacity as Courts of
Equity. The Judges OF the District
Courts will be assisted in the perform
ance of their duties imposed upon them
by registers in bankruptcy, who are
required to be counseIlors of those
courts, or of some of the Courts of
Record of their several States. The
power OF The Registers is limited, and
provision is made for reference of dis
puted questions to the District Court
Judges, and for appeals from the Dis
trict Courts to the Circuit Courts, and
from the latter, in cases where the
matter in dispute shall exceed two
thousand dollars, to the Supreme
Court of the United States.
There are two kinds OF bankruptcy
contemplated by the act; voluntary
and involuntary In the former any
person residing within the Jurisdiction
OF the United States, owing over three
hundred dollars, and finding himself
insolFent4 may apply by petition to The
Judge of the district in which he has re-
sided for six months preceding the date
of the petition, or FOR the longest period
during such six months, and shall
therenpon be declared bankrupt. The
creditors having been properly notified
by the court, meet together and appoint
one or more aSsignees of the estate Of
the debtor; the choice to be made by
the great part in Yalne 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 ofthe as
signees- who have full power granted
them necessary for the collection of all
debts and the final adjustment and
closing up Of the estate. Stringent
regulations are made for the proper de-
posit and safe keeping of all moneys
received from the estate; and where de-
lay is likely to occur from litigation in
the final distribution of the assets, the
court is empowered to direct their tenn
porary investment. The bankrupt is
liable at all times to be called up for ex-
animation on oath upon all matters re-
| lating to the disposal or condition of
his property or to his business transAc-
tions, and for good cause shown his
wife may in like manner be compelled
to attend as witness in the case.
In the distribution of the bankrupt's
estate dividends are to be paid as agreed
upon by majority in value of the
creditors, from time to time, at three
months intervals, but the following
claims are tirst to be paid in full: First,
the fees, costs and all expenses under
the bankrupt act; second, all debts,
taxes and assessments due to the Uni
ted States; third, all State debts, taxes
and assessments; wages due TO any
operative, clerk or house servant TO an
amount not exceeding fifty dollars for
labor performed within six months
preceding the bankruptcy; nth, all
debts due 10 any persons who are or
may be entitled TO preference by 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
ruptcyi but the proof or discovery OF
any fraud or eoncealment deprives him
OF the right 70 discharge. No person
who has once received his discharge Is
to be entitled again to become a volun-
tary bankrupt, unless his estate is suf-
hcient to pay seventy per cent on his
debts, or unless three-fourths of his
creditors assent in writing 10 his bank
ruptcy. Preferences and fraudu-
lent conveyances are declared void by
made for the voluntary bankruptcy of
partnerships and corporations.
The exemptions under the law are
as follows;
The necessary household and kitch-
en- furniture, and such other articles
and neeessaries of sueh bankrupt as
the assignee shall designate and set
apart, having reference in the amount
to the family, condition and circum-
stances of the bankrupt, but altogether
not to exceed in value, in any case, the
sum Of 500; and also the wearing ap-
parel Of such bankrupt, and that of
his wife and children, and the uniform,
and 9f
who is or has been soldier in the mi
litia or in the service Of the United
States and such other property as now
is or hereafter shall be exempted from
attachment or seizure or levy on exc
cution by the laws of the United States,
and such other property, not included
in the foregoing exceptions, as is ex-
empted from levy and sale upon exc
cution or other process or order ofcourt
by the laws OF the State in which the
bankrupt has his domicil at the time
Of the commencement of the proceed
ings in bankruptcy, to an amount not
exceeding that allowed by such State
exemption laws in force in the year
1864.
Acfs OF involuntary bankruptcy un-
der the law are classified as follows:
Departure or absence from the State
where debts are owed, with intent to
defraud the creditors; concealment 10
of debts: concealment of property 70
avoid seizurs on legal process; assign
ments designed to delay, defraud or
hinder creditors; arrest and detention
for seven days, under execution for
debt e1ceedlDg one hundred dollars;
assignment, gin, confession of iudg-
ment, or any other act by which prefer
ence is given to any creditor, endorser
or surety; dishonoring commercial pa
per, or snspending and not resuming
payment for fourteen days. The petit
tion for an adjudication Of bankrupfcv
in such cases may come from one or
more creditors whose debts reach two
hundred and fifty dollars; bat the peti-
tion must be brought within six months
afier the act Of bankruptcy has been
committed In involuntary bankrunt-
cy the proceedings are made more
stringent than in the other description
of cases The penalty for any fraud or
Ooncealment, direct or indirect. under
the ACT, is imprisonment, with or with
out hard labor, for term not excesd-
ing three years.
There are other details in the act, re-
lating TO the duties Of the officers ap-
pointed and authorized under the law,
the amount OF fees, dc, which are in
tereSuug only As matter Of detail.
A LORD OF TIE so1L.-The Duke of
LNHmMU ~.