Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-03-22
THE WILMINGTON JOURNAL


erations of the Bankrupt law recently pass
ed by Congress, and soon to be put il
operation
<sThe law provides for the appointment
in each congressional district of the Uni
ted States of one OF more officers called Re
gisters in Bankruptcy. These officers art
to be selected by the Chief Justice of The
United States. Their business will be tt
act as deputies of the district judge in al
matters relating to bankrupt estates. Theil
compensation viii be derived from fees
and itinerant charges upon scale to be
fixed nv the Supreme Court of the United
States, 1t is calculated that the ollce Will
in no case, be worth less than one thousand
dollars per annum, and i'll the principal
towns and commercial centres will be very
lucrative. Some idea may he formed of the
Importance and value of the office, when II
is remembered that the bankrupt act prac-
tically supersedes the insOlvent laws OF all
the States. So that at the least the fees OF
each register will, in number, equal the ag-
oregate of all the fees in insolvency OF all
trict, and as the rate of fees III bankruptcy
may fairly be assumed, according to The
ratio of fees in the federal courts, to be
four times the rate Of like services III the
State courts. it will ut once be seen that the
Office is a nice little provision. The nom
nations for these places rest with the Chlei
Justice of the Supreme Court, exclusively,
and not with the district Judges. "
It is stated that already " the Chie1 JUS
tice is overrun with applications for these
snug little posts of power and patronage,
so that he has been obliged to mitigate the
importunate eagerness OF eXpectants with
the statement that he will not make known
his selections until after the court shall
have fixed the scale of fees, in April. This
breathing spell will give the opportunity to
those who have not yet sent on their recon-
mendations to make known their claims
and nretentions. The Office of register is
not only valuable for the fees and emolu-
ments, but as for the most part, the regis
ters will, under the provisions of the bill,
have the appointment of the trustees or as
signees in bankruptcy, and, according to
the practice under the former law, some
two or three men are selected as standing
or, general assionees. Here Is source OF
patronage Of very considerable importance
in small way.
"Having a complete copy of the law be
fore us now, we find that it embraces not
only the bankruptcy Of individuals and
partnerships, but, by the--37th section, the
provisions of the law are extenTed over all
moneyed, business OF commercial corpora
tions and Joint stock companies. All these
bodies, like individuals, may be forced into
bankruptcy, at the instance of any OF their
creditors, whenever they shall evade the
service of legal process, OF shall conceal
or remove any OF their property to avoid
it's being attached, taken, or acquestered
on legal process, or shall make any assign
ment, gift, sale, conveyance, or transfer OF
their estate, property, nights OF credits,
either within the United States OF else
where, with intent to delay, defraud OF
hinder their creditors, or when, beng
of bankruptcy or insolvency, they snail
make any payment, gift, grant, sale, con-
veyance, or transfer of money OF other pro-
perty, estate, rights or credits, or give any
warrant to confess a judgment or procure
or suffer their property to be taken Oh legal
process, with intent to give preference
to one or more creditors, or to any persons
liable for them as endorsers, suretles or
otherwise, OF with any intent to defeat or
delay the operation Of the bankrupt law,
or who, being banker, merchant OF ira
der, has fraudulently stopped or suspend
ed, and not resumed payment of his com
mercial paper within fourteen days. When
such person or corporation is declared
bankrupt, the assignee may recover back
the money or property so paid, conveyed,
sold or assigned contrary 20 the act, and
the creditor participating ID the fraud is
excluded from all dividends out Of the
bankrupt estate.
"These provisions against dishonest deal
ings by individuals and corporations seem
to be very comprehensive and complete,
and to make every reasonable provision
against the corrupt practices of trade, which
have done so much to confound the guilty
with the unfortunate. Hereafter it will be
impossible for corporation, bank or indi-
vidual to stop OF suspend payment, and defy
creditors. At the expiration Of fourteen
days dishonored commercial paper must
be met, or the bankrupt assignee will pre-
vent the preparation of further mischief,
the wasting of assets, and will take from
the too-willing friend who has been acces
sorry to false credit all the collaterals with
which he has hedged round his own safety
at the expense of others"
The supplementary Military Bill,
The telegraph furnishes lis with copy
of the bill supplementary to and explana-
tory of the Military Act of the last Con-
gress, as it passsd the Senate on Saturday