The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1867-02-28

the House of Representatives. tits q
document Of sixty eight pages, and
therefore, of far too great length for
our columns; but, in view Of the tran
scendant Importance Of the measure,
we have prepared the following alb
stract of its contents: !
/ Section I. Clothes tina United States
District Courts with Jurisdiction in
cases of bankruptcy.
Sec.2 Gives Circuit Courts of the
United States general superintendent
and jurisdiction, and authorizes them
to act as courts of equity.
Sec. 8. Provides for the appoint
ment by tile District Courts of one. or
more Registers in bankruptcy in each
Congressional District, to assist the
Judge.
/ Sec. A. Defines the powers of the
Register in bankruptcy to make adju-.
dication of bankruptcy, to secure the
Surrender of any bankrupt, to admin
i lister oaths, take proof of debts, dc.
8 Sec. 5. Authorizes the Judges of the
} District Courts to direct the attend
ance of the Register at such place as
they may deem proper, and empowers
tile Judges to remove the Register and
! I'LL vacancies.
II Sec. g., Authorizes suitors to appeal
!; from the Registers to the Judges in
cases of dispute as to the law.
II Sec, Z. Provides for compulsory
attendance of parties and witnesses.
i Sections 5, 8, TO- Provide for ap-
peals and prescribes rules of practice.
II Sec. IL. Prescribes the method Of
availing of the act.
, Any debtor whose debts, provable
under the act, amount to over three
D hundred dollars, may petition the
District Judge Of his district, stating
his insolvency, his willingness to sur
render his estate and schedule under
oath of his debts and his creditors,
, with the nature of the debt in full, and
an inventory, also under oath, of his
assets. Such petition shall be an act
of bankruptcy, and the petitioner be
adjudged a bankrupt The Judge
shall thereupon issue warrant, TOR
the Register, if there be no opposing
', party, directed to the United States
Marshal of said district, authorizing
him to publish the necessary notices,
to-wit: 1. That a warrant in bankrupt
cy has been issued. g That all pay
ments of debts to such debtor are for
hidden. 8. That a meeting of the
creditors to prove debts and choose
assignees, will be held in court of
bankruptcy, not less than ten nor
more than ninety days after the issu-
, ing of the warrant. 9t' ~
4 These notices are to be published in
newspaper and served ON each cred
tor. .'5.tl a. Z
Sec. II. Provides for meeting of
creditors, at which a Register shall
preside. -.l,
Sec. Is. Prescribes that the MAORI
ity in interest of the creditors, shall
choose one or more assignees, who, if
approved by the Judge, shall be quail
fed on giving bond.
Sec. IA. Directs that the Judge Tor
if there is no opposing interest the
Register, shall convey to the assignee
or assignees the entire real and person
al estate of the bankrupt, but from
this assignment are excepted house
hold and kitchen furniture, and such
other articles as the assignees may in
dictate, not exceeding five hundred
dollars in value, the wearing apparel
of the bankrupt and his family, his
uniform and arms and any other prop
erty hereafter exempted from attach
ment or levy by United States laws.
/ Sec. Is, Is, II, 49, Presents the
duties and powers and the methods of
| proceeding of the assignees.
/ Sec. 10. Authorizes creditors to as
sert and prove any contingent claim
they may have against the bankrupt as
| drawer, endorser, surety, bail or guar
antor, or as tenant. 49, 6sf.a, ...o
. Sec. 90 Provides for set offs in all
cases Of probable claims.
| Sec. 81. Prohibits any creditors of
the bankrupt from suing him after he
avails himself of the act
Sec. %. Provides the method of
proving claims-that is, by producing
legal evidence before any Register in
his district, or, if the creditor is non
resident, before United States Com
missioner.
Sections 81, "a, IS. Respect de-
tails of practice in the presentation
and proof of claims.
Sec. 26 Authorizes the examfna-
ton Of the bankrupt on oath by the
ourts, as to his debts and assets, and
requires his wife to attend and give
evidence, if necessary.
Sec 81. Prescribes that all cred
itors, who prove their debts, shall share
alike, except that wages to an amount
not exceeding fifty dollars, for services
performed in the preceding six months
shall be paid in full.
Sec. %. Prevents the priority Of
debts.
Sec. 90. Allows the bankrupt, after
six months from the adjudication of
bankruptcy, or if no debts or assets
within sixty days, to apply for his dis
charge, which the court, after due no.
tice, shall grant, if the bankrupt has
honestly exhibited his condition.
Sec. 80. Prohibits a second bank