Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1867-10-02
Bankruptcy.
There seems to be general desire for corr

Bankruptcy.
There seems to be general desire Tor CON-
pendious information in relation to an Act
approved on the second day OF last March, en-
titled " An Act to establish uniform system
of Bankruptcy throughout the United States"
AS general thing people have aS little to do
with laws, and those who interpret and exc
cute them, as possible; and it sometimes hap
pens that an act which is intended for the
relief of a large class Of people fails to ac
complish the design intended, simply because
the people are ignorant of its iutents, or do
not know how to proceed to take advantage
of its privileges. When Congress passed the
Act establishing uniform system of bank
ruptcy throughout the United States, it was
supposed that there was large class of men
in the country who were overburdened with
debts who would be glad to get rid of them
if some legal way was provided. So long as
they were bound to the rock of misfortune,
Prornctheus-like, with swarm OF creditors
like vultures feeding upon their iivers, there
would be neither hope nor chance of re.estab-
fishing a successful business, but if some
Hercules, in the shape Of all Act ofCongress,
could kill the birds Of prey and deliver from
the painful confinement, the man thus re.
leased would start even with the world once
more, laying anew the foundations Tor a for
tune. The following familiar explanation of
the operation of the new law is taken from
the New York Gazette:
THE RIGHTS AND DUTIES OF BANKRuPTs.
There are two kinds of bankruptcy known
to the lawyers-vountary and involuntary. a
debtor may bedeclared a bankrupt on the peti-
ton of himself or ofany creditor. !neither case
must reside within the United States, and owe
debts from which he MAJ be discharged, ex-
ceedipg three hundred dollars. II the bank
rupt is petitioner he islequired to take the
oath Of allegiance, otherwise not. Petitions
BIZ the debtor himself will, at the outset, be
subject TO the discussion CT the authority OF
this part of the law, but this need occasion
no alarm, and besides, the argument cannot
be avoided by resort to the second methoa'
unless the case presents some OF the acts
specified in the law, as evidences OF an ln'
tent to deraud his creditors OF avoid the pay
ment of his debts. If man is dishonest
and attempts 10 avail himself of the PRIV
Ieges Of the bankrupt law, he ough not to DC
surprised to find some difficulties in being
declared insolvent; but for those who are
willing to give up everything for the sake ol
dscharsiug the old obligations which rest
upon them there is nothing to fear.
When these facts, or any Of them, exist, of
course without colluson, as where debtor
conlesses judgment to one creditor aud pro-
cures another 10 petition against himself on
this fact-any creditor may obtain an atJu-
dica.ion of bankruptcy against the dehtoT'
1t is made necessary pre- requisite 10 CTS
charge ha, The bankrupt. being merchant
or trailer, shall keep pr"p'r oks ofarcouHt
HI. must submit 10 an examination as 10 Ills
business and some Of his private affairs he
ma. h, d,iainpd ~irhin the district q! his resi-
dencr. and tc mus aEw his wife TO be cx
arnitcd -, q wiue>S.
Amonr oh.r disabilities which the bank
rr,t has f. consider are The f''llowiEg: lie
cannot. wirhin four months preceding the
Girg cf his petition, in contemplation or
KNOWN. OF his Insolvency, give any legal lien,
or transfer any properly 10 any CREDITOR who
arc liable for him, Laving reasonabl" cause 10
believe him bankrupt; nor within SIX months
before The fling his petition can be transfer
any property 70 any ore, bavins the same
cause for belief, and that this transfer is lri-
tended 10 save his property, form either case
the assignee may recover the property Sc
transferred Or legally detained; nor must he
in any way conceal, or fraudulen'ly remove
any of his property, be negectful in the care
or delivery thereof to the assignee, nor s"lf-
any loss Or destruction thereof, nor alter non
mutate any Of his books or writings ir;'u:'n-
ently, nor lose any property in gaming, OF
admit or conceal the proof, by another, OF
false or fictitious debt against his estate, no'
influence creditor flvorably towards him
self by pecuniary means. If ary Of these re,
ouirements reuain unfulfilIed, tie debtor will
fail to get discharge; and if he is convicted
of ftaud O. false swearing, he will be punish
ed accordingly.
THE BAyKRupTs PRIVILEGES.
These are few in number, but OF great ben
eft. lie is free from arrest, and may not be
annoyed by any legal proceedings upon debts
from which he may be discharged under toe
law. lie is entitled to retain certain proper
ty. as household nccessarics designated BY
the assignee, n,t to exceed the value of S5OO
wearing apparel for himself, wife aad chill
dren uniform, arms and equipments; and III
this State, sewing machine, family library
of the value of $50, pew in church, ten
sheep one COW, two swine, and their food
tools and implements of mechanics to the
value Of S25, necessary team, burial lot, ard
homestead of the value of $1,000. When
bis discharge is granted it releases him iro n
all contracted debts due and payable at th
time of adjudication Of bankruptcy including
claims for wife's debts, all debts then exlstlrg
but not payable till future day, all contln'
gent liabilities, reat, &c.
co-pARrNERs AND CORPORATIONS.
Co.partuers may join in one application
cornnr,tions and ioint-stock companies may