Brownlow's Knoxville Whig. [volume] (Knoxville, Tenn.) 1866-1869, 1867-03-27
The Bankrupt Law,
lore ANON.

No measure Of the recent Congress is likely to at
tract more attention than this. The Constitution
confers upon Congress "power to establish uniform
laws on the subject of bankruptcies throughout the
| United States" Many unsuccessful attempts have
been made to secure for such laws place on the
statute book. In 1892 at the first Congress assembled
after the great Wing victory of 1910, bankrupt
bill was actually passed. But such was the outerv
raised against it by the Democrats of that day. that
its friends became alarmed, and it was repealed yerv
soon by the same Congress Nothing, probably. ex-
cept the treachery Of John Tyler, contributed so
much to the overthrow Of the Wing party and the
defeat of Mr.. Clay in 1874.
Early in the last Congress, bankrupt bill was
introduced by Mr.. Jenckes, of Rhode Island So
serious, however, the opposition to it. that il did
not become law until the very las. day of the last
session, March 2, 1867 Even then it passed bv the
close vote in the House, of 70 to II. A change of
single vote would have defeated it. 1t was by no
means party measure; being resisted vigorously
to the last by some of the staunchest Republicans
while some of their most Jealous opponents sun.
ported it as constantly. Our own representative. wa
observe, opposed it, and voted against it. as did the
most if not all, the members from Tennessee Had
the President vetoed it, the bill could not have
passed over the veto. Or had he simply failed to
sign it. so late was it in the session, the measure
would have been defeated. AS he signed it, and as
it has been his to sign bill that he disked
the fair inference is that he in favor of it. Hav
ing become law under these circumstances, it can
not well be made party controversy and will be
likely to have fair trial upon its merits
The bill is very long consisting Of fifty sections
too long for us to publish entire. The following sy
nopsis will enable our readers to understand its
prominent features Ii provides for two classes of
bankruPts. l, Voluntary; 2, Involuntary. l. ANY
person residing within the Jurisdiction Of the Uni
ted States, and owing debts $500 in amount, mot
including debts created by fraud or embezzlemeDt
or by defalcaton as piblc officer, or while acting
IN any Judiciary character or any liability as surety
or otherwise for such de5ts,) may go into court by
petition, make fair surrender of all his effects, ex
cept such were exempt by State law in 1864 from
execution, and receive clear discharge from all |
debts owing by him the day Of filing his pettion
excepting those above enumerated. The pronertv
and effects, over and above those exempt from eye
cution which he is allowed to RETAIN arc to be con-
Verted into money and applied. l. To foes. costs
&c 2 To debts, taxes and assessments due the
United States 3. To debts, taxes and assessment.
iue the State; 4 Wages TO an operative, clerk Or
not exceeding $50 for services rem
Tered within six months before going into bank
uPtcy; s. To all debts having legal priority. After
hese are paid in full, the balance is to be divided
atably among the other creditors. The effect upop
be creditors, it will be seen, il much the same as if
be bankrupt had died. If th, voluntary bankrunt
. a citizen of the United States be must take and
lie with his petition an oath Of allegiance and f.
ehty' before any proceedings are had :
= The following are DECLARED to be acts of bank !
lPtcy, and any one guilty of any of them may be !
roeeeded against as bankrupt by any of his cred
ors whose debts amount to $3.50
Any person residing and owing debts aforesaid =,
no after the passage of this act shall depart from
e state, district, or Territory, Of which he is an
naoltsnt with an intent 10 defraud his creditor or
ing absent SHALL with such intent remain absent; er
snail conceal himself avoid the service Of loyal ~
ocess IN any aston for the recovery of debt or q
nand provabIe under this set; or shall conceal or
move any OF his properly TO avoid It's being at 10
cheo' taken or sequestered legal process; or Of