The New York herald., 1868-03-08
The Bankrupt Law.

During the four or five days previous to the
I'd of March the business of the United
States District Court in Bankruptcy was con-
siderably increased. Voluntary petitions were
filed at the rate of thirty or forty day. There
appeared to be much anxiety on the part of in
tending applicants for the benefit of the Bank
rupt act to lodge their petitions before the
an apprehension that the period within which
the voluntary clause operated expired on that
day-a year from the date upon which the
Bankrupt act was approved by the Congress of
the United States. On the other hand, it is
believed that this voluntary clause does not
cease operation until the 1st of June next,
which will be exactly twelve months from the
day the law actually went into force To this
belief many lawyers and several of the Regis
ters in Bankruptcy for the Southern District of
New York incline. The question, however,
which is one Of considerable Importance to the
commercial community, has not yet come
before the court for formal decision. It would
be desirable in the present aspect of the mat
ter that there should be pronouncement by
the court on the point to which we have ad-
verted. And as we are upon the subject of
the Bankrupt law, we may as well state some
facts which cannot fail to be. of interest
to the public. There are hundreds of
persons in the community whose circum-
stances are embarrassed, who are ut
terly without means of paying their debts,
and who, therefore, if they attempt to go into
bankruptcy for the purpose of clearing them
selves of their liabilities, must find it difficult
to pay the Registers fees, to say nothing of
compensation for legal advice. To put a case
of voluntary bankruptcy through the court
costs from one hundred and twenty dollars to
one hundred and fifty dollars in fees alone, and
that sum is of considerable importance to a
person who has no assets. How, then, can
man overwhelmed with debt and having no
assets hope to obtain the benefit of the bank
rupt law? He is met at every step with q de-
mand for ''fees" There Is something extraor-
dinary about these fees. How does 1t happen
that Register in Bankruptcy in this district is
able to make from seven thousand dollars to
ten thousand dollars per annum by fees alone,
while we believe the stated annual salary of the
Judge of the District Court does not exceed
four thousand dollars? The thing is perfectly
preposterous. The Judge of the District Court
performs grave and solemn duties, requiring
THE exercise of discretion, wisdom, knowledge
'of the law and nice balancing of difficult
questions, while the obligations imposed upon
20 Register in Bankruptcy are in the majority Of
eases Of mere routine character and such as
Emight be discharged by clever and intelligent
clerk. The Register has to fill up good many
Cblank forms he is sometimes called upon to
decide point of law, and If he cannot decide
At satisfactorily he may certify It to the Judge,
who settles II for him. For this mere routine
Eof duty he makes by fees seven thousand dol
nars or ten thousand dollars year, which
would be amply paid for at three thousand
dollars.
If this bankrupt law is intended to reach
and serve struggling class in our community
nhe expenses ofapplying It ought to be cut down,
and we have shown where the pruning knife
Knight be effectively used in the matter Of
Registers fees.