Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1868-02-19

1
Blank after blank, downcastto to fed
4 - No, struggle on still pluekAy; -
For Fortune if she can't suhduo -:
: The courage and the faith in you, >; -
Ayauquished vanquisher will sue, !: :.
And you will draw more luckily,
The Bankrupt Law.
We extract from the iaNorfolk Journal,
the following brief and necessary rules;in
Bankruptcy. This. will be Of interest to our:
readers as it is the surest and safest method
Of relief from debts: :, -.
THE POLICY OF. The LAW. :!
Every country is subject to. financial crises.
These are the earthquakes ofithe, civil and
political world, and recognize the fact into
the cause which tits needless, for our present
purposes, to oenquire. These crises ofcourse,
affect everybody, and, OF themselves, often
destroy, suddenly, accumulated fortunes.
Again the best laid schemes of mice and
men gang aglee," and that, too, without any
fault in the schemer, mice or men,. A coun-.
try Aourishes by the energies of individuals.
Debts and misfortune destroy these energies.
Therefore all States have had Bankrupt Laws.
They are designed to relieve the unfortunate
man of load Of crushing debt and to send
him into the world again, with new hopes,
new energies, and new credit.
Nearly all the States have insolvent laws.
They are as different IS the States. They
only afford relief from Indebtedness in. the
particular State. A New York insolvent law
does not discharge New York citizen from
debt due to Virginia creditor, and 0ice cersa.
The trainers of the Constitution knew this,
and hence they provided for Bankrupt Law,
which should be general to all the States.
There is henceforth to be no conflict of laws
upon this subject, The country needed the
law. It has it. 1t is q law, general, perma'
nent, wise, polite, humane, and in "the. very
nick of timen and the man who can and
ought to take advantage ,of it, and does not
will live to regret it, and be hereafter con-
yincsd that he had much more morbid sena-
bility than high moral courage and practical
good sense. "..-
THE PROVISIONS OF THE LAW. -
These are too numerous to be enumerated.
and they are not of public interest. --Sntfice
It to say that they direct that any person who
owes ($3oO) three hundred dollars may peti
tion the court to be declared bankrupt. Fhe
petition must be accompanied with tuH..
compIete and exact schedule of all his debts.
his creditors, and their residence, and an in-
yentory of all his property, real or personal,
in possession or in action. The petition,
schedule and inventory must be sworn tor
| The rules Of the Supreme Court OF the United
States declare that this petition, inventory
and schedule Shall be plainly written, without
abbreviation or interiineation and this rule
ought to be most literally observed, for peti;y
tions have been denied because of the'uss Of
-. Do. Ditto, and q I" a..H -! ]
The most minute and exact care basto be
observed in the preparation of the necessary
papers, and .unprofessiohal men cannot prop
erly prepare them, and those prepared by at
torneys have to be amended.
When the petition is correct, the applicant
has nothing further to do except
TO APPLY FOR HIS DISCHARGE,
Which he can do in two months, if no assets
come TO the hands Of the assignee, or II no
debts are proved against him..
If assets do come the hands of the assig
nee. and if debts arc pored against the es-
tate, he cannot apply until the lapse OF SIX z:
months.
OPPOSITION TO THE DISCHARGE.
Any creditor who has proved his debt can
opposc the discharge either when it is regu-
larly applied for or before. The acts which
prevent discharge a:e enumrated in the law,
and may be summed up in one word-any
fraud upon his creditors, either direct Or in
direct, and some of the acts will not only de-
feat the discharge, but will subject the petit
tioner to punishment for "a ,nisdemeanor, and
If guilty be 'sShall be punished BY imprison-
ment, with or without hard labor, for q term
not exceeding ~ three years"
ADJUDICATION; OF BANKRUPTCY. g.
Takes effect as soon as the petition is prop.
erly. filled From all debts then existing. the
bankrupt is discharged, except those due as a
6duciary or public officer.
AFTER ACQUIRED PROPERTY.
All after acquired property-that is, all
property of whatsoeverdegree or character ac'
| quired by any means-is the bankrupts.-
This is a very wise feature, and is the very re-
verse of the English law. az
The law upon this p,int is conflicting and
| unintelligible. The practice OF the court is
| to require tho pre- payment of all the fees.
which nvolves an outlay of (s5e) fifty dollars
VOLUNTARY. INVOLUNTARY.
Deposit T.. $4,000 Deposit. $4,000
Register...... l.5O Register. -. 3VO
Clerk. ...... 500 Clerk. 800
Marshal. -. 500 Marshal. ....1 1000
Thus the immediate cost is $50 OF $40, but
the unexpended portion. OF the (S5OE fifty
dollar deposit is refunded, which will make the
fund cost, on an average, about thirty, dollars.
THE CREDITORS,
Choose the assignee and have the right to
examine the bankrupt, his wife, or any person
suspected knowing anything Of the trade,
dealings condition and affairs of the petitioner,
and if they can detect any species of fraud,
they defeat the petition.
.....i THE ASSIGNEE. .a,a.,
Stands in position of trustee for the ben,
eft of both creditors aud bankrupt. He re-
ceives the debts and the entire assets, and
sErs APART THE EXEMPTED PROPERTY.
Which isl. That allowed by the State /;
2. The arms and accoutrements of a us.
soldier or officer; 8. The entire wearing ap-
parel of bankrupt and family; andi4. The
necessary household and kitchen furniture,
and such other articles and necessaries as,
having reference to the condition and circum'
stances, the assignee shall see fit to designate
and allow. If less is allowed than the bank
rupt thinks himself entitled to, he can raise
the question and have it decided, upon full
argument, By the court. - 4 > j -,
| SPECIAL PROVISION =.
Is, that if petition be presented after
zone year from the time that this act shall go
into operation, no discharge shall be granted
unlessn che ".assets pay FLY per centum of
j the claims against the estate.n.