Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-07-31

In an Eastern exchange we find a sum-
mary of the changes in the bankrupt law,
caused by recent enactments of Congress,
the most important Of which are as fol-
lows:
Provision is made that the Circuit
Judge, in case of the sickness, absence OF
other disability of the District Judge,
may make all necessary rules and orders
preparatory to the final hearing Of causes
in bankruptcy. The law nov provides
also that The provisions of that section,
known as the fifty per cent. clause, shall
not apply TO those debts, from which the
bankrupt seeks a discharge, which were
contracted prior to the lst of January,
1869. In other words a debtor, whose as
sets do not pay fifty Cents on the dollar,
must now obtain the assent of a majority
in number and value of those creditors
only whose debts were contracted since
the LIST of January, 1863. a clause OF the
thirty-ninth section makes il an act of
bankruptcy, that a person 'being a
banker, merchant or trader, has fraudu-
lently stopped or suspended, and not re-
sumed payment of his commercial paper
within a period of fourteen days"
Much difficulty has been found by the
courts in the construction of this clause.
especially as TO the meaning of the wOrd
"fraudulently." All ambiguity has been
removed by an amendment, as follows: cor
who being a banker, broker, merchant,
trader, manufacturer or miner, has fraud
ulently stopped payment, or who has
stopped or suspended and not resumed
payment of his commercial paper within
a period OF fourteen days"
CORN AND FLOUR DUTY.
President Juarez has forwarded a copy
of a circular dated June 23d, which he has
just issued, TO the State Department, in
which, on account of the scarcity of corn
in b State of Campeachy, he DEGREES that
foreign corn shall DO admitted duty free
into the port of Cempeschy for a period
OF six months; and in addition six humid
red pounds OF Hour may be admitted free
for each ten thousand pounds Of corn intro
duced. But for this period, and four
months after, Hour and corn cannot he
passed through Campeaehv or any other
State unless regular duty DC paid.
NATIONAL BANKS.
All National banks tina have gone into
liquidation except those doing so for the
purpose of consolidation with others, are
10y "A recent act of Congress required prior
TO the 18th of September TO deposit legal
tenders in the Treasury for their outstaud-
ing circulation. II they fail TO do so,
their deposit bonds are to be sold imme-
diately thereafter for thepurpose of wind
ing them up forthwith. This order affects
twenty-five or thirty banks, some of
which withdrew from business long ago,
but are still making money on a eOnside-
rable portion Of their original circulation.
BURNING BONDS
One section Of the funding bill pro-
vided that all bonds heretofore bought
by the Treasury Department should be
destroyed at once. This applied to those
purchased for the sinking fund as well as
those held subject to the order Of Con-
grsss. The aggregate amount is about
hundred and thiFty-0ne million dol
lars, and the bonds are 10 be burnt this
week. All future purchases sr5 also to
be destroyed, and burning day will come
the close of each recurring month to
end that the evidence OfOur debt may
be out Of existence.