The New York herald., 1873-12-16

being properly certified ana reported to the Court
they shall forthwith be confirmed and made ORDERS
OF the Court in that case and become binding upon
all the creditors OF the said estate and bankrupt
and 1t shall be the duty OF the Court to make all
necessary orders and cecrees TO carry tne same
SEC. s.-That in all such cases now pending.
whether an adjudication has been dccreed or not,
upon the presentation to the Court nav
ing jurisdiction thereof BY the debtor or
any one or more OF his creditors OF
settlement, compromise, extension or composition
OF the claims against the said debtor, or i0r the
division q the assets or any portion .nereI @ ~ among
sonal or for the management, administration or
winding up OF the estate IN any manner TO which
q majority in value OF the creditors whose claims
have been proved or whose claims are provable,
shall have assented In writing at any time subse-
ding of the petition in BANKRUPTCY, il sha be the
duty OF the Court having jurisdiction, upon due
proof or its execution forthwith to carry the same
into effect by all necessary orders and decrees, and
such agreement shall be valid and binding upon
ell the creditors OF the bankrupt or alleged bank
rupt, and the estate shall thereafter be admins
tered and wound up In pursuance OF the terms and
pr0visions OF such agreement
Sec. 4.-That upon the confirmation OF she resolu-
tions above provided for the making OF due proof
Of such agreement, order and decree, 1t shall be
the duty OF the debtor or the marshal assignee or
estate to convey by proper assurances OF title,
transfer and deliver the same TO the person or
bs virtue of the said resolutions or Of the
and transfer, have and hold the same IN the same
bankrupt or alleged bankrupt would have had
and held the same II no proceedings Ia bankruptcy
Svs lad
adopted. or II such agreement had not been made,
subject only to terms and conditions OF said
resolutions or agreement as the case may be and
II such resolutions or agreement shall SO provide
the debtor shall retain or receive the estate any
vided in said resoluIions or agreement. The titie
and power OF the person or persons authorized by
the said resolutions or said agreement to receive
the estate shall vest and take effect Immediately
upon the adoption OF such resolutions or the nling
in Court OF such agreement as the case
such agreement to entitIe the applicant to have
such order made shall consist IN production
thereof to aproper court and the afdavt OF one or
more persons depOsing TO the execution thereof by
the persons whose names are thereto subscribed,
and TO the fact that creditors whose names are
said of all creditors OF the bankrupt or alleged
bankrupt whose debts have been proved or are
provaDle, ana such agreement with the proof
ever, that such decree may be vacated and set
aside II 1t shall be made to appear that majority
in value as Aforesaid have not signed said agree
ment. The person or persons appointed by
such resolutions or agreement to administer
the estate may from time to time apply 10 Court
for such orders and directions as may be necessary
to carry into eject the resolutions or agreement.
and for the protection and administration Of the
estate, and the said resolutions or agreement, and
any orders OF the Court in relation thereto shall
be deemed proceedings in bankruptcy under this
act and shall sSpeTsede al ' other ne p,e proceedings
secsion q 4 the act hereby repeated Whenever
to administer the esate, and not otherwise;
and II the resolutions or agreement do not provide
for release or discharge Of the debtor the bank
rupt shall have the right to apply 10r and obtain
discharge in the same manner and with the same
effect as II all the proceedings had continued IN
the manner provided in the other sections OF the
said act.
SEC. 5-That the creditors who shall not have
signed such agreement shall be entitled to all the
benefits and be subject all the provisions Of said
resolutions or agreement, IN the same manner and
with the same eject as the creditors who nave
signed the same; ana that the provisions OF such
resolutions or agreement shall inure equally to the
benefit OF all the creditors OF said bankrupt or al
legged bankrupt; and that the rights o. al creditors
separate and partnership creditors Of such bank
rupt or alleged bankrupt shall also be preserved
SEt a-That the general superintendence Of the
Circuit Court In cases OF Bankruptcy provided
in the second section OF said act may oe exercised
upon appeal from any order, decree or decision Of
the District Court. An appeal may also be taken
In any case involving more than $4,000, from any
preme Court OF the United states in the manner
now provided by law.
SEC. That all acts and parts OF acts ipconsis-
same are hereby repealed; provided, that in all
cases now pending In any OF the courts Of the
United States sthe same proceedings shall be had
as II this act had not been passed, except in the
special cases provided for In this act; and pro-
SHAH be deemed to anect or impair any act done
right created under the provisions Of the act or
acts hereby repealed.
Among the firms which will be benefited by the
passage Of the act are Jay Cooke 4 Co, the Cali
fornia and Texas Construction Company the WASH
ington City Savings Bank and number Of houses
in Philadelphia and New York, majority OF whose
creditors in value are willing to settle the matter
outside the courts.
Justice Miller Opposes the Repeal OF the
Bankruptcy Law OF 1867.
Justice Miller, OF the Supreme Court, lectured to-
night before the law CLASS OF Georgetown College,
on eThe Constitutional Powers Of Congress-" the
power chiefly discussed being that OF establishing
uniform system OF bankruptcy. The lecturer took
decided ground against the total repeal OF the
Bankrupt act OF 1867 as proposed in Congress, but
favored amendments that would do away with
such evils as the swallowing up Of bankrupt
estate In oficia fees and expenses without benefit
to the creditors and the oppression OF debtors and
the ruin Of their business by unscrupulous credi.
tors through resort to the involuntary clauses OF
the act Justice Miller held that In an active trading
community like that OF the United States it was q
matter Of high public policy to leave the way open
for those hopelessly involved in their aairs to be-
gin life anew with such hope, energy and skill as
they might possess, on the condition OF giving up
I'LL Inty udu VI udtcEdl Weutu lOI c4ulIaOle ulVl-
sion among their creditors. To do less than this
would be to saddle the unfortunate trader with q
burden tnat would be likely to paralyze his whole
future life and energy. and 80 diminish his worth
as q member Of the body polite.
OregOn's Voice Against Wilnams' Com
firmstisn-A bad Political Dodge for
an Attorney General.
The Senate was in executive session several
hours this afternoon on the nomination OF George
H. Williams to be Chief Justice, and adjourned
without confirming it, Some doubts are expressed
by several Of the Senators as to favorable result,
the snbject.
The leading lawyers Of the oregon Bar and many
prominent oficials and persons in that state have
united in telegram to the Judiciary Committee
Of the Senate protesting against the confirmation
OF Williams as Chief Justice. kilograms have been
received by Senator Kelly and Representative