New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-02-13
THE BANKRUPT ACT.

Register. The opinion Of Judge McCandlish
| co1ncides with the decisions Of Hon. e. H.
| Durell, Judge of this district. Congress is
about 20 repeal or amend The bankrupt act
In view CT the financial distress throughout
the country. and particularly IL the South.
we believe that :he act should not be re
pealed. but that it should be amended.
TIE first clause Of section thirty three
| provides "Ghat no debt created by fraud or
ein5ezz'ernent Of the bankrupt. or by his
delalcation as pablic officer. or while act
| ing ia any tiiuciary character. shall be dis.
! charged under this act" Although the
bankrupt can not get a discharge from the
| above class OF debts. yet be can ge. dis.
| charge from all other debts. Sections thirty.
| three and twenty ulna of the act should be
SO amended that bankrupt who created a
debt by fraud. enbez1!ement or breach OF
trust should NO: have a discharge from any
| debts whatever, because such debtOc
| ought not to be !e: loose on a commercial
community. The appellate Jurisdiction of
| tho United States Supreme and Circuit
| Courts should be made clear. As tho law
| now ~. !t is almost impossible to decide
whether "a case should go up by appeal or
writ .! error. and whether to the Supreme
ur Circu., Court. Whether tho Circuit
Court can entertain jurisdiction by bill Of
| rev:. W is equally uncertain in Il given case.
Again, there are more form, prescribed
! by the Supreme Cour, than are necessary.
| The act should be 80 amended that il y
! planter pledges or gives Il lien on his grow
! ing crop tor advances made and to be made
! by his merchant, and he fails to ship him
! his entire crop, such failure or refusal
! should constitute an act OF bankruptcy.
| On the other hand, if ii commission mer-
chant fails 20 pay over cash bAlpnces. such
failure or refusal thoull constitute an act
| OF bankruptcy.
| IL view OF the fact that the past year has
been a very disastrous one to almost all
business men. the fifty per cent clause
| should be extended So is to embrace debts
contracted prior to January I. 1873. We
| hope that the members Of Congress from
! this State will oppose the repeal Of, and
advocate the passage %: amendments to
| the act.
United States Dis:Iic: Court, Western
District Of Ptnnsyivania.--A ban kIupt who
has otherwise CunfoTmeG to the require.
nents OF the bankrupt law is entitled to
his discharge, if at the time he flied his
petition i'll bankruptcy he was possessed uf
property fairly worth fifty per cent OF the
debts proved against his estate. upon which
he was ablc as prime pal debtor. The fact
tha: the property was sold b.low what it
was actually worth should not prejudice
his right to d discharge. for the reason that
after the appointment of an assignee :he
| bankrupt had no further control over tAa
property OF lis disposal, all -; which was
left to the sk:u and discretion Of the a8-
siSGe..
Iii re Lincoln and C'lp,"y-- Registers Re.
p0rt.-AleZandcr Cherry, enc OF the bauk. |
.upts. has reIitOned Ter his discharge.
None Of the creditors appeared in npposl:
ton. All OF the deb;- proved were con. |
tracted subsequently, TO January |. 1869 |
No assent Of creditors 10 the Ischalgc has |
been tiled, and the bankTupts righ: :" his |
certificate depends upon d suttici"ncv of |
assets. The whole amount of money actu. !
ally coming into the hands of the assignee |
is ?llS0 10; the total amount of deots
proved is 5000 Is. Ii the word "assets,' !
III the thlrty-thlrd section OF the bankrups |
law. means, "a. some contend money actually |
realized. it would require $3.50 % TO "ntiilo
bankrupt 10 d certificate, and i'll this nat
ter the certificate would have to be refused.
do not think that 50 restricted IL con.
structiOn should be placed on the word. A
bankrupt should have the full benef of
his property when he seeks a discharge,
and ought not 10 be made The victim of cir.
culns!ance over which he has had no con !
trol. When he flies his petition he may he
possessed of ample property to pay fifty
per cent Of all his liabilities. but before
there is time to sell and realize many cir
cumstances may happen. 7. suIting in de-