Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1873-12-25
Passage Of tie Bankrupt Bill.

1
Ting action of the .Houae OF Repre-
seniatiS,ss yesterday Upon the bank
ruptcy biil materially modified the char
acter 1t the measure as proposed by
the Judiciary Committee, and iiseuga
yes il from the effects of the ir,puta.
lions to which It Was Subjected, that it |
was III The interest of certain set of
bankrupts The original bill provided
for the repeal Of the existing get az to
the future and the settlement Of pend
ing cases by majority of creditors in
any way suitable to themselves. Amcng
the tirnis which woali have been hene-
fitted by such an act were Jay Cooke
d Co., the Cali olnia and Texas Cou-
strnciion Company, the Washington
City Savings Bank, and number OF
houses in Philadelphia and New York
a majority: Of whose creditors in value
are willing Is settle the matter outside
the courts 1T was charged in fact that
Jay Cookies lawyers had hand in the
preparation OF the bill, and much feel
ing has been scxhibitedin and out Of
Congress in the matter. Comment Was
freely made. upon. what seemed to be
| the listastcful spectacle of individuals
WHO in the past, itsisaHeged. succeeded
ia zuastifuting the public means to
serve their ends, and then with feck
Iess railroad and financial schemes Grip
! pied up the legitimate business of the
country by the precipitation of panic,
| having nov the cheek to ask Congress
t" rescue theimstFom their own dilemma
Mr. Tremaine, However, in advocating
the bill, deried. that the lawyers of Jay
Ccoke OF any1ens else had anything to
d, with the bill, To make assurance
aol1hly sure, SO far as immediate effects
ara concerned, Mr.. Beck succeeded III
carrying his amendment, which pro
vides for the repeal of the law as to the
future, but that all proceedings in bank
ru ,tcy now pending shall be proceeded
with and determined by the existing
law and also that from and after the
passage Of the act the court fees and
charges shall be reduced to one-half the
4 amount at present allowed. The bill
as amended was then passed. The
question now arises whether the Senate
VII agree to the repeal Of this law as to
the future. On this point there is mrch
difference Of opinion, many holding
that some bankrupt act is necessary,
differing, however, in essential features
from the existing law, among Other
things so reducing the cost as to enable
poor man to become bankrupt IS
well as rich one.
| The bill was passed by vote of yeas
220 nays A.. Among tn. nays vert
Messrs. Seners Smith, and Stowel, Of
Virginia. The bill reads as follows:
BE 1t enacted dc, That the act en-
titled All actsto establish a uniform sys
tenn of bankruptcy throughout the
United States approved March 2
1867, approved. July u, 1868, aud th+
act entitled san act to amend an act
! entitled an act to establish a uniform
system Of bankruptcy throughout th,
United States, approved March 2, 1867
approved June 80 1870, and the &c
entitled San act in Amendments of TIA,
act entitled an act establishing uni
form system Of bankruptcy in The
United States,' approved March 2
1867, approved Jaly IA, 1870, and the
act emitted San act to amend an act Ell
titled an act to establish uniform sys
tenn Of bankruptcy throughout the
United States approved March 2
1867, approved February 10, 1873
and all other laws and parts OF laws
amendatory of the first named act o,
amendment thereto, and the same are
hereby repealed.
Sec. 2. That all suits and proceed
ings now pending in the courts of tn.
United States, wherein ,.;a4nt adj utlication
for bankruptcy has been made, shall be
proceeded with and governed by the
provisions of: existing laws, which ar.
hereby continued in force only for the
purpose of closing up suits and pro
ceedings now pending: provided, thai
from and afterf the passage of this acl
the fees, commissions and charges OF
the officers and agents of the courts in
bankruptcy cases shall be reduced to
one halt the fees commissions and
charges heretofore allowed.