The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-03
PROPOSED AMENDMENTS TO THE BANK.
RUPT LAW.
NEW YORK, Jan, 81, 1874.

merchants, OF this and other Cities have memorial
tied Congress demanding its absolute repeal upon
| the suppOsitiOn that the law could not or would
not be so amended ~ to be beneficial to the mer-
! camille and business interests or productive OF
good to the country; ana upon the other hand the
| Board OF Trade and the Chamber OF Commerce of
| this and other cities have passed resolutions
against Its repeal and, together with strong array
of business firms. have memoralized Congress ask
! ing for various amendments to the law In sub
stance embraced In some OF the following sugges-
| lions, which have been drawn up with view of
eliminating some Of the most glarlng defects of the
| law. In preparing them have been governed by
the rule laid down by Blackstone for the interpre-
tatton OF remedial law, that Is, "to consider the
| old law, the mischief and the remedy" Aided by
the light Of experience. am convinced that II the
following suggestions are adopted by Congress the
! law will be
BENEFIT TO THE COMMERCIAL COMMUNITY
to at least a. great extent as 1t has heretofore
been detrtmsnt;-
First-Abolisa the ONCE Of Register in Bank.
| cate Judges IN Bankruptcy OF the District Court
| Tor each district in the United States, amending
the third, fourth, ffth sixth, seventh and other
ing out "Reglster" and inserting i:Associate
Bankruptcy to receive salary to be liked By law,
but not to receive or be interested In any ices
the ms 10 tho
IN the summary manner now provided Tor under
the NTH section.
prsme Court OF the United States to rednce the
fees, charges and costs OF the Marshal and Clerk TO
altogether fees and COSTS now allowed to the
Amend the eleventh section ION voluntary bank.
ruptcy) that the deOts due by person pc titOn.
ing Tor relief under the law shall exceed $l,500-in
place Of ss0o,as nov provided By this sectlon
insert the GLOWING the s oreditors shall at
messenger, In presence OF the Associate Judge in
bankruptcy, choose one or more asslgnees OF the
aS TO s q
and are present In person or BY attorney. II after
two ballots taken at such meeting majority OF the
creditors shalln choose an assignee third ballot
shall be taken, when the person receiving the
highest number plurality Of votes, shall be de-
WITHIN five days after notlce o. has election to qnal
tfy, as hereinafter provided, the Associate Judge In
shall be- cpe 81
the Court shall not have the power 70 appoint an
assignee. Inc assignee, before assuming to act,
ruptcy to give good and sufficient pond In double
the amount OF the probable assets to the United
ance and discharge OF his duties; the bond shall be
approved by the Associate Judge In Bankruptcy by
the records or the case and enure to the benefit OF
all creditors proving their claims, and may be
prosecuted In the name and for the benefit Of any
Amend the fourteenth section (of
THE ASSIGNMENT AND PROPERTY WHICH VESTS IN
TIE ASSIGNEE)
by inserting In place Of the Judge, or where there
is no opposing interest, the Register,n "the Asso-
proviso alter the Words sthat altogether not ex.
ceeding 10 value N any case the sum Of" insert
$1,000 70 place q sSoo ana a@d mo state law q
and strike ont sand such other property not in.
Guided in the foregoing exceptions as Is exempted
and o1A m nv inn mr. fhop
or order of any Court by the laws OF the State in
which the bankrupt has his domicie at the time of
an amount not exceeding that allowed BY sucH
State exemption laws IN force in toe year 1871"
na sas * secon
Amend the fifteenth section SO as to require the
EXPOSE AT PUBLIC SALE
any and all property Of the bankrupt, OF which
sale ne shall first nave given at least ten days
notice to all the creditors Oy mailing to their last
Known address notice of such sale, and publish o
notice Of the sale IN one or more newspapers pro-
hbiting private sales OF property OF the bankrupt
Amend the seventeenth section, in place Of
'when 1t appears that the distribution Of the
the Court may direct the temporary investment Of
the money belonging to such estate In securities to
or a9 may authorize the same to be- de deposited
in any convenient bank upon such, interest
mot tae as the
thereon insert the following when 1t appears
that the distribution OF the estate may be delayed
by litigation or other cause the Court shall call
GENERAL MEETING OF THE CREDITORS,
and proceed in the same manner as Is provided
under the twenty seventh section, and shall de-
care dviaend to the creditors of the money then
in the hands Of the assignee, provided 1t snail be
sufficient to pay percentage Of not less than two
Amend the eighteenth section (of tho removal
resignation or death OF asstgnees); strike out
''number and value OF creditors" "wtth consent
OF the court" 'by appointment Of the Court or at
mis- discretion, and require the choice OF assignee
to be made under the thirteenth section.
Amend the twenty second section (of the proof
of debit In place OF "tnat all proofs OF debts
against the estate OF the bankrupt ny or in behalf
OF creditors residing witnin the Judicial district
where the proceedings In bankruptcy arc pending,
shall be made before one OF the registers OF the
court In said district and by or In behalf OF non
resident creditors before any register In bank
ruptcy In the judicial district where such creditors,
OF the Sircuit Court authorized 10 administer oaths
In any district" insert shat
PROOFS OF DEBTS AGAINST THE ESTATE OF TUE
BANKRUPT
may be made before any associate Judge III bank
ruptcy, commissioner OF the Cncuit Court notary
public Justice OF the peace or other Oticer author
lied by the laws OF the State where the creditor re
sides TO administer oaths, but no SUCH commits
sloner, notary public, or other Ofhcer shall make
or receive a greater charge than 81 Tor making out
proof OF claim, administering ana certifying TO Tue
oath and certifying tne power OF attorney 0as tue
receive any charge or compensation for admins
tering such oath or certifying the power Of attor-
Amend the twenty fifth section tof the sale OF
property perishabe and in dlspute). Add to this
section ''but all such sales shall by the order or the
Court be public sales as provided for under the h-
teenth secton.D
Amend che twenty-seventh section (of the distri-
button OF The bankrupCs estate). Strike out after
the words lat such meeting the majority" the
words s'in value,r and after the words "but unless
at least one haIlv strike out I'm value"
Amend the twenty-eghth section (Of dvidends).
Alter the following, III at any time there shall be
IN the hands of the assignee any outstanding debts
or other property due or belonging to the estate
which cannot be collected and received by the
assignee without unreasonable or inconvenient de-
law or expense the assignee may" strike out sun
der the direction the Court sell and assign such
| debts or other property In such manner as the
| Court shall order,r aud insert "se the same at
nnnuc sale alter having given ten days notice, and
pryceed as is provided for under the fifteenth Sec
| t0n." ,.,--..,
| THR BANKRUPT DISCHARGE
| tnsert after the words "or II beng merchant or
tradesinan has not subsequently TO the passage OF
this act Kept proper books OF account ana ADD
cor has committed any fraud or deceit IN contract
| ing any debt proven against his estate"
| Amend the tbirty-tnird section (cnect Of MS