Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1874-06-24

The principal points OF the new bank
rupt bill, which only requiras the Presi-
dents signature to become a law, arc
as follows:
Forty days are allowed to elapse be-
fore a merchant or trader who fails to
pay his commercial paper is liable to
be thrown into bankruptcy. The as
sent of one-fourth in number and one
third in value Of the creditors is re-
quired to throw debtor into bankrupt
cy. This provision relates back to the
first Of last December. Proceedings
may be discontinued whenever the
debtor pays those secured debts which
were the ground Of throwing him into
bankruptcy, or whenever the consent
Of the court can be obtained and
majority Of the creditors shall ask for
a discontinuance Of the proceedings.
In order to set aside hypothecated
pledges or loans on the bankrupt's es-
tate, it must appear that the party deal
ing with the bankrupt knew that he
intended to perpetrate q fraud on the
Bankrupt law, and that he intended
to go into bankruptcy. When loan
is made to bankrupt in good faith,
anl security taken with the intention
Of aiding him to pull through, it shall
be considered as having actual value,
and the security shall not be invalid
ated by proceedings in bankruptcy A
voluntary bankrupt may have his dis
charge if his estate pays so per cent
OF his debts, or provided he obtains
the consent Of the same number of his
creditors as is necessary to throw him
into bankruptcy. An involuntary
bankrupt can get his discharge if his
conduct is free from all fraud and he
is innocent Of any violation or infringe
ment of the Bankrupt act. Assignees
are prohibited from dividing fees with
other persons engaged in the case.
Compromise by creditors may be made
with the assent Of the debtor, proyt-
ding majority of ihe creditors join,
when approved by the court, for the
release and discharge of the debtor
The fees and expenses are reduced one
half, until the judges Of the Supreme
Court shall establish a permanent re-
duction and simplify the proceedings
All the acts Of the persons connected
with the execution of the law shall be
made public in the full and minute
reports from the Clerk, the assignee
the Marshal and the Register. Orig
ual Jurisdiction is conferred upon thu
Territorial Courts, with an appeal to
the Supreme Court Of the Territory
It is stated that a party of army Of
6cers, who have been engaged In
mounting guns and otherwise putting
the Gulf forts in serviceable condition,
while sailing through Mississippi
sound, since the recent food, encoua-
tered a remarkable scene. For milsa
were seen logs, driftwood, and patches
of turf and soil floating out into the
Gulf, filed with live animals, who
clung to their frail barks with the te-
nacity ct shipwrccked mariners.
Among the animals were seen rats, rae
coons, possums, rabbits, alligators and
moccasin snakes in uncounted numbers,
all brought down from the swamps and
marshes, perhaps from fifty to one hun
dred miles inland The novel e1hibi
ton had q scientific interest, as II
suggested the manner in which: during
the past geological! periods, animals
were transported from regions far IL.
land to the mouth Of estuaries, and
their bones being entombed in the sill
and soft mud furnished the oIganit
remains which are preserved for ages
in the hardened strata. It was, doubt
less, by similar means that the fossils
uow found in the solid limcstones wers
engulfed and preserved; and also thai
animal lite has been distributed oves
portions of the globe: