Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1874-01-09
WASHINGTON NEWS.

WASHINGTON, Jan. 5.-Ihe substitute tof
/ the House bill repeating the bankruptcy
act, recommended by the judiciary com
mlttee, to-day, in its first section provide
that the court upon sufficient cause shall
take possession of the property and carry on
the business of the debtor when in its
| Judgment the interests of the estate as well
of the creditors will be promoted thereby.
but not for longer period than nine months
from the time the debtor was declared
bankrupt. The second section authorizes
the assignees to sell the property of bank
rupt, real or personal, al auction in such
a manner As to produce the greatest amount
with the least expense, the court to have
complete supervisory power over such sales
and at its discretion may cider the sale OF
the real estate, One-fOurth cash. the balance
in three equal payments. and with
not more than six months between
any two, properly secured. Section
three adds to section twenty six the
words In all cases coming under tins act
the alleged bankrupt and any party thtre-
to shall be competent witnesses. Section
four provides that in eases Of compulsory Or
involuntary BANKRUPTCY the provision of the
law, requiring the payment ola per centage
Of indebtedness or the consent of portion
of the creditors shall not apply. but com
plete discharge shall be given in all
eases. Section five provides that m cases
in voluntary bankruptcy the term 90
four months mentioned in section -
of the old law be changed t. two months
this provision not to take effect Tor tw1
months alter adoption, and the period Of
six months therein named Is changed c,
three months. to take effect three month
after adoption. Section seven alters section
thirty-nine of the old law, providing tina,
any absconding debtor or debtor transfer
| ring property with the intention TO deiraui
the creditor nav be declared bankrupt On
I petition Of One-lourth in number Of the
creditors, whose claims aggregate 0ne-thIrl
I of the total Indebtedness. provided the pc
tition be brought within six months after
such act of bankruptcy wa committed
| This provision shall apply 10 such cases
begun since 1873 prior to the passage ol
/ this act, a. well as hereafter. Section nine
alters section forty-One 50 A. 10 provide %
case satisfaction is given to the creditor
proceedings can be stopped by consent %
the court after proper investigation. Section
ten provides in all eases now pending &C.
well as hereafter instituted the majoriu
Of the creditors, after due notice, meeting
under the direction of the court, may
| accept terms of composition proposed hy
debtor in full satisfaction, the resolution u
acceptance 10 be binding upon the signature
of a majority in number, and the fourth
value OF debts represented at such meeting.
Such composition shall not be binding upon
nor affect the rights of unrepresented credl-
tors. Section eleven reduces fees One-halt
Mr. wILLI,Ns's NAME To BIZ WITHDRAWN.
WASHINGTON, Jan. THE President
after his prOtracted interview with the
Judiciary committee, when he became
satisfied that the nomination would be
bitterly contested in the Senate, said he
would withdraw Mr.. Williams name, hut
very reluctantly, a he he still believed him
to be the best man in the country for thar
position The rejection of the nomination
would force Mr.. Williams to retire from the
Cabinet. and ga he did not desire to be the
means of bringing about such result. be-
would withdraw his name.
In conversation to-day Mr.. W illiam- -aid
he was extremely glad that the matter wa
TO be brought to a termination and he no
| longer subjected to malignant and personal
assaults. The Office had not been one oi has
seeking, and the withdrawal Of his name
would be great relief. The Judiciary com
mittee hal informed him that the examina
ton of the charges made against him result
ed in his vindicatiOn and that their action
in advising the President to withdraw his
name wos done upon the ground that they
believed a person could be found for the
position with higher legal attainments and
more satisfactory to the legal profession.
Nothing i known a. to whom the Pres
dent will nominate in place Of Mr. Williams,
and it i not improbable that some days NAV
elapSe before any name l. sent to the senate
N GENERAL.
WAsHNGroS, Jan. 6.-Out~,anliug leg-..
tenders 1919 ,OS9, I02.
In the cabinet session Of two hours. Co.
day, all the secretaries being present. De-
mention was made Of the attoruev-generai
ship. The chief matter under discussion
was Spanish Affairs. The general opinion
in diplomatic and official circles Is that the
Spanish republic is ended
FINANCIAL.
The committee on ways ami meIn-. Co.
day, discussed Kelly's bond convertible cur
rency bill. but came to no conclusion It.
consideration Will he renewed tomorrow
Senate finance committee, to-day, agreed e.
report favorably on the bill authorizing
national hanks IN Withdraw bonds hanosftat