The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-02-12
CONGRESSIONAL.
WEDNESDAY,, February l


3 Senate.--On motion of Mr.. Sherman,
the memorials in reference to District
affairs were taken from the table and re-
ferred to the Joint committee of investiga-
ton.
The bill to provide for the equalization
Of the national banking circulation was
taken up.
The Chair laid before the Senate COM
mnnication from the Secretary of the
Treasury stating, in answer to resolution
of the Senate, that 1T will take four years
for the mints to produce enough silver coin
to replace the fractional currency. Re
ferred to committee on mines and mining.
THE ANrENDAToRY BANKRUPT BILL.
The following is synopsis of the amend
atory bankrupt bill as passed by the Senate
yesterday. That the court may direct the
receiver or assignee to take possession of
the property and carry on the business of
the debtor when in its judgment the inter-
est of the estate or creditors will be pro-
noted thereby. That the assignee shall
sell the property of the bankrupt in such
parts or parcels as shall be best calcu-
lated to produce the greatest amount
at the least expense, and the court
shall have supervisory power over
such sales, notices of such sales to be pub
lished in newspapers designated by the
court. The court may order any real
estate of the bankrupt to be sold for one
fourth cost at the time of sale, and the
residue in installments bearing interest of
seven per cent. at intervals of not more
than six months, to be secured by mort
gage and lien. Assignees shall keep ac-
IF lol
violation of which provision is attended
wrongfully dispose of property is attended
with certain penalties. A creditor prov
ing his debt, shall not be held to have
waived his right of action against the
bankrupt. In all causes the alleged bank
rupt shall be a competent witness. In cases
requiring the payment of any proportion Of
| the debts Of bankrupt as condi-
ton of. his discharge he may be discharged
in the same manner as if he had paid such
percentum of his debts, or as if the requir-
ed proportion of his creditors had assented.
In voluntary cases no discharge shall be
granted debtor whose assets shall not be
equal to thirty-three per cent. of the claims
against his estate. Any person who shall
depart from the state of which he is resi-
dent, or shall conceal himself to avoid SER
vice of process, or shall make any assign
ment, &c., shall be deemed to have COM
mitted an act Of bankruptcy these pro-
visions to apply to suits commenced De-
cember ], 1878, and since that date. In
cases of composition with creditors, in
cases now pending, whether an adjudica-
ton shall have been had or not, creditors
may, at meeting called by the court, upon
not less than ten days notice, resolve
that composition proposed by the debtor
shall be accepted in satisfaction of the
debts due them from the debtor, to be
| operative when passed by majority in
| number and three-fourths of the value of
the creditors. In calculating majority,
creditors whose debts amount to less than
| fifty dollars shall be reckoned in the
majority in value, but not in number. The
creditors may vary any composition pre-
viously accepted by them the composl-
ton to be binding on all parties. A debt
| arising on bill of exchange or promis-
sorry note, the bankrupt shall be required
to state the amounts, and the names of
parties to the paper. The court may, on
satisfactory evidence, refuse to confirm
such composition or set it aside, and the
| debtor shall be proceeded with as bank
rGpt. fees, commissions anu allowances
OF assumes anu o.neIs 70 pe reouceu one
nal, heretofore proviueo IN IKE cases. IN
adoiton 70 tee oncers now autnorlzeo 10
take PROOF o. uepts agains. Tue estate oi a
panhrupt, nosalies Puoi'o ale autnol' .. 70
.aao sauti pluo, ~ .n ap hu anu unu al,
.ne - ha oont;sd o hn a. ~ raw, "a Suu a
Proof 70 pe ce!.lieu ny t1e ao.a,y anu aS-
ssisu oy nis s'guasu,e anH NJ o1 W:I seai
a. Un,,. oo,,amu.od !; ~ AZ n, sato om I'M,
eno nous1 ocnou . d y, .ne oenaeo alnenu-