National Republican. (Washington City (D.C.)) 1872-1888, 1874-01-06
BANKRUPTCY IN TIE SENATE.
THE AMENDATORY BILL REPORTED
a YESTERDAY. 1880

10 the BANKRUPT act, fepofteu " Su0 Seneso = "
dietary Committee yesterday: grF e
Tho Committee on the judiciary, to whom wa
repesi an oct entitled AN act to satablish : uni
sss AZ a
fully report: That they recommend that the said
s.s,s sp q ssnE SS ~ sss tho
Sec. L That the court may, in It's discretion, on
sufhcient cause shown, and upon notice And hear
sion Of the property and carry on the busipsss q
the debtor, or any part thereof wbca, ID tu Jag.
ment, the interest Of the estate. D well as q the
period exceeding nine months from the time the
debtor shall have been declared bankrupt.
SIC. 2 That unless otherwise ordered by the
bankrupt whether real or personal, ct public suc-
ton, in such parts Of parcels, and It such times
and places e shall e 6s;t ei.cuiatsd 70 produes
the court, on the application Of any party In in
terest, shall have complete supervisory power
i Il. e that ths
tts discretion, order any real sstat: Of the bank
upt or any part thereof, 70 be sold for ene-fourth
cash N hand q The time Of sale snd the residue
able It Intervals Of not more than six months
sey .S soa %
And it shall b the duty Of every aaignse to
keep regslas account OF an moueys received or
asss :: nail asa
neglect to we'll and 1sithfsiiy disoharse he
sSss u sns Il e Ss Il
court to remove such assignee, and he shall
forfeit all fees and enoluments 70 which
sach sale. And II any assignee shall, in any man.
ner in violation Of bis duty Aforesaid, unfairly or
Wrougfully sell or dispose of, or in any manner
WEN " er With intent
unfairly wrongfully sell or dispose Of the prop
erty committed to his charge, he shall upon proof
compensation for any and all services In connec-
tion with such bankrupt's estate, and, upon con-
viction thereof before any court Of competent ju-
d, 900 or Imprisonment in tho penitentiary for q
term of not exceeding two years, or both fne and
imprisonment, at the discretion Of the court. And
with such assignee for the purpose aforesaid SHALL
upon conviction, be liable to q like punishment.
Sec. 8. That the following words shall be added
to section twcnty-six Of said act: - & :
"That In all causes and trials arising or ordered
under this act, tho alleged bankrupt, and any
party thereto, shall DO arcompetent witness"
tary Bankruptcy the provisions Of said act and any
amendment thereof, or Of any supplement thereto,
requiring the payment of any proportion q the
portion Of his creditors, As condition Of his dis
Charge from his debts, shall not apply; but he
may, il otherwise entitled thereto, be discharged
sSme effect as II he had paid such per eentum Of
creyiitors had assented thereto. 81 Z -,
u Sss TAs sS ~ ear Sa
mentiGneS "a ssssoa thirty Ave the act to which
this Is q amendment is hereby changed to two
sSd but n1 sas P1ss .I X. e.
And in the cass aforesaid the period of six months
mentioned in said section thirty five is hereby
changed to three months but this provision shall
Sec q. That section thirty-nve of said net be,
and the nsTs s IN ns
Secondly. After the word "sttachment," in
tho same line, insert the words demonstration
thirdly. After the word sand" in lime twenty,
insert the word .sknowing." t =.
Sec. Z. That section thirty nine OF SAID act OF
March second, eighteen hundred and sixty -seysn,
be amended SO Is to read "a follows: ~-l .l sr-.s
Z .sec So That any person residing and owing
debts as aforesaid, who, after the passage Of this
rtory OF which he is an inhabiant, with intent 70
defrsud his creditors; or, being absent, shsll,
with such intent, remain absent; or shall conceal
action for the recovery of debt or demand. prov
able under this act; or shall remove or conceal
any oil his property to avoid its being attached,
make any assignment, gin, sale, conveyance, or
tranfer of his estate, property, rights or
credits, either within the United States or
elsewh here, with intent to delay, dcfraud, or
hinder his creditors; or who has been ar
rested and held in custody under or oy virtue
Of mesne process or execution, issued out OF
in which such debtor resides or has property,
founded upon demand in its nature provable
against bankrupts estate under this act, and ior
a sum exceeding one hundred dollars, and such
process il remaining In force and not discharged
by payment, or in any ether manner provided by
the law Of such State, district or Territory appac-
able thereto, for period of twenty days; OF has
been actually Imprisoned for more than twenty
days in civis action founded on contract for the
sum Of one hundred dollars or upwards; or who,
being bankrupt or insolvent, or in contemplation
of bankruptcy or insolvency, shall make any pay:
ment gift grant, sale, conycypuce, or transfer OF
money or other property ssssss 81 ~ n1
cure his property to be taken on legal process,
with intent to give preference to one or more Of
his creditors or t. any person OF Mno arc
ties or otherwise or with the intent BY such dispo-
stion OF property to defeat or delay the opera
ton q this act; or who, being banker, oret Ss,
fraudulently stopped payment, or who hasstopped
or suspended and not resumed psymentofhis com
an
and subject to the conditions hereinafter pre-
scribed, shall be adjudged bankrupt on the Peti:
consttuts one fourth thereof, at least IN number,
and the aggregate ofwhose debts provabls under
this act amounts to at least one third Of the debts
brought within six months amer such act Of bank
ruptcy shall have been committed. And the pro.
visions Of this section shall apply TO All cases Of
menced since the day Of -, eighteen hun.
menced hereafter. And in all easoe commenced
prior 70 shs passage q S
act, as we'll as those commenced hereafter, the
court shall ascertain. upon reasonable notice to
one third in amount thereof os afOreeaid, have
petiti0ned that the debtor DO adjudged bank
rupt. And Il u shall appear thst such number
grant reasonable time, not excesdings IN cases
heretofore commenced, twenty days, and 70 cases
hereafter commenced, nvs dsys within whi 81
1t the expiration of such time % limited. the
number and amount shall comply NTH the r.
quirements Of this section, the %sttsr Of bank (;
such limited time, such number and amount shall
not answer the requirements Of this section, the
sns e %R ous
person shall be adjudged bankrupt the assignee
may recover back tho money or property 50 paid,
s .e so ss:sS hs
sonabfs cause q believe that tho debtor was
sns tasT .sss sas II
tor, shall not, In cases Of actual fraud on hil
part, be allowed to prove for more than moisty
debts shall apply 70 cases Of voluntary rs we'll q
involuntary bankruptcy. And the petition Of cred
itors under this section may be sufhciently veri.
s ssS X the first I'VE 'isne1' thereof 50 many
ssc. .. That section forty Of said at b. amended
BY adding at the end thereof the following words
'.And II on the retlrn-dsy Of the order % show
the requirement Of section thirty ntne Of said aci
q to the number and amount Of pstttioning efed.
tO.. has been complied 18th 20 Esh1 e:
act creditors sufiei0nt In number and aln0unt