The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-01-07
IMPORTANT AMENDMENTS PRO-
POSED.
sentative Manning Will En-
deavOr TO Press TO
Passage
UNJUST FEATURES OF THE PRES.
ENT LAW.

low sOL IL DSAhA uPtS. SOui - viii plCSS
his Dill early In the session on the stten-
lion OF the Judiciary Committee.
During the past session great
many bills, representing constituencies
all over the country, were introduced
on the subject. The majority OF
them were framed TO meet the views OF
petitioners who wanted the bankrupt act
repealed outright, ard very few pro-
posed changes in the present law to suit
the times. Mr.. Msnning's bill belongs
to the latter class. II is in three sections.
The first section proposes that thereafter
TO payment OF any portion OF the debts
proved In bankruptcy shall be required
to entitle q bankrupt to discharge from
his debts and liabilities, if he shall other
wise be entitled thereto" As TO
this clause, Mr.. Manning con-
tends that the provisions of the
presen. act requiring the bankrupt
TO discharge At least thirty per cent OF
b liabilities before he can go free, often
operates unjustly, and delays the useful
ness of q business man who has met with
Il stroke Of misfortune, and honestly
wants 10 get on his feet again, after turn
ing over without any reservation all he
owns IN the world. At present, if he
could show assets twenty-nine- per cent
of his liabilities, he would be debarred
the benefit OF the act, and Mr.. Manning
claims that il it appears that bankrupt
has honestly turned in all he has, he
should be discharged without any regard
to the question OF percentage.
The second section provides for SO
amending section 80 o! the present act,
as not 10 require more than one creditor
20 institute proceedings IN involuntary
bankruptcy, under said se1.ion, tor sny
Of the causes therein specified, except the
suspension and non-paymcnt OF CONNER
cisl paper or the non.psyment by banks
and bankers Of deposits made with them;
provided, the defendant owes debts TO
the amount of $500 and that he is in
deh.et to the petitioner IN the sum OF
$3.50. This clause, Mr.. Manning
Gains, would Dc generally accepts
bic 10 the business community, ss II
is known that the provision requiring
some lew creditors 10 act conformity IN
driving L man into bankruptcy often has
the effect TO cause delays and misunder-
Standing that in the end prove disastrous
to the creditors, and give the debtor an
opportunity TO shift and place his assets.
Mr. Manning would have this new pro-
vision cover al cases except those which
sre in the nsture of fduciary trusts and
have been wisely exempted under the
present law, ard slso exempted in this
clause, as above seen.
TIE third section provides that section
5O2l Of the present &C! be 80 amended rs
T. enable any debtor, firm or corpora
ton in falling circumstances 10 make q
voluntary surrender or assignment Of
their property, assets snd e:tsLe Tor the
benefit of their creditors, and that Il
shall be no act OF bankruptcy 70 make
such assignment; provided the same Is
made in good faith and without giving
preference 10 any creditor; and provided
$50 that 81 attachments sued out within
tour months prior 10 suCn assignment or
voluntary surrender shall be dissolved by
the execution OF such assignment.
The real effect of this last and most
important clause needs some explanation.
1t has been the experience OF business
men sll over the country that the system
of settling up affairs in the United States
courts OF bankruptcy sm0nIts 20 ro'
cess wherein the officials 0! the courts
.ske out immense slices for fees, and IN
manv cases, where the estsles srt
smsll. leave very little 70 De d.
yIied among the creditors. Mr.
Naming now proposes 70 &c
| away with these enormous cnarGei
bv allowing Il doctor in railing CIrcum'
stauces to GO through an assignment IN
| mis- locsl State courts. The charges IN
these courts are comparatively small, and
creditors would get 3 much better pro-
portion Of their claims. When the dIvl'
! sion has thus been made. the sssIgDor caI
then 20 FOR final settlement and discharge
in bankruptcy on the meriIs of the PsPerI
taken out N the local courts
70 the federal courts. The differ
ence between this law and th'
| old, therefore, consists 10 PERMITTING
the lawful creditors 20 PICK the bone II
| stead OF allowing the -eglsters IN BANK
ruptcv aud the eIorbitsnt United State
officials 10 get most OF the mes; ofi be'
lore tie creditors have y chance. Goo.
'siih Is always 70 b. implied IN this sc
tion. snd hence the advantage is mEd'
| mutual by the second proviso, which
places il out OF the power 0! any shreTd
. creditor, when he imsgInes his debtor
falling. 10 cue out sn sitzchme8i tns'
wlll place bIm IN the position o. pre-
fsrred crsditor 70 the injury o! the 70;
NJ. Manning Is not IN fsvor OF
wholesale repeal Of the bankrupt set
/ He says that all civilized countries nav,
found il EIse 20 keep such 81 SCI o
their statute bOoks for centuries. Dc6I!
Ing il from time 10 time - neces'y
q4!vei, but SIwsys msiptsir'og ~ -
! hciencY. II our presebt NV sere ", 70
.. .Iet the bar srup. wes'd Rave 70 sees
-. ,,o-n ,ha io.--I insolvency court
- r.a.I St.,.s these local lave oon
80 80. ,I.;sctSlnsble fesiures OF ProVid
ip, FOR rreSsrred creditors. Idls y = -
IL ,rae Of the South. but the ru.'
5oI,. god s.so for nesriy al sections o
re couEiry. The Judiciary CON niitsfi
% which the bill ass been referred, tbihi
verv highly OF the third section, anc
xii very probably report n favor oi y
I A msiOrity OF the committee are knONl
I 70 y sgsiusi rePesi.