The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1879-12-11
a New Bankrupt Law.
From the Boston Globe.

a meeting of the board of trade was
held Saturday afternoon, to hear the re.
port OF a committee, appointed at a pre-
yIOus meeting, to consider the subject of q
national bankrupt law. but the attendance
was quite small. President Rufus s.
Frost occupied the chair, and the repor,
OF the committee was read by Mr.. Joseph
Sawyer (E. X. Nudge, Sawyer & CO.. the
chairman.
The report suggests that the board act
10 CONJUNCTION with those of other cities in
the Inherent parts OF the country, in the
preparation of the details of proper bill,
as will give uniform protection and equal
rights IN the assets of every insolvent
debtor. or representation, either by a
com mlttee to cooperate with such other
organization or through the national board
OF trade. The great defect 10 the act re-
Gently repealed was in it's administration
by registers who received fees for their
services. The law did not contemplate
that these should exercise judicial lunc-
uons, but IN fact they did. as prac icalIy
they acted as JUICES. and their decision 8
were really final, as creditors cOuid nor
delay to 20 to the district court. The re-
port says that no judge should be contain
mated by fees, and the experience of Mas
sachusetts years ago proved this. and a
change was made to pay salaries to her
Judges. The committee suggests that nv n
new national law a bankruptcy Judge and
clerk shall be appointed for each district
each with fixed salary, and the fees in ali
cases to go to the government, and that a
limited number of registers be appointed
py each bankruptcy judge, all blanks and
other papers to be furnished without
charge to creditors or baDkrupts; that
assiHnees De CHOSEN by a majority of the
creditors, and be subject so direction by a
cum hlttee OF the creditors the same as
trustees. 1t is also suggested thai the |
time covering fraudulent preference of |
creditor shall be extended to four months |
and that, 10 cases where the Indebtedness
does not extend $4,000, a majority 10 |
mum ers and amount of debts shall be
necessary tor the choice of assigDees
while, 1t the indebtedness is over that
inquire, no debts for a less amount than
500 shall be considered As to a compc-
sltlou clause, the report suggests that no
movement for composition shall be allowed
until the parties are adjudicated bank
rupts, and then only through the assign
ees, three quarters of the creditors To
assent, exclusive of all whose claims are
uhuer sou, and the composition must be
palu 10 oO days, alter composition pro
ceedlngs have commenced, or the hank
ruptcy must go on. !
Alter brief remarks by Mr.. Cnrtis
Guild. on the Importance of following the s
matter OF the enactment of a national law I
lp with care and persistence, and the a
gripping OF our commerce from the wan, r
1f such law, besides the necessity OF !
some thing to raise the standard oe COM [
nerclal integrity, on motion of Mr.. Bond. ,
ne report Was accepted, ordered TO be
printed and copies sent to each member
d the board, and to other boards of trade. q
urther action being deferred to a fntnre ,
meeting. to be called by the president g