Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1880-11-25

Our city fathers nave ordered an addltl0n-
al supply of street lamps, which have arrived
and will soon be put up. ,,.- ~.
A man was in town the other day With, 100
partridges-all caught in one day-which he
readily sold at 7 cents each. ..... p..r.,-if,
The newly-elected. county officers of this
county will assume 'their duties during the
coming week. CHEsTER
THE PROPOSED NEW BANKRUPTCY LAW.
Some months ago Hon. John Lowell, Uni
ted States Circuit Judge of the Districts en-
bracing Maine, Massachusetts, Rhode Island
and New Hampshire, was solicited. by the
Board of Trade of Boston and other mercan4
tile associations to, frame bill for the estab-
lishment of uniform system of bankruptcy
in the United States With co1nmendable
diligence the request was complied with, and
Judge Lowell presented the draft Of 8, bill for
the consideration Of Congress, which mis- long
experience on the bench had convinced him
was great improvement upon the law of
bankruptcy which has recently been repealed.
Copies of the proposed law we're sent by q
committee of merchants to commercial iasso-
ciations,d registers in bankruptcy and many
others interested i'm the subject, with asrequest
for their criticisms. The answers received
were generally favorableto the plan ofthe
proposed bill, but many valuable suggestions
were made as to matters Of detail, and these
have been incorporated in the text Of a new
bill, which will be brought forward at the
next session of Congress. sInHdrawing up the
present bill, the language of the old law has
been followed as far as practicable, in order
that use might be made of the numerous ir-
portant decisions constituting that language
under a former law -, s.tiYsgr staf
In Section 9 it is provided that all State
courts are to have full jurisdiction of Gall iac-
tions between party and party under line law,
as distinguished from mere proceedings in
bankruptcy. Sections II and IL provide
that the circuit courts have supervision over
the district courts, as under the former law,
in all proceedings in bankruptcy, and appel.
late power on actions at law andequality,if
more than $500 is in dispute .ao Is dasri
The registers ara made salaried officers in.
stead of receiving payment for their services
by fees, and their powers are very much in-
creased. d: They are to hold meetings and
hearings in the various parts Of their districts
practicable facility to the suitors. Section 2l
reduces the clerks fees to as low point as
is thought to be practicable consistently with
the general law, and they are to issue notices
which were formerly issued by the marshal,
and the latter officer will not be employed
without special cause. TIE 25th section pro.
yides that the attachments and transrnissions
made in secret may be availed Of within three
months after they have become public by
record, and so forth. The danger which was
apprehended of oppression or persecution, if
single creditor had power to put a debtor
into bankruptcy, is met by requiring that at
least three should join in the petition when
there are more than IL creditors in all.
Sections 80 and 80 provide that the choice
of an assignee shall be made by the credit:
ors, and that every assignee shall givea bond,
and that small creditors who are to he paid
in full shall have no vote in such election. If
Judgment creditor has seized the property,
his lien will be dissolved, and the property
or the money in the sheriff's hands shall be-
long to the assignee; provided, however, all
the creditors cost shall be paid out of it.
Section a., in the case of traders, provides
for the exemption of their property from the
operation of bankruptcy upon the footing OF
the State laws to the extent of $500, and the
State laws are left in full operation as to
persons who are not traders. Under the bill
as at present proposed, the powers of assign.
ees are the same as under the old law, and
provabe debts are substantially the same.
Privileged debts are the same as under 1.-The
old law, except that one per cent. is to be
paid the government 10 meet the expenses
in bankruptcy. iaag 81 n,ra %....it
Composition is put upon an entirely differ
ent footing from that which it had under the
old act. The purpose loftboth is the same;
namely, to enable ~blameless debtor to ar.
range to the satisfaction of bis. creditors with.
out the expense and delay of proceedings of
the most formal character, and thereby to
save the good will of his business, while he
gives his creditors as much as they could pos
sibly obtain under the delays Of bankruptcy.
To guard the righta of creditors, it is provided
that at least one-third of the composition is
to be paid in cash, and that the rest should be
fully and amply securedito the satisfaction OF
the creditors and the court; and when this is
accomplished, the debtor assumes bis full
rights as a trader, without further iembarrass.
ment, and receives regular discharge as II
he had gone through bankruptcy! In deserv-
ing cases. he is allowed to manage his estate,
under the direction of the court, until the
composition is agreed to or rejected. Under
the provisions of this proposed new law there
can he no doubt that the honest debtor will
obtain his discharge more readily and at less
expense than under the old. The risk offered
itors to have debtor made bankrupt is SUBJ
stantially like that under the law of 1867.
To meet kind of fraud and oppression which
is but too common, it is made crime in
creditor to take payment for any act Of for
bearauce in the course of the proceedings, or
more than bis share of a composition.
The CURRENCY QUESTION the report
of Hon. Horatio Burchard, director Of the
Mint, which has just been prepared with
view of being submitted to Congress, when it
meets in December, an official estimate is
made of the amount of currency in the coun.
try on the first day of October last, as fol.
lows: .1 I'D. . '."
Cbi, in Circulation and in Banks.
Gold, -. ..... .. 49,. $780,, ,676709
Silver, ...... H,544,|So D..
.. Coin in U. 8. Treasury. ''' i".
Silver, .... ......................... 72,454,6O0
. Total amount Of coin ..-...$5l9, $50 1888
Of this amount $1S5, 100000 is estimated
to be in the possession of private individuals.
The paper currency Of the country is as
follows:
Legal tender notes, $S46,742, 900
fractional currency, ,...... 7,182,00O
National Rank notes - 343 9O5, 900