New-York tribune., 1880-04-09

;sters ora 70 be maid an annual salary Of $4,000
each. and to meet all other expenses except the fees
of the clerks (which it is proposed to regulate o law
ut reasonable rates) certain round sums are 10 De pu
into the Treasury of the United States, the amount
in every case depending somewhat upon the assets
Of the insolvent estate.
A new feature of the bill is the proposed creation
of new officer in each circuit to be known as INC
Supervisor of Bankruptcy. He is to be paid regu'
lar salary of $4,000 year and necessary trave'nne
expenses. His duties will be somewhat similar to
those of National Bank Examiner He will over
see the settlement of all insovent estates IN the
circuit. visiting the Office Of every register ana
clerk at least once In three months and taking such
measures as are necessary for the SPECIFY "h' eoo-
nomical settlement of bankrupt estates ,,.A
The powers of the registers are increased Nv tio
bill that they act as masters IN chahcGIy "
besides act for the Judges in holding meetings ana
conducting in chambers all administrative business
or any business specially committed to them. .,,o
Another important new provision reates 10 TUE
so-caled Acts of Bankruptcy" The, limit OF
time within which bankruptcy proceedings snaIi
not annul preferences and transfers OF OF % a.,a u
ments or liens upon property OF the bankrupt Is
fixed at three months from and after tne rccOIuhR'
registering or docketing of the deed wiring
transfer, Judgment or attachment relating tnereto,
whenever by law such recording. registering OF
dOcketing is required or permitted, OF; wnen l,"s
required then from the notorious exclusive ~ n anu
continuous possession by the creditor or other per;
son dealing with the bankrupt oil the persona,
property which is the subject matter of such alleged
! act of bankruptcy. =, . &c ,.o,,.
erty exempted from the operation of the decree Is
made substantially uniform Tor all tradcrs, DuO
In another section it is provided that the creditors
NAV elect a committee of three persons, whose dnty
it shall lie to advise the assignee IN me dlsposai Ii
the assets and the settlement OF the estate III ~
respects with q view to the best interests OIL tno
creditors. ~
| forh and hp IL tU bc allowed IN
| addition his necessary dlsbursemcnts, CnreaSon-
able payments bv bankrupt to his attorney are 20
| be rcaduStcd bciw the attorney ana, tue as
signee az follows: All such payments shall he con
sidcIed preferences and tho assignee may recover
| the amount by summary process. ,. A..
I'm regard to the discharge of the bankrupt, the
bill provides that he may not apply t'r diSchatgr
less than six Dor more than eighteen months after
the adjudication. If all his debts do not exceed
| SO, 600, or IL no debt has been proved agaihSSt
| his estate, he may apply after sixty DAYS. ~
shall he valid objection 70 the banKrupt
discharge that he has done anything whichis mace
criminal bv thc act. or has given an illegal prefer
ence which has not been surrendered, or thaI heng
n trader whose annual TRANSACTIONS exceed To'VVV,
he has failed to keep proper books OF account. VI
that he has without valid excuse failed 10 OBEY any
order of the Court. If npon the hearing ana trial
shall be found that the BANKRUPT has coniorlngd To
shOuld operate TO prevent bis discharge, the same
shall be granted The p order ,Irh1h gfhhnt'"st tua
| years after it has passed, upon satisfactory
| evidence that the order was obtained by trad OF
neIinrV, that the bankrupt falled 10 tulT"hucr a
his uncxcmpt property, or influenced tho action OF
any creditor i'll rcsDcct TO said discharge or 10
composition bv any payment or promise contrary 10
law Under the title of Crimes reasonable ana
proper provisions made TO the rights ol tlle
bankrupt. For the first time in bankruptcy legIsla-
ton frauds Of creditors upon fcllOw-cTcdtOfs are
recognized and due punishment is provided. ms
important section is given cutTc herewith aS no aD-
| stract can do the subject iull iustlce
Any person who shall knowingly and frauduoniiy
present any false ctltl1is or Substantially cXig-
Reraed debt claim for praGf against the estate oi
bankrupt or such false. fictitious or cXaggt ratFd
claim, in composition. whether personally or lY agent
proxy or attorucy agent, proxy or attorney VINO
fhall knowingly offer thc same any creditor OF
bankrupt who shall knowingly receive any money or
thing OF value the promise OF any as consideration
for any fobParancc TO act In respect TO tc cce
assignee or the acceptance OF composition or
the discharce of bankrupt shall he guilty Of nisde-
mcanOr aud conviction thereof shall be punished ny
line not exceeding 20 900 imprisOunent n" exceed
ing two years both. Any pcrsOn who shall KNOW
iney aud eorruty make any false oath III or III rta
tOn TO any proceedings In bankruptcy shall DC deemed
| to have committed PERJURY.
| Some of the most experienced business men in
Congress are taking active interest IN the pas
sage of this bill Mr. l.. p. Morton approves Of il !;
and IT is reported that the State Assembly at New
York will pass resolution urging Its adoptIon Tho
friends Of the measure believe that It Will be favOra-
bly, reported from the committees in both Houses
l.. W.