The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-02-03
A NATIONAL BANKRUPT LAW.
Comprehensive Suggestions by Me-
chants nv 10 What is Needed.

Comprehensive Suggestions by Mer
chants nv 10 What is Needed.
From the New York Times.
The various commercial bodies in THU
city have received copies OF joint repor
Of the New England Shoe and Leather as
ISOLATION, the Boston Merchants associa
ton, and the Boston Grocers' association
containing suggestions for o new national
bankrupt law, the more important Of
which are here given: Registers to have
fixed salaries and no fees; to be as few in
number as possible; to be subject to their
district judges, and to exercise judicial
functions. Clerks to have fixed salaries
and no fees, and to perform the duties
heretofore performed by district court
clerks regarding bankruptcy matters in
addition TO their other duties. Special
deputy clerks to have fixed salaries and
no fees. Creditors to the amount OF less
than $50 not to be reckoned in determin.
ing majority OF creditors, when the total
Indebtedness is less than $40, 600; when it
exceeds that sum, creditors to the amount
Of less than $3.50 dollars to be excluded.
The chief provisions OF the English
bankruptcy act OF 1869 regarding "com-
mittees OF inspection" to be adopted, CHI
committees to be chosen by six-tenths in
value and three-tenths in number. Su-
pervisors, with fixed salaries and no fees, to
be appointed, not exceeding one In every
judicial district, whose duty it shall be to
examine quarterly in person the accounts
OF each register in their districts; to meet
once year as national board OF bank
ruptcy supervisors" to determine the
size, form and substance OF all blanks used
In bankruptcy proceedings, and to furnish
the same gratuitously to all persons de.
string them; trustees to take the place OF
assignees; preferred and priority creditors
TO have no voice In their selection; COM
pensation to be such as may bea.lowed by
the creditors committee OF direction; no
fees; their powers to BIO limited and their
administration to be controlled and direct
ed by the same committee and by the SUI.
pervisor. Petitions for adjudication TO be
made by at least three creditors whose
provable debts amount to at least $3.50, or
by single creditor OF not less than one
tenth OF the total Indebtedness. Acts OF
bankruptcy to include the case Of a person
who fails to dissolve an attachment for
$3.50 or over within n days after service
OF process, and that OF an insolvent person
whose estate or any part thereof
shall be seized on execution for
debt Of $3.50 or over. Exceptions to
be uniform in every State, regardless oil
State laws. Compositions to Re encour.
aged, so as to avoid the delay and costs oil
bankruptcy. Upon filing Of petition for
composition, the register to become tenn
porary receiver Of the debtors property
or business. The creditors as coon as
practicable to appoint managers, not to ex-
coed five, who are TO ascertain the indebt'
edness and appraise the property Of the
debtor. The register to require full inior.
nation from the latter, as in a case oil
bankruptcy, and formally to examine in
the presence OF the creditors at least five
days before the creditors meeting for &C.
ton upon "rssolption Of composition y
This to require three.fourths in value and
in number Of all creditors then proved,
Confirmation OF composition 10 be per.
fected not earlier than fifteen days after
resolution meeting, and not by less than
three. iourth8 in yaipe and number OF all
the creditors. Settlements to be made on
the basis OF net cash, from not later than
sixty days from date Of resolution Of com
position" Deferred settlements to be Sc
cured by property or names satisfactory Ia
the register and managers for at least three
Iiourths the amount. Minority creditors moi
joining in aid Of the composition not TO be
bound By It's terne. All proceedings, from
first meeting for action on resolution ri
composition to payment Of creditors, to be
consummated within 90 days. Powers o.
attorney IN composition matters to be spec
ial for such p1rpoces only. Debtor tc
pay entry fee Of $50 and creditor'0 eypens
es. Discharge OF debtor in composition
to have the same effect as discharge Ii
bankruptcy. Fraudulent preferences and
conveyances to be void II made within Gis
months previous TO petition for adjudica
ton. Contingent liabilities for rents re
served under leases to be provided for as
enacted by chapter 240, Massachusetts
statutes Of 1870. Discharge to be had; l
within 80 days ate: first meeting, wher
the bankrupt Is blameless; ., when thu
bankrupts eatete has paid 50 per cent; 3
when the estate Is closed by consent o
Iiour.tenths OF the creditors in number ant
value, on a certificate OF trustee, commit
tee OF direction, judge, or register, tina
the bankrupt has acted honestly and II
good faith. The government Y receiy!
compensation as follows: Fifty dollars OF
filing OF every petition, and one per cen
OF any surplus assets after payment OF pri
!ority claims and expenses OF settlement