The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-01-18
ADVANTAGES TO CREDITORS
The Board of Trade Favorable to the
Lowell Bankrupt Bill.
Delegates to the National Board INSTRUCTED
to Urge Its AdOptiOn-A Synopsis
of the Bills Provisions.

Immediately after the noon call on Change
yesterday, at the Indianapolis Board of Trade,
the matter of the Lowell bankrupt bill came up
for consideration, William Scott in the chair,
John G. Blake secretary. w P. Gallup moved
that the secretary be instructed to prepare a
copy Of the resolutions passed at the meeting of
| the Board of Trade JAN IL. 1888, at which
time were considered the various bills then be-
fore Congress, and to forward the same as the
sentiment of our business men, to our represent
atives and senator's
That action, embraced in series of resolutions
prepared by Hon. Franklin Landers and adopted
by the board, was in effect that there was mo
need of any legislation regarding a bankrupt act,
as all former laws of this character have been
| failures and detrimental rather than beneficial
to the country at large, and as the country is
now in a prosperous condition and we believe
that there is no demand nor necessity for such
law, and that our senators andrepresentatives in
Congress be requested to their best Offices to
defeat the passage of the proposed measure"
j. A. Closer moved as an amendment that
the delegates from the Indianapolis Board of
Trade to the National Board of Trade, to meet
at Washington Jan. %, 1884, favor in that
body the passage of the Lowell bill now pending
in Congress
B. F. Stri5len moved to lay the entire matter
on the table, which motion was lost. The ques-
ton then being on Mr.. Closser's amendment, it
was agreed to and the motion as amended pre-
vailed
The delegates from this board to the conven-
ton of the national board are John H. Holiday,
chairman; Silas 7. Bowen 1. S. Gordon E. B.
Martindale j. A. Closer and Frank Bird
THE LOWELL BILL.
Of the Lowell bill, if it becomes an act, it is
held that the administration of the law will be
more prompt and exact, and less expensive than
under the last bankrupt law Inquiries as to
| who may be adjudicated as a voluntary or in
voluntary bankrupt are very strict, and the cir
cumstances are to be most carefully investigated.
Under the Lowell bill the crimes las to the acts
of the debtor) include secretion, etc., of prop
erty, mutiIation and Justification of books
or accounts, allowing a false or fictitious claim
to be proved, attempting to account for property
by fictitious losses or1xpenses, to obtain goods,
ETC., credit, not intending TO pay for some OF
| to use the means thus acquired to prefer any
credltor, or commit any fraud on the act or dis
| pose of goods, etc, obtained on credit and not
paid for otherwise than in the due course of
| trade
As to acts of creditor or other person: Pre-
! sentlng false proof or claim, or knowingly re-
| ceiying any money to do to forbear doing
anything in respect to choice Of trustee or ac-
ceptance of a composition, OF the discharge of a
bankrupt.
Committing perjury: Embezzlement or CON
version of any of the estates by a trustee.
The commissioners in bankruptcy formerly
regsters) are made salaried officers and the for
mer fees paid to the registers are entirely abol-
ished The clerks fees are greatly curtailed If
the business of any district does not warrant the
appointment, the functions of commissioner
| shall be performed by the district judge. The
bankrupt is to be allowed not exceeding $500 for
his support pending the proceedings if his cir
cumstances require it. AS to preferred creditors
no debts of any kind can be proved by them I'M
til their preferences are surrendered.
The bankrupt may apply for his discharge in
not less than two nor more than six months from
adjudication. A discharge shall be refused in
the following cases. Where the bankrupt has
done anything criminal by the law has given
| preference which has not been surrendered; has
made a transfer of property which might have
been impeached as fraudulent by judgment
creditor and which property has not been sur
rendered to the trustee; being trader whose
annual transactions exceed So, 900 who has
failed to keep proper books OF account failing to
obey any order of the court without valid
excuse knowingly making false or fraudulent
statement in writing within one year before
bankruptcy to any person or mercantile agency
for the purpose of inducing credit. Provision is
also made to save the rights of distant creditors
who may not have proved their claims in season.
CRIMES AND PENALTIES. .g gals
Under the bill the following are set out as
crimes If bankrupt within six months of
bankruptcy shall be guilty Of H.
l. Secreting, concealing, retaining or remov-
ing any property book, deed, etc, or the altera-
ton OF mutiation of books of account. etc
q Placing any false date ON his schedule
g. Failing to disclose the proving of a false
or fictitious debt against his estate
Making any payment, promise, etc, to
any creditor to influence the proceedings.
g. Attempting to account for any property
| by fictitious loss expenses.
| e. Obtaining goods, etc, on credit with in
tent not to pay for the same.
| Z. Or, with the means thus acquired, to pre-
fer creditor or commit any fraud ON the act or
! to increase his assets in bankruptcy.
g. Pledging. pawning, or otherwise dispos-
ing of any goods chattels in any way other
than in the due course of his trade, which goods
were obtained on credit and remain unpaid for
He shall be deemed guilty of misdemeanor,
and, upon conviction, shall be imprisoned with
or without hard labor for period not exceeding
three years. rIs I'D
If any creditorpermit frauds upon other fellow
creditors by proving any false or fictitious or
substantially exaggerated claim, either in bank
ruptcy or composition; or if any person know
! ingly use or offer the same, if any creditor
| shall accept bride or a promise of anything
| as a consideration for any act or forbearance to
act in the choice of a trustee, the ac-
ceptance of compensation or the discharge
of a bankrupt he shall be deemed guilty of a
misdemeanor, and on conviction shall be pun
ished by a fine not exceeding $1,000 or by i'm
prisonment not exceeding two years, or by both.
If any trustee shall be found guilty of embezzle-
ment or breach of trust he shall be guilty of
misdemeanor and upon conviction he snail be
| fined not more than s., 600, or Imprisonment not
more than two years, or both.
The trustees are to be elected by the creditors,
subject to the approval of the court, and must
1--WE approved security. They are paid compen-
sation fixed by a committee of direction, and
must account at the end of the first three months
and every six months thereafter The commit
tee of direction is to consist of three persons.
creditors or not elected by creditors or appointed
| by the court, and are to have no compensation
The bill was framed by Hon. John Lowell, of