Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1884-04-25
THE BANKRUPT BILL.
Leading Provisions OF the Measure
when has Passed the Senate.

| The bankrupt bill passed the Senate Mon
day. 1t is the Lowell bill substantially as it
was reported from the judiciary committee
| As compared with the act of 1867, repealed
q few years ago, the Senate bill provides for
greater expedition in closing up The affairs
OF the bankrupt and the expenses under it
will be much less. Some Of the Senators
from the South and West who were former
" hostile to any bankruptcy legislation have
given their assent to this bill, being convinced
probably that an equity bankrupt law is as
| important for the prosperity Of debtor as
creditor communities. The same bill has
been favoraby reported by Tie judiciary
| committee Of the house, but instead oi
bringing up that bill for consideration, there
| is thought to I've better chance of taking
the senate bill from lbe speakers table and
passing it,. The bill makes the district courts
OF The United States, and of the Territories,
and supreme court Of the District of
| Columbia, courts Of bankruptcy. They
shall bc always open in vacation as in
term time and when the district Judge is
unable to act the circuit Judge may sup
| ply bis place. On the application OF any
party interested the district Judge may
certify any question of law to the circuit
court, which has general supervision of
all bankruptcy proceedings, andth decision
| OF the circuit court shall not be reviewed by
the supreme court except upon certificate
| OF disagreement of the circuit judges. The
circuit court shall appoint in each district so
| many commissioners in bankruptcy as may
| be necessary, not exceeding in any State the
| number OF members of Congress. Each
| commissioner must give bond in the sum of
$4,000 He shall have all the powers of a
| master IN chancefy, and may represent and
act for the judge in holding meetings of cred
| tOrs and conducting business specially
committed to him. The circuit court shall
appoint a supervisor in bankruptcy for
each circuit, who shall visit and inspect
the office and business of every commissioner
| and clerk as often as once in six months
| and make report to the circuit court, exam
inc into bankruptcy proceedings, and make
suggestions for the facilitation of business,
and bring delinquent trustees before the
court. His compensation shall be SO 900 a
year, but he may be allowed further sum-
| not exceeding one hundred dollars for each
case before HIM, nor more than one thousand
| dollars in one year, andhe and the Comission-
| crs may be allowed a reasonable sum for dis
burscments. Every petitioner in bank
| ruptcy shall pay TO the clerk of the court
$50, and every trustee shall pay one per cent
| Of the gross amount realized from the as
sets, and every debtor making q composition
shall nay one-balf of one per cent of the
amount of the competitor and these fees
must be paid by the clerk into the treasury
of the United States Any person owing
debts exceeding $500 which he can not pay
may take the benefit Of the act by petition.
Any one owing debts exceeding $1,000 who
leaves his State to avoid his creditors, or
conceals himself to avoid arrest or the SER
| vice Of process, or makes a fraudulent
transfer Of property, or suspends pay
mcut of his commercial paper or open
accounts for thirty days sftcr they are
due, or who makes fraudulent preference,
shall be deemed to have committed an act Of
bankruptcy and may be adiudgcd bank
rupt on petition of three or more of his
creditors whose claims would amount
in all to five hundred dollars. The wearing
apparel OF the debtor and his family, and
such other property as may be exempt under
the laws of the United States or the State of
bis residence arc exempt from the operation
| of the law. and the court may make the
bankrupt an allowance out OF the estate
for his support while proceedings are
pending, and reasonable wages for any
services rendered by lin, and for his atten-
| dance as witness the usual fees.