Weekly Chillicothe crisis., 1884-12-25

prospective. In the meantime the cry
Of distress continued growing in in-'
tensity, and. in December, 1871, con-.
gress passed n general bankruptcy act,
which, for the first time, conferred on.
debtor, as well as the creditor, tho
right to apply to the courts for relief.
The eagerncss with which its aid was
sought may be judged from the fact
that in Massachusetts alone, during
the less than fourteen months that the
law was in force, no less than 1920
bankruptcy petitions were filed. This
act still maintained the ancient dis
tinction between traders and nom
traders and what have since been
known rs Observation-Disclosures bankrupt
cics were still unknown. The puni-
tive idea, except in cases of absolute
fraud, was, in this act, conspicuous by
its absence. The United States had
preceded England by more than n
quarter of century in refusing to
treat misfortune as n crime. 1t con-
Laincd stringent provisions against
fraudulent or unjust preferences to
creditors or others; the title Of the as
signcc to all parts of his hankruptS
estate and the validity of deeds made
by him were again made positive and
indisputable, and there was a special
clause commanding that wherever
practicable the administration of es-'
.atcs must be closed within two years
from the date of the assignment. One
very mcrciful provision was that where
the cessiO bOnorum had been made
completely and in good faith the bank
rupt was entitled to his discharge in
ninety days unless 4 majority in num-
Der uf his creditors, representing three
iOurths in value of the claims against
the estate. should dissent in writing at
the time OF the hearing Of the applica-
lion. In case of Il second bankruptcy
the discharge could not be obtained
unless the estate paid - cents on the
dollar, exclusive Of all costs and ex-
pcnscS. The act was repealed early
in 1913, the rush of debtors 10 tho
courts having no little effect in crc-
lting rcvusion of feeling which rem
lercd il exceedingly unpopular The
third ort or ~ otlpr tLp thirl system of
S"nl,r"n,ry rommcnrcI in 1857 tbe
irsf nct nnicr tLc system bayinu rone
,n,n ctlrrt nm March , Of that Year.
This tor,,brr viii all its omcnd-
mont. WIS rcnnolrI in lS7S. the re.
peal taking effect August 81. Tho
amendments nearly all going to COM
paralivcly minor details which had
L"an tarHd l., tl,n ,urortio,l yorripT ~
,Lc lave to nrrscrt frotmrs of incon-
r,vitv irnJdnngr,, o,,wron,r- wcrc i've
IN nnyn,,rr L1,g,I ,rsnrr,ivTlv limo 70
iS-N. Irly IA Is-u. .mrG \ 1879:
Innn ~ iS-r and Im,v gG 1870 Thc
n~a,.i:;nr, ~'', 49, 81 - this @ ~, viii, its omcnd-
rorts aro 600 rcc.nt in unhlic mrmorv
n,,',',, 's o,,.ia,flo,i ,0 rdy;ow Tbn oc,
Uns4 n.,, ", H., ~" n,ain fcatnrns bosnJ nm
w., w." It,..,oI,m]lo,,., ] l,,,.af 1Sqe ,,oforroJ
~ ,, I, nrnr;lod rnr yoiun,nr,' ne weII
,,,m,,,,'y,,.,' ',IL " ,l,,n,r,'. fny tLo lie.
1I, a. ,nu" P,',''' .f 'hnnt.,,, ,ri,%in n
.n,,s6IInolJa .',"' ,,n,.;o1 "t,nr ihc Lono.fdc
,v,,,i'i", ,o ,t,o ,.,Iii;t,,
W s' .onori " iit H.. H. @ n,,l,non,
os t.n,,i,,Io,,, ,,rafnraOoo. ,nJ Gov ns.
,ionmcnts mode within certa;n ncriods
Sninm, Snlnoh,' ~ ,o h"rl-r''nto,'. ~. ~ oonta,noJ
nnor, nn,VoruoFV of so,tron|cnt ~ hv SomDnsi,inn
puTT - W LEV, t",''',"'''' ,'. y ,,n son,,Uos
aLi' % n,mmr;anon n,,o, ~ l''T La, sTnyn 70 hc no,
"i,~ ~ ,' ,Tro ',S ',J scb,mc 80 f bonl
.,,m,n,: IS 'T"S T%SS 7Jrfrct, m"stIy com
,TIpi,sSi ,Ipi,,SSi nj, ,,,,ro u ~ I,, s",,nn, of fnns
I"',V LiL ,ro " ;,noo r u, o,d ,,J ror;stnrs m rcrc
"m'ri' ,i'c "n 5ad '',v ,,'" g., oyadI in ihoroi
?'"n ~" rmSv" ISL. ~ ,'|o & ,tarnst ~ ,yv' "t
MI Mi'"',,I NJ ",T w. Wv m i ,i a,,o, c1'S W.
t'u,,.' t, M Ii nI a'"r, -, IS 80 So' ',', niI"wod
- % Sa' M ''L S',v'."'o ,,' m I.,o ,y, orJ oy
inuti ,.'G law was >" Co'" i',U o,o,; "m" cH 10
'o, .n!' u"''vi P,'ps' INV L''.a 'n ssfo oSf
'upe, ''."n W .ng oUui 'G' m,oS' .ona orn
,e.s tiie 'S'v's a." ell L,., TIaO Ioon
,my MI VT'ot'o" ","I' i!I ,I,, ,',' ,ioon
l''ossiol' ,;, l't ,'In ,,o w,u ,'fe TnTo T|To
~ ~ '''.,n "','''.'I' ''o"s'I, 80 "r,,,
nuiry-notably one in ChicSgo-whcre
was maHG TO appear -a In@S @6o tcs,S,Gr siCr
zee uIlls NIclUcu from 2'o,oVo W 9loV',