McCook weekly tribune. (McCook, Neb.) 188?-1886, 1884-05-01
THE BANKRUPTCY BILL.
Tho Measure rs It Finally Passed the
Senate.

The bankruptcy bill as passed by the
senate, constitutes the several district
courts of the United States and terri
tories, and the supreme court of the
District of Columbia, courts of bank
ruptcy, with jurisdiction on all ques-
tions of claims, assets, exemptions, COM
position and discharge. For the pur-
poses of bankruptcy the courts shall be
always open, as well in vacation as in
term time, and when the district Judge
is from any cause unable to act, the cir
cult judge may do so. On the applica-
ton of any party interested, the district
judge may certify to any question of
law involved to the United States cir
cult court, which is given general SUI
perintendence and jurisdiction of all
bankruptcy proceedings, and the de-
cision of the circuit court shall not be
revised by the supreme court of the
United States, except upon certificate
of disagreement, between the two cir
cult judges. The circuit court shall APP
point within each judicial district such
number of commissioners as may be
necessary, not exceeding in any state
the number of members in congress to
which the state is entitled; each COM
missioner to give bonds in the sam of
$4,000 for the faithful performance of
his duties. He IS given all the powers
of master in chancery and may repre-
sent and act for the judge in holding
meetings and conducting the business
specially committed to him. The circuit
court shall also appoint two supervisors
in bankruptcy for each judicial cir
cult, who shall personally examine into
the administration of all bankruptcy
proceedings in his circuit, call the at
tention of the commissioners, clerks and
trustees to matters which would facili-
tate speedy and economical settlements
and move the court for action against
delinquent trustees. He shall visit and
inspect the Office and business of every
commissioner and clerks in his circuit
as often as once every six month and
make report to the circuit court. The
supervisors compensation, as fixed, is
$4,000. The court may, however, de.
cree further allowance, not kts exceed
$40 for each case instituted before him
during the year, but not more than
800 in any one year. The supervisors
and commissioners may be allowed
reasonable sum for disbursements, items
to be verified by oath. Any party petit
tioning for bankruptcy, whether debtor
or creditor, shall pay to the clerk of
the court $50, and every trustee shall
pay one per cent. of the gross amount
realized from the assets, and every
debtor rating composition shall pay
One-half of one per cent. on the amount
of such composition. These fees are
all to be paid by the clerk into the
treasury of the United States. Any per-
son owing debts exceeding $500 and un-
able to pay may, by petition, apply to be
adjudicated bankrupt, and the filing
of such petition shall be deemed an act
of bankruptcy. Any person owing
debts exceeding 200, who leaves his
state to avoid his creditors or conceals
himself to avoid arrest on series of
legal processes, or makes fraudulent
transfer of property, or suspends the
payment of his commercial paper or
opens accounts for thirty years after
the same is due or payable, or who
makes fraudulent preferences, shall be
deemed committed of an act of bank
ruptcy and may be adjudged a bank
rupt on the petition Of three or more
of his creditors, whose bills would
amount in all to $500. The bill ex-
cepts and exempts in favor of bank
rupts the necessary and proper wearing
apparel for himself and family and
such other property as may be ex-
empted from attachment by the laws
of the United States or state in which
the bankruptcy proceeding are insti-
tuted, and the court may, from the as
sets, allow the bankrupt a sum, not to
exceed $500, for his support pending
} the proceedings, if the circumstances
: require it, and reasonable wages for
any services rendered his estate at the
; request of his trustees and the usual
fees when attending as trustee.