The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-04-22
THE BANKRUPTCY BILL.
Provisions of the Measure Adopted by the
Senate Yesterday.

PROVISIONS OF the measure ADOPTED Dy Jne
Senate Yesterday.
WASHINGTON, April 21.-The provisions of the
bankruptcy bill, passed by the Senate to-day,
are as follows:
The United States and Territorial courts and Su-
prems Court of the District of Columbia shall be
courts of bankruptcy with jurisdiction of all ques-
tons, claims, assets, exemptions, composition and
discharge For the purposes of bankruptcy the courts
shall be always open, well in vacation as in term
time and when the district Judge from any cause is
unable to act the circuit judge may do On applica-
on by party interested the district judge may cert
fly any question of law involved to the United States
Circuit Court which is given general superintendent
and jurisdiction of all bankruptcy proceedings and the
decisions of the circuit court shall not be reviewed by
the Supreme Court of the United States, except on
certificate of disagreement between two of the circuit
judges.
The circuit court shall appoint within reach of the
judicial district such number of commissioners in
bankruptcy as may be necessary not exceeding In any
State the number of members of Congress to which
such State entitled each commissioner to give bond
in the of So 600 for faithful performance of his
duties lie is given all the powers OF the master in
chancery and may represent and act for the judge in
holding meetings and conducting business specially
committed to him. The circuit court shall also
appoint supervisor in bankruptcy for each judicial
circuit who shall personally examine into the admins
traton of all bankruptcy proceedings in his circuit
call the attention of commissioners clerks and trus
tees to matters which would facilitate speedy and
economical settlements and move the court for action
against delinquent trustees. He shall visit and in
spect the Office and business of every commissioner
and clerk in his circuit a often every six
months and make report to the circuit court. The
supervisors compensation is fixed at $3 900 year,
the commissioners compensation is fixed at
50 ,000 The court may, however, decree him a
further allowance not to exceed $40 for each
instituted before him during the year but not
more than 81 600 in any year. Supervisors and
commissioners may be allowed reasonable for
disbursements, the items to be verified by oath
Every party petitoning for bankruptcy, whether
debtor creditor shall pay to the clerk of the court
$50, and every trustee shall pay per cent gross
of the amount realized from the assets and every
debtor making composition shall pay one-hah of
per cent on the amount of such composition. These
fees to be paid by the clerk into the treasury of the
United States. Any person owing debts exceeding
$500, and. unable to pay, may by petition apply
to be adjudicated bankrupt, and the filing of such
petition shall be deemed act of bankruptcy Any
person owing debts exceeding 81 600, who leaves his
State to avoid his creditors coneeals himself to
avoid arrest service of legal process makes
fraudulent transfer of his property suspends pay
ment of his commercial paper open accounts for
thirty days after the due and payable,
to have committed an act of bankruptcy, and may be
adjudged bankrupt on petition of three more of
his creditors whose bills would amount to $500
The bill excepts and exempts in favor of the bank
rupt the necessary and proper wearing apparel of
himself and family and such other property may
be exempted from attachment by the laws OF the
United States of the State in which the bankruptcy
proceedings are instituted and the court may from
the assets, allow the backrupt not to exceed
$500 for his support pending proceedings if his cir
cumstances require it. reasonable wages for any
ices rendered his estate at the request of his trustee
and the usual fees when attending as a witness.