The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1884-04-26
THE BANKRUPTCY BILL
IMPORTANT PARTS OF THE MEASURE.
How the Educational Fund VIII he Dis
tributed-General Swain to ise Invea.
tigated-COmptroller Knox Re-
signs-Congres ional
PASSED by THR SENATE.

WASHINGTON, April 22.-The Bankrupt
cy bill as passed by the Senate constitutes
the several District Courts of the United
States and Territories ard the Supreme
Courts of the District OF Columbia Courts
in Bankruptcy, with jurisdiction on all
questions OF the claims, assets exemptions,
compositions and discharge. For the pur-
poses of bankruptcy the courts shall be al
ways open, as we'll in vacation as in term
time, and when the District Judge, from any
cause is unable to act, the Circuit Judge
may do SO. On application Of any party
interested the District Judge may certify
any question Of law involved to the United
States Circuit Court, which Is given general
superintendent and jurisdiction of all bank
ruptcy proceedings, and the decision of the
Chcuit Court shall not be reviewed by the
Supreme Court Of the United States except
upon certificate of disagreement between two
Circuit Judges The Circuit Court shall APP
point within each judicial district such num-
Der OF commissioners in bankruptcy as
may be necessary, not exceeding In
any State the number of members OF
Congress to which the State is entitled, each
commissioner to give bond in the sum of
5000 Tor the faithful performance OF his
duties He is given all the powers of a
Master in Chancery, and may represent and
act for the Judge In holding meetings and
conducting the business specially committed
10 him. The Circuit Court shall also appoint
Supervisor in Bankruptcy for each Judicial
Circuit, who shall personally examine into
the administration of all bankruptcy
proceedings in his circuit, call the attention
matters which would facilitate speedy and
economical settlements, and move the court
for action against delinquent trustees. He
shall visit and inspect the Office and bust
ness of every commissioner and clerk In
his circuit as often as once every
six months, and make report to
the Circuit Court The supervisors
compensation is fixed at $4,000 year.
The commissioners compensation Is fixed
at $4,000 The court may, however, decree
lin further allowance, not to exceed ten
dollars for each case instituted before him
during the year, but not more than 81 900
in any one year. The supervisors and COM
mlssiOners may be allowed reasonable
sum for disbursements, items to be verified
by oath.
Every party petitioning for bankruptcy,
whether debtor or creditor, shall pay to the
clerk of the court fifty dollars, and every
trustee shall pay one per cent. OF the gross
amount realized from the assets, and every
debtor making composition shall pay one
half of one per cent on amount of such COM
position, these fees all to be paid by the
clerk into the treasury Of the United States
Any person owing debts eXceeeing $500,
and being unable Ito pay them, may, by pc
ion, apply to be adiudicated bankrupt
and the filing of such petition shall be
deemed an act OF bankruptcy. Any person
owing debts exceeding $1,000 who leaves
his State to avoid his creditors, or cOnceals
himself to avoid arrest on service of legal pro-
cess, or makes fraudulent transfer of his
property, or suspends payment of his COM
mercial paper, or opens accounts for thirty
years after the same are due and payable,
or who makes fraudulent preference, shall
be deemed to have committed an act of
bankruptcy and may be adjudged bank
rupt on petition OF three or more creditors
whose bills would amount in all to five hun
dred dollars. The bill excerpts and exempts
in favor of the bankrupt necessary and
proper wearing apparel tor himself
and family, and such other property
as may be exempted from attachment by
the laws Of the United States or State in
which bankruptcy proceedings are insti-
tuted, and the court may, from the assets,
allow the bankrupt sum not to exceed
$500 for support pending the proceedings,
and If his circumstances require il reason
able wages for any services rendered his es-
tate at the request of his trustee, and usual |
fees when attending as a witness
THE EDUCATIONAL BILL.
The ST., 900, 600 which is appropriated by |
the Blair Educational bill to be appOrtOned
among the several States on the basis of |
illiteracy, will be divided as fOllows-in case
the bill passes the House:
Alabama IS S,a $50 50 New York. 81 U9 SS 50
Arkansas 4y2 $50 10 North Carolina TG, S7i "