New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-01-30
APROPOSED BIVKRUPTCY Law.
THE PLAN or THE CHAMBER or COMMERCE COM
MITTEE.

THE PIAN OF TIE CHAMBER or COMMERCE COM
MITTEE.
The committee on bankruptcy appointed by the
Chamber Of Commerce in November have agreed on re
mort which printed yesterday I'll accompanied by
draft of bankruptcy bill which Incorporates the most
recent features OF British legislation with the Lowell Dill
rs adopted by the House last session The procedure
differs chiefly in that II enables honest debtor 10 OBJ
tain the protection and relief of the court without being
adudicatcd a bankrupt ON the presentation OF pc
tton either 10y the debtor creditor the court makes
receiving protect the estate and general
meeting OF creditors held which the official referee
prcsdes The debtor presents his accounts and makes an
offer If the creditors 10y special resolution accept this
offer the matter Is adjourned into court where the
minority indeed single creditor has right to be
heard in opposition. II the offer is reasonable ana no
offence under the act can be proved against the dcDtOF
the court approves the arrangement and aXcs lis seal TO
the proposal which thercupon becomes binding on all
creditors II the requisite majority do not accept the
offer or II on the examination of the debtor it appears
that his failure has been brought about by excessive per
sona expenditure by gambling IN stocks or produce
or If he has preferred his relatives. friends OF any
creditor fraudulent within the meaning OF the act an
adjudication takes place and ordinary bankruptcy
ensucs
This procedure. although taken Immediately from the
English act of last session is IA fact copy OF the French
law There u.s. however. one striking .dIctencc Under
The French every debtor Is arrested and required to
move m, rcctulc whereas uu0er the English system,
adoptcd hy the committee arrest cen Only occur Nhrt'
te dchof &, about ab-cOnd on is conceaiug OF re
moving good. with intent 10 dciIaud Inc proposed
measure may be- described rs Hclug more mtici 10 Tue
home. debtor and on the dishonest IMAM any
of Inns previous act, n this country. IL ADOPTS lHt sS
tenn OIL paving officials by salaries hHtcdd Oh I''-' anu
Offer, no mdGceucut 90 lTOoug Tie hquaalloh 90 an
estate. IL Al
TLe ,,ropo-cd law Is restricted ~ traders only. All
aIIrturll pursuits which Doe lin ahu cAd h lhc tdi'l
non of The soil tic preparation ana sthlht "l l'
rolucr thereof" excluded This restriction accou-
tu to the report. Ul-c because We cannot q, ih
Great Britain limit the operation oi the Ia" 10 ,tl"
commercial communities" bat are compelled 10y thc
terms of Tie Constitution 10 adopt one uniform law lni
tbe whole country. That obnoxious OHcdl, Tue 'olH-
missioner disappears. His muu.ailou' duu'' "io
dded up bctWrt the official lo.ctce tie supervisor
tbc clerk and the marshal Ot tie United states court
The duties OF the supervisor are cAichu' h,S IhI ~.
ter,. auditing Of official accounts. lie J. cIiru upon 70
investigate and make report 10 the court on tnV
,o,1r and Cau-cr Of failure OF each bankrupt WHich
ia c filed with the records Of the case ana icad a c'I
d,uc, ON the hearing Tor discharge. , a.,
Tle committee do not propose 70 interfere WIN to
homestead aud exemption laws because lhcy c"iisueI
tit these arc In fact contract between The 9lat' AZ"
tbe SETTLERS ON IL, lands which TIE central auoI! 's
nn rght 10 mpeach aud they add: We cannot cph,heI
nm waf principle OF equity creditor can seLe uIue
dt i'm lruptcy what he cannot toucA uh Ter an eA
ecutiOH at law - - ,-,,t,. ,,o chairman
n Wtli- Jauue, and /. r. Austin.