Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1884-04-23
wednesday, April rs, 1884.
TaE eANKRUPTCY BILL


The national bankruptcy bill has passed
the Senate. It is the Lowell, bill substan-
italy as it was reported from the Judiciary
committee. It constitutes the district courts
of the United States and of the territories
and the Supreme court of the District of
Columbia courts of bankruptcy. 1t provides
that for the purposes of bankruptcy these
courts shall be always open, as well in vaca-
ton as in term time, and when the district
judge. from any cause. is unable to act the
circuit judge may do SO. On the application
of any party interested the district Judge may
certify any question of law to the United
States circuit court, which is given general
superintendence and Jurisdiction of all bank
ruptey proceedings, and the decision of the
circuit court shall not be reviewed by the
Supreme court of the United States except
upon certificate of disagreement between
the circuit justices: The circuit courts shall
appoint within each 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 the State is entitled, each commits
sioner to give bond In the sam of $5, 900 for
the faithful performance of his duties. He
is given all the powers of master in cham
Gerry, and may represent and act for the
judge in holding meetings and conducting
business specially committed to him. The
circuit court shall also appoint a supervisor
in bankruptcy for each Judicial circuit, who
shall personally examine into the admin
istration of all bankruptcy proceed
ings in his eircuit, call the attention
of commissioners, clerks and trustees
to 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 busi-
ness of every commissioner and clerk in his
circuit as often as once every six months, and
make report to the circuit court. The SUPER
visor's compensation is fixed at SO, 900
year. The commissioners compensation is
fixed at So, 200. The court may, however,
allow him further sum, not exceeding one
hundred dollars for each case before him nor
more than one thousand dollars in one year,
and he and the supervisor may be allowed
reasonable sum for disbursements. Every
petitioner in bankruptcy 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. of the amount of the
and these fees must be paid BIZ
the clerk into the treasury of the United
States. Any person owing debts exceeding
three hundred dollars which he cannot pay
may take the benefit of the act by petition.
Anyone owing debts exceeding one thousand
dollars who leaves his State to avoid his
creditors, or conceals himself to avoid ar
rest or the service of process, or makes .
transfer Of property, or suspends
payment of his commercial paper open
accounts for thirty days after they are
due, or who makes fraudulent preference,
shall be deemed to have committed an act of
bankruptcy and may be adiudged a bankrupt
on petition of three or more of his creditors
whose claims would amount in all to five
hundred dollars. The wearing apparel of
the debtor and his family, and such other
property as may be exempt under the laws Of
Il United States or the State of his residence.
are exempt from the operation of the law,
and the court may make an allowance out of
The estate for his support while proceedings
are pending, and reasonable wages for any
service rendered By him, and for his attend
ance as witness the usual fees.
We have had three national bankrupt acts
in this country, none of which has worked
very satisfactorily. The measure which has
passed the Senate appears to be a very wise
and fair one. The bad features of the pre-
vious acts have been avoided in it. and new
and promising provisions have been made.
We hope the House will follow the example
of the Senate and pass it.