Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-12-03
BANKRUPTCY BILL.
rieR ON THE SUBJECT FROM
Mr.. TORREY.
-o,,x,,c 90 n Dispatch Correspondent,
lie Defends and Explains the
Measure.
81 LOUIS. November 25. 1890.

The circular referred 10 by your cor
respondent was a printed postal card and
Contained q part Of the language quoted,
but did not use the language righteous
bankrupt law, as stated by him.
On October ID (that is seventeen days
before Won printed the letter. L wrote
the author and sent him copy OF the
Inn as passed by tho House. 1t seems
remarkable that he should have misap-
pretended It's provisions. He says:
Your bankrupt bin. sir. provides among
other things that the debtor who fails 20
Iay a debt 81 $50 or more, in ak months
ater demand SHAH be declared
n laukfupf ."
The bill did not and does not contain
ANY such provision. There was pro
vision in the bill at the time it was con
sdered IN the House, but it Was stricken
oqtbv amendment, thatthe failure 10 pay
am open account for sixty days after 1t
vasduo and after written demand should
constitute an act of bankruptcy; but
tbcre was not and in not any provision
in thobill relating TO 1850" Proceedings
cannot be instituted unless a petitioner
or petitioners have claims which equal
~ least 500 over and above securities
leld. regret exceedingly that your
columns should have been used TO mis-
represent the provisions OF the bill ID
the foregoing and other respects.
The statements with regard TO the
dosuoiism Of the Roman cmperors, the
inAumanity and brutality Of the barons
cftbc dark aces. and the anticipation
that the enactment Of the bill viii make
Al Ireland Of America, are "on,radicted
Iy tho lact that the bill has received the
I'm lorsomeut Of between two aud three
luulrel commercial bodies Of the va
r.ous States. and the fact that the vol
uutary national organization, formed TO
,romote the cause of bankruptcy, has
some two hundred and seyenty-odd
officers aud committeeman, some OF
whom are residents, / believe, OF oil the
States except theuew states OF Wyoming
and idaho. %,
You will appreciate, / an sure, with
what eurprise / find the subject OF
lanRmpt,v mixed up with the questions
If the "a missions OF the new States into
,he Union. protection, the election bill,
tfc pcproes. and the tissue ballots, the
eloqucpce OF CLAY and Webster upon the
fariT. and with what regret man who
=. yer Inns held Office and never m1de
political speech finds himself arralgned
with political leaders on account OF
] gislation with which he has nothing TO
40.
The statement that the bankrupt bill
j. I'm any sense political measure IS not
time The Hon. William L. Wilson, OF
West virginia, l,he State in which your
r,rreauonlont lstos his letter. sup
ported the bill upon the floor OF the
House I'M an elaborate and able Grgu-
ment. Other Democrats. who together
with Mr.. Wilson dcservedly stand high
ia the councils Of the Democratic party,
rpported the measure as follows
HON. Littleton W. Moore, OF Texas
Hon. Thomas c. CatchDgs, Of Mlssis-
spm: Hon. Walter !. Hayes, of Iowa
Hon. William McAdoo. of New Jersey,
and Hon. Joseph II. Cultivate, of ONO.
tuon the other side of the House the
l.l was supported by Hon. Ezra b.
TAYLOR. Of Ono, chairman of the Ju-
dietary Committee Hon. Nathan Frank,
Co. Missouri Hon. George Il. Adams, OF
Illinois: Hon. Il. W. Perkins, OF Kan
sls and Hon. James Buchanan, OF New
Jersey. There were speeches IN oppo-
nton to the bill from both Democrats
and Republicans.
Colonel William G. Oates, an eminent
Democrat OF Alabama, said in the course
ofhs speech in the House of Repre-
sentatiyes that aside from the criticisms
which had been made and one or two
other provisions of the bill which he
thought ought to he modified, he re-
rorle II as the best and most carefully
rr.unred measure that had ever been
rrcscnted 10 Congress upon that sub
icct bat that he should not vote for 1t
iecause of the fact that the last law
had been badly administered IN his
State.
The provisions Of tho bill are briefly
shown 10y the following:
rCwMAuY oF IuE ToEEEY BANKRUPT BILL.
United Statcs district courts have origi-
nal Jurisdiction. hut state courts may try
controversies involving property rights.
Referees are 90 bee appointed and their
territory assigned 10y circuit courts at
time when the district Judge Is on the
bench
Trustees will be- appointed by the ere
dl'or.
The referee shall cause an economical
and expeditions administration of the
estate and return the records into court.
The trustee shall reduce the estate 10
cash and distribute 1t IN dividends to the
creditors "a soon rs possible.
$40 loe shall be naidAyhen the petition
Is filed. The Government shall receive
peg centum on dividends paid by estates,
and half that amount on amounts paid III
composition.
The trustee shall receive from the estate
per cent. of tho first $4,000 paid out IN
dividends. 2 per cent. onthe second $4,000,
and 1 per centuu on additional amounts.
Tho referee shall receive. not TO exceed
81. GOO per auuum and a $40 fec IN each
case. Both amounts. together with his
expenses, are to be paid by the Govern
u.nt.
The number OF referees shall be one for
each judicial district, and such additional
number u may be necessary to eXpedi-
tously transact the business of the court
Rot 10 exceed $50
Acts of bankruptcy shall consist of with
in six months before the filing of a petit
tiou n bankruptcy concealment 70 avoid
the service Of civil process; removal OF
uroperty 70 prevent It's being levied upon I;
departure or absence with intent to de-
fraud or delay creditors; inlure LOT thlIty
dlys TO secure the release of property
lowed upon; making O conveyance with
intent 30 defraud or delay creditors; max
iuga written declaration of insolvency;
making an assignment; procuring Judg-
mont or suilering "a Judgment with intent
I'm defraud or delay creditors; suffering an
execution TO be returned unsatIshed; sus-
PENDING and not resuming payment OF
commercial paper for thirty DAYS; yolun-
tsrly petitiOning 90 DO adjudged bank
uut: making a conveyance or suffering
property TO be taken while insolyent Tor
tie purpose Of giving a preference, or
dealing IN options while insolyent.
person who owes $500, except a ma
r0ual bank or a municipal corporation,
uay become q voluntary bankrupt.
ApersOn who owes $500, except a ma
tonal bank, a farmer, n municipal, chari-
table or religious association, or a wage
worker. may become an involuntary bank
fupt
Compositions may DO confirmed after,
but not before the bankrupt has been eX.
aminod in open court or al meeting OF
a oil