Telegram-herald., 1890-07-26
IN CONGRESS-.
The Torrey Bankruptcy Biz
Passed BY the House.
A Synopsis Of the Measure PrinCi.
pal Points Senate Passes
me Indian Appropriation Eii.


HoUsg.
WAsnNeroS, July 21 Af,eF the
reading OF the Journal Thursday the
House proceeded 10 vots upon the com
mittee amendments 10 the bankruptcy
bsIL The eouulittee amendments having
been disposed of. az amendment was
adopted enforcing the laws OF the
states giving sazes FOR labor = prefer
ence. The vote was then taken on the
minority substitute known as the vol
uRtaFy bankruptcy" bill. and it was
disagreed tO-yeas, "a; nays. l25. The
bal Uas then passed--yeas III; nays, 81
The ON creates bankrupt courts which have
iurisaietioc 70 aasudze pessOGs bankrupt, ALLOW
o. cisalow. appoint receivers appoint and re
move trustees. distribute tie bankrupt's assets
and determine cOutsOversles determine or Te-
iect reports OF referees deternine claims OF
bankrapts 20 exemption. set aside discharges
thai have been fraddglent.y procured,
extfacite bankrupts from one district 20 an
other. aud 50 %. Arbitration q controversies
may be had between trustees and opposing
parties, pursuant 10 the direction Of tie court.
jury trlals may be had upon application Of
baEkrupts and la trials as now provided by law
Acts Of bankruptcy shall consist 81 conceal.
meat % avoid service OF civil process within
SIX months before the hling of petition In
bankruptcy: removal Of property 20 avoid its
being levied upon; departure or absence with
intent 10 deirand or delay creditors; failure
for thirty days TO secure the release Of prop
erty levied upon; making a conyeya ance with
lntcnt 10 Gofraud OF delay creditors. making
written declaration OF insolvency, making al
assignment; negleeting for sixty days after
written demand 70 pay an open account pro-
curing or suffering . judgment with intent 10
iefraud or delay creditors; suffering an exeeu-
tiOn 10 be returned unsatished; suspending and
not resuning payment OF commercial paper for
fifteen days; Voluntarily petitiOning 10 be ad-
jadged bankrupt; making conveyance, or suf-
terirg property - lie taken while insolyent for
the purpose ot giving a preferences or dealing
In options while insolvent.
The arrest Of bankrupt may be made
within six months after the adjudication. when
1t appears that be Is about TO depart from the
jurisdiction OF the court 70 the detrimaHt OF
The creditors. Any person may become vol
Gntary bankrupt who owes debts TO the
amount Of S5ao. except National bank or a
municipal corporation. Any person may be-
come an Involuntary bankrupt who owes soc,
except a National bank, : farmer, q municipal,
charitable or religious society or a wage
worker
The codebtors OF baakrupts shall not be az
tected by the discharge OF the bsnkrupts The
death OF a bankrupt shall not abate proceed
lngs 10 bankruptcy. The duties OF q bankrupt
shall be 10 flo q schedule OF assets and list OF
creditors, attend the first meeting OF
creditors, 70 submit 20 examina-
tion concerning the conduct OF bust
ness prior 20 the commencement OF
proceedings against him, the cause OF his bank
ruptcy and his dealings with his creditors and
other persons, the amounts and whereabouts
OF his assets, ana, IN addition, al matters which
may affect the administration and settlement
OF his estate.
The exemptions OF a bankrupt shall be the
same as are provided hy the laws OF the State
In which the proceedings are pending at the
time OF the ding Of the petition. Suit by and
against bankrupts may be prosecuted or de-
tended by trustees pursuant 70 directions of the
courts.
Petitions in bankruptcy may be fled by three
Or more creditors who have probable claims
which amount IN the aggregate in excess OF
securities 10 800 or over, or, II the creditors
are less than twelve in number, then one or
moro Of such creditors whose claim or claims
equal such amount, within six months after the
commission OF aa act Of bankruptcy.
Preferred creditors are designated as those
who have within four months before the filing
Of petition procured property from in
solvent with latent 10 defeat the operations Of
the act to obtain a greater per centum than
otner creditors, or 70 prevent tne p')perty rom
coming 70 the trustee in bankruptcy.
Cash may be invested by order OF the judge
when the settlement OF an estate Is prolonged
by tlgation Debts which have priority are
those due as taxes when there is property sub
iect thereto.
bankrupt's property may Be seized by the
marshal upon order % court The bankrupt
may retain the property upon giving bond for
its production or The payment Of its value in
the event q adjudication.
The title 10 property OF the bankrupt shall
immediately vest IN the trustee upon his ap-
pointment and qualification. The property OF
the bankrupt the title 70 which passes TO the
trustee. consists 81 books. deeds OF writings re-
latiHg 20 the property. interest in pat
euts. patent rights. copyrights and trade
marks; powers which he might have exercised
for his own benefit; property conveyed by him
IN fraud OF hss creditors and rights OF actions
arising upon contracts or from the unlawful
taking or detention Of, or injury to. his prop
ertT.l
SENATE
WAsHINGroN. July 25.--In the Sen
ate Thursday Senator Morgan Ala in
sroduced a bill TO hx the limit Of value
and to provide for the free coinage OF
silver, aud it was read and referred to
the committee on finance.