The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1890-04-30
UEle Stltellioenter.
Ohlcs Nos. 20 mud " Fourteenth Street.
UNIFORM SYSTEM or BANKRUPTCY.


the Passage Of tho 1orrey iii.
From he Report ofiht House Judiciary Commile.
1t Ia confidently anticipated that I'm
der this law, II enacted, many good re
suits will DO attained, among them til,
following:
That the assets OF persona who car
not or will not pay their debts will bl
taken charge Of by, md DO distributed
ratnbly among their creditors. m' "
That n stability will DO given TO lnan
cial transactions by cngendetiny conf
dcnce, md by doing away with the un,
cettainitios which beget suspicious and
breed trouble. o.
That an equitable and safe guido will
DO furnished for tho settlement OF trans.
actions which arc now left unsettled by
the varying rules OF law in force in tho
several States. y .
That dishonest men will be prevented
from outdoing their honest competitors
by. chicanery and fraud, and in turn
Bwlndling their creditors. f.tE.
lint large concerns will be prevented
from securing assignments for their bene.
lit by. threats against their small debtors,
and thereby succeed In collecting dollar
Tor dollar Of their indebtedness while
other creditors OF the same class IRE pre-.
vented from collecting any part OF their
debts.
That the unfair appropriation OF assets,
through the instrumentality of judy.
ments by confession, and attachments
by connivance, will be prevented.
That tho assets Of iGsolvents will DO
protected from the d%epredations OF per.
sons holding fraudulent claims. afl
That creditors will bv furnished with
ample opportunities to investigate the
transactions Of their debtors, and to sc.
cure such part OF the assets as they may
DO entitled to cQuitaDly.
That bankrupts, and other persons
having n knowledge OF their affairs, may
be examined under oath rs TO tho where
nbouts OF assets and all matters pertain
ing to the administration OF their estates.
That the prompt compromise or arbi-
trntl0n OF controversies ut small expense
will be promoted as a substitute for vex-
allous and prolonged litigation.
That Il conservative tone will be given
TO business transactions, aud there will
be prevented the unseemly struggle be.
tween creditors over the assets OF their
conIIon debtor, which should be dis.
,ributed ratably for the advantage in the
long run OF all parties in interest.
Itat bankruptcy officers who cmbez.
zlc, fraudulently appropriate, expend, or
transfer assets OF estates in their charge
will be punished by fine und imprison-
ment.
That the purchase OF goods by parties
WHO do not intend to pay for them will
be prevented.
That persons will DO punished who
obtain on credit goods from one person
in order to be enabled to pay their debts
due to another. 4
That men who are in business, and
who bave obtained goods on credit
which have not been paid for, will be
punishedif they pledge, pawn, Or dispose
Of such goods otherwise than in the or.
binary course OF business.
That secreting, c%oncea.ing, removing,
or classifying books, deeds, writings, or
documents relating to property, will be-
come 4 crime, and will be punished by
imprisonment.
That insolvents will be punished who
attempt to account for missing property
by fictitious losses or expenses.
That bankrup,s will be imprisoned
who CONCEAL from their trustees any
property belonging to their estates.
That the United States district attorn-
ey will upon order OF court made pur-
suant to petition Of parties in interest,
examine bankrupts 1.-THE lirst meeting OF
their creditors. and il fraud be discov-
cred, lay the facts before tho fret grand
jury that c%onvenes, and thereafter prose-
cute the person suspected OF having
committed the fraud in the same man
ner rs other persons, suspected OF hav-
ing committed crimes, are prosecuted:
and that the same officer will, under
like conditions, oppose the discharge Of
bankrupts.
That by having such q law peruan-
emily upon the statute books OF the
Government, commercial crisis will be
lesslikely 10 occur, and if they do, it will
be Of incalculable aid in restoring com.
merce TO its natural state.