Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-12-03

petition procured property from an In
solvent with intent TO defeat the opera
tons of this act to obtain greater per
cen.um than other creditors orprevent the
property from coming TO tho trustee in
bankruptcy. II preference, has been
given the property or the value thereof
NAV be recovered by the trustee.
Debts which have priority are those
which are due as taxes when there IL no
property subject thereto: Other debts
having priority are the clerks fees, the
per centum fees, tho cost of administra.
ton. wages due employees according to the
lava OF the State. and debts which have
priority under the laws of the United
States.
Dividends shall be declared and paid Of
on equal per contum on allallowed claims
Of the same class az soon as possible.
Liens obtained by compulsory process
within four months before the fling Of a
petition in bankruptcy shall be dissolved
bv an adjudication. Liens given prior 10
an adjudication in good faith and not in
contemplation Of bankruptcy and for a
present consideration shall not be affected
by this act.
Provisions are made for filing petitions;
tho issuance and return Of process; the
making Of adjudication by the Court, or
in the absence of the Judge the transfer OF
peals and issuance of wr1ts OF error the
arbitration or compromise CT contTover-
sizes; the examination of bankrupts and
other persons concerning the affairs Of the
bankrupt jury trials notices in news
papers; taking oaths; making rules. forms,
aud orders by the Supreme Court; compu-
tation OF time; the giving of bonds by
referees and trustees; punishment
for contempt the punishment Of
4. l.s.sal f.
and officers the death Of trus-
tees or bsnkrupts; the collection OF bank
ruptcy statistics; the qualification OF re-
forces the manner OF keeping records Of
referees; the arrest OF the bankrupt and
the seizure Of his property; the giving Of
notice TO the creditors; the filing OF petit
tons against bankrupts; the proof Of
claims: liquidating unliquidated claims ;
the qualification of voters at meetings Of
creditors. investment of cash in certain
cases. the designation of repositories for
funds; the disposition OF unclaimed diyi-
dends: set offs, counter claims, and the
transmission OF the bankrupt's title 10
property,
Why your correspondent should wish
TO make our organization responsible for
political legislation, or endeavor to ere
alto the impression that the bankrupt bill
is anything bat business measure, IS
beyond my comprehension. Politics
never has been mentioned in any of our
meetings, and never will be. The object
OF our organization isto secure legislation
~ provided by the Constitution OF the
United States which will prevent the per
petration OF fraud. enable honest insol-
vents TO be discharged from their
Indebtedness, and provide for the adj
ministration of the estates OF dis
honest and insolvent persons speedily
and at small cost. The movement origi-
mated in st. Louis and the officers are
resident as follows: The President at
St. Louis, The Vice Presidents twenty
five in number in the different States,
the Secretary OF Minneapolis, the
Treasurer at st. Louis, the Chairman OF
the Congressional Committee at Cincin-
matt, Presidential at st. Louis, Bank
ruptcy Literature at New Orleans, Fl
nance at Chicago, and Executive at st.
Louis.
Your readers will probably be interest
ed 10 know that it is anticipated that
the members Of Congress will respond
during the present session to the wish
of the earnest, progressive, and honest
men of the country for the enactment OF
the bill.
Thanking you in advance for giving
space to the foregoing, | am, very truly
yours, JAY l.. ToRREY.