The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1891-01-16
THE BANKRUPTCY BILL
Ono OF the Most Important Mcas-
ures Now Before Congress.
synopsis % the Provisions 81 the Terrey
bankruptcy niil - ras>sd - the
ifoa>e. and which II In tho
Hands ~ the senate.

~-"T-"
passed BY the National House Of Rep
rc~entatives on July - last. and on
which action is now pending In the SEN
ate. we give below synopsis ~ It's pro-
visions The bill has received the APP
proyal Of a National convention COM
posed Of representatives Of all the prin-
cipal commercial bodies in the United
States. and has the Endorsement 81
thousands Of citizens Of every vocation
throughout the country.
The provisions ~ the bill are, in
brief. as follows:
United states District Courts have or glnai
jurisdiction. but state Courts may Try con-
troversies involving property rights
Referees are 20 be- appointed and their ter
ritories assigned by Circuit Courts AZ tlme
when the District Judge Is on the bench.
Trustees will be appointed by the creditors
The referee shall cause expeditions
and economical Administrations 81 thc estate.
and return the records into the court.
The trustees shall reduce the estate 20 cash
and distribute il in dividends 20 the creditors
a soon as possible.
$40 fee shall be paid 20 the clerk when the
petition is filed as his entire compensation
In the case
The Governments shall receive one per
cent on dividends paid by estates and half
that amount on div idends paid in compost
ton
The trustee shall receive from the estate
i've per centum on the first 500 paid ont in
dividends. two per centum on the second
5000. and one per centum on additional
amounts.
The referee shall receive not 70 exceed
81 90 per annum and $40 fee in each case
Both amounts. together with his expenses.
are 10 be paid BY the Government.
The number Of referees shall be one for
each judicial district. and such additional
number a may be necessary 20 expeditions
~ transact the business OF the court. not TO
exceed $50.
Acts Of bankruptcy shall consist OF within
SIX months before the filing ~ a petition IN
bankruptcy conccaimcnt g. avoid the serv
ice Of civil process removal 81 property TO
prevent is being levied upon, departure or
absence with intent o. dciay or defraud cred
itor-. failure for thirty days 70 secure the re-
lease % property levied upon. max ing con-
veyance with intent 70 defraud or delay cred
it0rs. maxim. written declaration OF in
solvcncy. making an assignment. procuring
Judgment. or suffering Judgment with in
tent 20 defraud or delay creditors. suffering
an execution 10 BE- returned unsati-fied. Sus
pending and not rcsuning payment OF com
mcrcial paper for thirty days voluntarily
peritionln< 70 be aiiudged a bankrupt. max
taken while insolvenf for the purpose ~ Civ
ing preference. or dealing n options while
in-oivsnt.
4 person who owes $780, except National
5anx or municipal corporation, may be-
come voluntary bankrupt
a person who owes $50. except a National
bank. 4 farmer municipal or religious
fcciation- or a wage worker. may become an
involuntary bankrupt
Compositions may be confirmed after. not
before. the bankrupt has been examined in
open court or az a meeting OF creditors. and
after the ding OF che schedule Of assets and
list OF creditors The court will not confirm
the composition unless Il Is for the best IN
terc<t 81 all the creditors. and unless the
bankrupt has not been guilty Of any acts
which would prevent his discharge They
viii be set aside within six months after
being made. in the event fraud was prac-
ticed. upon the hearing for confirmation
A discharge will be granted to a person.
NOT corporation. when appliedfo after two
unless il appears that the bankrupt mas
failed 70 keep proper books Of account.
committed felony. committed per-
jury. failed to act in good faith. given =
preference y hich has not been surrendered.
knowingly made false statement 10 secure
credit. hribed any officer creditor. fraud
uIently transferred property which has not
been surrendered. or neglected hi- duties as
bankrupt The discharge will be set aside
within two years after being granted upon
proof that Il was franduiently obtained.
The exemptions 81 a bankrupt shall be the
same arr provided BY the laws Of the state
In which the proceedings are pending M the
time II the filing Of the petit on.
Preferred creditors are those who have.
within four months before the fling Of PEE
tlrion. procured property from an in-olvent
with intent 20 defeat the operations Of this
act 20 obtain greater percentage than
other creditors. or 20 prevent the property
. preference has been given the property or
the value thereof may be recovered by tn
trustee.
Debts which have priority ARE those which
are due as taxes when the property Il sub
jrct thereto. other debts having priority
are the clerks fee. the percentage fees. the
cost Of administration. wages due employees
according "a the laws ~ the state. and debts
which have priority Under the laws Of tho
United states
Dividends shall be declared and paid Of an
equal percentage all allowed claims OF
the sane class a. soon as possible.
Liens obtained by compulsory process
within four months before the hling 81 Pc
tltion in bankruptcy shall lie dissolved by
an adjudication. Liens given prior 90 an adj
publication IN good faith. and not in contcn-
pinffon 81 bankruptcy and for present con-
siderat0n. shall not be affected by the act.
Provisions are made for fiing petitions:
the issuance and return of process. the max
Ing ~ Applications bv the Court. or. in tho
absence 81 the Judge. the transfer u the
case 70 the referee. the taking OF
appeals and issuance Of writs Of error,
the arbitration or compounds Of contro-
versies; the examination Of bankrupts and
other persons concerning the affairs 81 the
bankrupt: jury trials: notices In newspa-
pcr-; taking oath-. making rules. forms.
ard orders By the supreme Court romputa-
ton ~ time the giving ~ bonds by referees:
punishment for contempt: tisa punishment
" crimes committed by persons. hankrnpts.
and officers, the death ~ trustees or
bankrupt-: the collection 81 bank
erses. the manner 81 Keeping records Of
referees. the arrest ~ the bankrupt and the
seizure ~ mis- property. the giving of notices
70 the creditors the fiing Of petitions
against bankrupts. the proof ~ claims.
liquidating unliquidatcd claims: the quail
fcation ~ voters az meetings Of creditors.
investment ~ cash IN certain eases. the
designation ~ repositories for funds. the
disposition of the unclaimed dividends. set
OFFS. counter claims. and the transmission OF
the bankrupts title 90 property.
Rather Tangled But II Gocs-..I
say. Blobson. me boy. do me favorr'
"what j. II now. Jacl<?- let me have
the loan Of that .fiver again paid you
last night. Brown wants 70 lend Il to