St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-01-03
ts6uv SHISNstVu ,Oa6ks
Opinion Of the Chairman Of
the Committee on Ju-
dietary.
He Considers the Torrey Act
a Most Important
Measure.
Men Of Weight Comprising
the National Bankrupt
Convention.
General Outline Of the Status
Of the Much-DiScuSSed
Measure.

MO0S IA Vs
The Hon. Ezra B. Taylor, chairman of
the committee on the judiciary of The
house of representatives, in discussing,
with reporter, the measures pending
before congress, said:
81 consider the Torrev bankrupt bill
one of the most important measures
now before congress, and its enactment
is being demanded by business men in
all sections of The country. The enact
ment of the bill will not be of par
amount Importance to the citizens of
my district, as they are engaged in the
main in agriculture rather than COM
mercial pursuits, but quite an interest
is being taken in it. l think that every
newspaper in the district has fayorably
considered the measure. The bill, as
you doubtless know, has received the
approval of a national convention COM
posed of the representatives of the COM
mercial bodies Of the United States, and
hundreds of chambers of commerce,
boards of trade. and other commercial
and industrial bodies, and has in adj
dition the Endorsement of thousands of
citizens of every class and vocation
throughout the country"
Who are the officers of the national
convention which has for its object the
securing of bankruptcy legislation by
congress, was asked?
"a statement of the names of the Of
ficers," said Judge Taylor, will show
you that the promoters of this measure
are men of unquestiOned character and
standing in the commercial and profess
sional world. They are Jay l.. Torrey,
Il prominent commercial lawyer of st.
LOUIS, president; James T. Wylnan. a
dealer in sash, doors and blinds. of Min
neapolis, secretary; Peter Mich olson,
president of the American Exchange
Bank of st. Louis, treasurer.
Men of Weight.
"The chairmen Of committees are as
follows: Presidential. the Hon. James
o. Broadhead, of st. Louis, one of the
most prominent lawyers in the country
and the eX-president of both the Nation
al and the American Bar Associations;
Congressional, Mr.. Lowe Emerson, Ia
carriage manufactures OF Cincinnati;
Executive, Mr.. William E. Schweppe,
the president of the Associated Whole
sale GrOcers of St. Louis; Finance, Mr..
William L. Caker, president of the
Board of Trade of Chicago; and Bank
ruptcy Literature, Mr.. Breedlove Smith,
of the Smith-Francls Commission Com
pany of New Orleans"
WHAT is the status Of the bill?
at was passed by the house of roper
sentatives July oath, 1890. it has been
favorably reported of passage by the
| Judiciary Committee of the senate. and
| will, if the demands of the people from
all sections are needed, be considered
| during the present session."
| Will you kindly give general outline
| of the measure?
ssThe provisions Of the bill are, in
| brief, as follows: United States district
/ courts have original jurisdiction, but
/ state courts may try controversies in
volving property rights. Referees are
to be appointed and their territories as
1 signed by circuit courts at time when
the district judge is on the bench.
Trustees will be appointed by the cred
itors. The referee shall cause an expo
ditious and economical administration
of the estate, and return the records
| l0LO lIlC COURT. lHC tIuSICc Sudll It,
duce the estate to cash and distribute it
possible. A fee of $40 shall be paid to
the clerk when the petition is filed as
his entire compensation IN the case.
The government shall receive l pei
cent on dividends paid by estates, and
| half that amount on dividends paid in
composition. The trustee shall receive
from the estate per centum on the first
| $1,000 paid out in dividends, 2 per
centum on the second $1,000, and l pei
| centum on additional amounts. The
| referee shall receive not to exceed 81 ,00(
| per annum, and so fee in each case.
Both amounts, together with his ex.
penses, are to be paid by the govern
ment. The number of referees shall be
one for each judicial district, and such
additional number as may be necessary
to eXpeditiously transact the business OF
the court, not to exceed $50.
Acts of Bankruptcy
shall consist of (within six months be.
fore the filing of petition in bank
ruptcy) concealment to avoid the Serv-
ice of civil process, removal of property
to prevent its being levied upon, de-
parture or absence with intent to delay
or defraud creditors, failure for thirty
levied upon, making conveyance with
intent to defraud or delay creditors,
making written declaration of inSolv-
ency, making an assignment, procuri ng
a Judgment. or sutferlngsa judgment
with intent to defraud or delay credit
Ors, suffering an execution to be re-
turned unsatisfied, SuSpending and not
resuming payment of commercial paper
for thirty days, voluntarily petitioning
to be adjudged bankrupt, making a
conveyance or suffering property to be
taken while insolvent for the purpose OF
giving preference, or dealing in OPP
tions while insOlvent. A person VINO
owes $500, except national bank or a
municipal corporation, may become a
voluntary bankrupt. A person who
owes $500, except national bank, a
farmer, municipal or religious aSSocia-
ton, or wageworker, may become an
involuntary bankrupt. Compositions
{ may be confirmed after, not before, the
bankrupt has been examined in open
court or at meeting of creditors, and
|. after the filing of the schedule of assets
and list of creditors. The court will not
confirm the composition unless it is fol
the best interest of all the creditors, and
unless the bankrupt has not been guilty
of any acts which would prevent his
discharge. They will be set aside within
SIX months after being made, in the
event fraud was practised, upon the
| hearing for confirmation.
Discharges.
"a discharge will be granted to per
son, not a corporation, when applied fol-
after two and within six months after
the adjudication, unless it appears thai
the bankrupt has failed to keep proper
books of account, committed felony
committed perjury. failed to act in good
faith. given preference which has not
been surrendered, knowingly made a
false statement to secure credit, bribed
any officer or creditor, fraudulently
transferred property which has not
been surrendered, or neglected his
| duties as a bankrupt. The discharge
will be set aside within two years after
being granted, upon proof that it was
fraudulently obtained. The exemp-
lions of a bankrupt shall be the same as
are provided by the laws of the state i'll
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