The Portland daily press., 1896-04-27
BANKRUPTCY LAWS.
National Measures Which Have Been
Enacted at Various Times.
NONE HAVE STOOD THE TEST AND
WERE REPEALED.

"A Eroposeu EnacCment NOW Before Con
gress which, 1t Is Believed, Will Full
fill the Country's Needs-Not Expected
to Pass the Senate This Session.
ESPECIAL TO THE PREss.l
Washington, April 2e--The national
bankruptcy bill which is to come up
for consideration in the House of Repre-
sentatives very soon, is an important mea-
sure, affecting the commercial rela-
tions Of the whole American sconti-
nent. 1t is not believed that
this bill will pass the Senate sthis
session, but it is hoped that it will be-
come law next session. The present
bill is similar to the Torrey bill. and also
similar to the bill which passed the House
but failed to pass the Senate in the Fifty
first Congress
At present the various states have bank
ruptcy laws; but these laws do not pro-
tect either debtors or creditors in other
states. In years past we have had nation
al bankruptcy laws; but they have been
repealed after longer or shorter trials.
The first national bankruptcy law was
approved April 4, 1S0O and repealed By
act of December 19, 1903. A second act
was approved August 10, 1871, and re-
pealed March 8, 1s43 A third was ap-
proved March 2.1s67, and repealed to take
effect September l, 1878, by act approved
June z, 1878. The act of 1900 was passed
at time when the country was 80 SPARSE
ly settled, and places of holding Federal
courts were so few, and the accomm oda-
tions for the people in going to and from
the courts so imperfect and limited, that
the Federal courts were not conveniently
available to carry out the purpose. The
same argument will apply to the act of
1S41, for the nation was still comparative
" in Its infancy, and the means of tran
sportation exceedingly limited. That law
became the subject of political con-
tention also.
The cause that led to the repeal of the
act Of 1867 was chiefly the expense attend-
ing the administration.
Since the last national bankruptcy
law was repealed in 1878, the total fail
ures in this country amount, 1879 to 1895
of liabilities of these men is 50, 611, 521,
704. Large as Is this number it has aver
aged per year but little over per cent
of the whole number who conduct bust
ness, carry on enterprises, and give en-
ployment to labor.
The bill now before the House provides
for both voluntary and involuntary bank
ruptcy. That is, the debtor himself may
petition to be relieved Of his debts. or
the creditors may petition that he be adj
judged bankrupt.
The bill enumerates nine acts, for any
one of which the creditors may proceed
against debtor in bankruptcy. Thus
the debtor renders himself liable to be
petitioned into insolvency when he has:
1-Conoealed himself, departed or re-
mained away from his place of business,
residence, or domioile:: with intent to
| avoid the service of civil process and to
defeat his creditors and shall not have
returned at least IS hours before the ILL
ing of petition in bankruptcy, and be-
| fore the rights of creditors shall have
been impaired, altered, or interVened
with.
2-Failed for 80 days and until petit
release of any property levied upon un-
der process of law for $500 or over, or if
| such property is to be sold within such
| time under such process then until three
days before the time fixed for such sale.
| 3-Made transfer of any of his proper
| ty with intent to defeat his creditors and
has not regained the ownership and pos
| session Of suoh property before the rights
of creditors have been altered, or changed
| by reason of such transfer and Mt least
| 10 days before the commencement of q
proceeding in bankruptcy.
4-Made an assignment for the benefit
| of his creditors or filed in court writ
pay his debts.
5-Made, while insolvent, transfer of
any property or suffered any of it to be
taken or levied upon by process of law or
otherwise for the purpose of giving pre-
ference, and has not regained the owner
ship of such property or released same
from suoh levy before the rights of credi-
tors shall have been altered, changed or
impaired by reason of suoh transfer, tax
ing or levy and at least 10 days before the
commencement of proceeding in bank
ruptoy.
6.-Procured or suffered Judgment to
be entered against him with intent to
defeat his creditors. and suffered same to
remain unpaid until 10 days before the
fling of petition in bankruptcy, pro-
vided that a payment or satisfaction of
such judgment by q sale of any of the
debtors property or from tho proceeds of
such a sale shall not be deemed a pay
ment Of such Judgment under the provis-
ions of this section.
7-Secreted any of his property to avoid
its being levied upon under legal process
against himself and to defeat his credi-
tors, and has not surrendered such prop
erty to such legal process at least 10 days
before the filing of a petition in bank
ruptcy.
S-Suffered while insolvent an execu-
tion for $500 or over, or a number of eye
cutions aggregating such amount, against
himself to be returned no property found,
unless the amount shown to be due By
| such executions shall be paid before a
petition is filed.
9-Suspended and not resumed for 80
days and until a petition is filed while
insolvent, the payment of his CONNER
cial paper for or aggregating $500 or over.
Under the last bankruptcy law IA days
was the limit. Under this bill it is 30.
Ample time Is given for one whose COM
meroial pnper has gone to protest to rally
If if can he in his mower TO do So But