The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-04-16
FROM THE NATIONS CAPITAL
THE GEORGE" BANKRUPTCY
BILL REPORTED TO THE SEN
ATE YESTERDAY.
CONSUL GENERAL williams RESIGNS
And Gen. Fitzhugh Lee Is Appointed to
Fill the Cuban Consulship Thus
Made Vacant-General Gov
ernmental News Notes.

Washington, April 13.-The George"
bill to establish uniform system of
bankruptcy was reported to the senate
today by the committee. The most i'm
portant amendment made by the commit
tee was that providing. that where any
debtor who, being banker broker, mer-
chant, trader or manufacturer, owing
5000, makes an assignment or convey
ance of his property or gives any lien
thereon, contrived or devised with the
actual intent on his part to defraud his
creditors, such act shall be deemed
bankruptcy. The measure provides for
voluntary bankruptcy.
At the same time Mr.. Mitchell of Ore
gon submitted the views of the minority
of the committee in the shape of a meas
ure agreed on. by the. house committee
on judiciary, with some notifications.
The latter provides for voluntary and in
voluntary bankruptcy.
This bill is the result of the labor of
the committee on judiciary for three CON
crosses. Both voluntary and invoun-
tary bankruptcy are provided for in the
bill, the involuntary features being care
fully limited. All persons who owe debts
are entitled to the benefits of the act as
voluntary bankruptcy, but corporations
are expected because the laws of the
states creating them provide for winding
up their affairs.
Any person owing debts to the amount
of $1,000 or over, if guilty of an act of
bankruptcy may be adjudged an in
voluntary bankrupt, except u national
bank, a person engaged chiefly in farm
ing or the tillage TO the soil, and wage
90, A l.....
who works for salary, wages or hire at
q rate of compensation not exceeding
$1,000 per year."
National banks are closed and their
affairs administered under the provisions
of the national banking laws.
Partnership, both before and after dis
solution, and before settlement of it's
affairs, may be adjudged bankrupts, and
in such cases the partnership debts must
first be paid. All bankrupts are allowed
the exemptions prescribed by the laws
OF the state i'll which the bankrupt re-
vides.
The bill carefully prescribes the duties
tf bankrupts, provides for their protec-
Ion and detention, allows compositions
or settlements with creditors and pro-
vides for discharges except when frauds
have been practiced.
The bankrupt can not be discharged
from taxes, judgments for frauds, and
wilful or malicious injuries to the person
or property of another, debts not provided
for and those created by fraud, en-
bezzlement or defalcation while acting as
an officer or in a tiduciary capacity.
The bill creates two news officers, trus-
tee and referee. Fees and c0mpensa-
ton of these officers are limited and the
expense of administering bankrupt es-
tate, it is stated, will be small.
All causes of involuntary bankruptcy,
except two. involve fraudulent intent,
purpose and act. Suspending payment
of commercial papers for thirty days,
while insolvent, making assignment for
the benefit of creditors, and filing u writ
ten statement admitting inability to pay
debts, also constitute acts of bankruptcy.
Acts of bankruptcy must have been COM
mitted within four months, but, in some
cases, as in case of cOncealment or run
ming away to avoid the service of civil
process, the transfer of the property to
defeat creditors, etc, return forty-eight
hours before petition filed or regaining
of possession and ownership of the
property transferred ten days before the
commencement of proceedings relieves
the offender from the operation of the law.
London, April 13.-It is reported at
Aldershot camp that the Ninth Lancers
have been ordered TO get ready to start
for Egypt and take part in the Soudan
campaign
CONFEREES DISAGREE.
Washington, April 13.-The house and
senate conferees on the executive and