The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1897-04-23
THE BANKRUPTCY BILL
Proposed by Mr.. Nelson Passed by
the Senate.
PROVISIONS OF THE MEASURE.

Senator Morgan Takes Occasion tt
Criticize Speaker Reed, Whom II,
Describes as the .'Great White Fill
buster''-GreekS Sympathy Res utior
| Washington, April 23.-The session Of
the senate yesterday was one of the
most eventful since congress assem-.
bled. Mr. Allen, of Nebraska, offered
resolution providing that the CHIEF
executive express the sympathy of the
! American people to the government OF
Greece. The senator declared that the
| present contest was one between Chris.
tianity and paganism. At the request
| of Mr.. Davis. chairman Of the COM
mittee on foreign relations, the reso-
luton was referred Mr.. Davis promis-
Ing speedy action.
The debate on senate committees
aroused Mr.. Morgan to speech of un-
usual severity. He spoke of dictator
Ships and of the subordination of pub
lie business to politics. He character
lied the condition of inaction in the
house of representatives as "the NEST
gigantic and unheard of filibuster'
ever attempted. In conclusion Mr..
Morgan said that the speaker of the
house, who had been known as the
great white czar," should be here
after known as the great white fill
buster"
Another stirring chapter to the same
subject was added by Mr.. Allen, who
proposed complete cessation of sem
ate business except to consider appro-
priation bills until committees were
filled. The resolution led to another
heated debate, in which Messrs. Chan
dler, Gear and Allen participated. The
resolution finally went over.
Later in the day the bankruptcy bill
was passed by the decisive vote of 40
to s. The bill passed Is the substitute
framed by Mr.. Nelson, of Minnesota.
The success Of this substitute in dis
placing the committee bill was a great
surprise and disappointment to the ju-
dietary committee, which had reported
comprehensive bill known as the Tor
rey bill. 1t was regarded as a personal
triumph of Mr.. Nelson.
The bill is comparatively brief and
simple compared with the Torrey bill
The Nelson bill provides that any debt
or more who Is unable to pay his debts
may file his petition In the United
States district court asking for a dis
charge from his debts and offering to
surrender all his property for the pay
ment of his debts, except such as is
exempt by law of his domicie from
execution and liability for debts. The
petitioner shall attach to his petition q
schedule and list of all his property
exempt and unexempt, and schedule
and list of all his creditors, and the
amount and nature of the debts due
each, and shall offer to surrender all
his unexempt property for the pay
ment of his debts, and shall conclude
with prayer for full discharge from
his debts ard liabilities.
The petition shall be heard by the
court not less than 80 or more than 80
days from the time it is filed. If the
court upholds the petition the estate
of the bankrupt is transferred to an
assignee for settlement. Creditors
can resist the proceedings before the
court on certain enumerated grounds
Of fraud. preference to creditors, etc.
Preference four months prior to the
filing of the bankruptcy petition are
null and void, and transfers of prop
erty within six months are void. Pro-
vision is made for distributing the es-
tate among creditors. After the settle
ment the court gives a final hearing,
and when all the proceedings have been
regular final decree is given dis
charging and acquitting the bankrupt
from all his debts and liabilities But
such discharge shall not include any
debts or obligations which shall have
been created in consequence of his de-
falcation as a public officer or as an
executor administrator, guardian or
trustee, or while acting in any other
flduciary capacity.
The provisions as to Involuntary |
bankruptcy provide that If any debtor |
who owes $500 or over, and who Is I'M |
able to pay his debts, shall, at any time
within four months of the time of the /
filing of a petition by a creditor or |
voluntarily cucumber any of
his property, with the actual intent
and purpose on his part to prefer or
defraud any of his creditors, he shall
be deemed a bankrupt, and may be
proceeded against in court of bank
ruptcy. The accused may demand
jury. On the hearing the court or
Jury holds whether the accused is or
Is not bankrupt.
The free homestead" bill vas made
the unfinished business of the senate,
A committee of Is senators was named
% participate in the Grant ceremonies.
On the announcement Of the death
IF Representative Holman the senate
adjourned as mark of respect, the ad-
ournment being until next Monday
An understanding has been reached
hat the senate will not do any more
business until week from next Mon
lay
The house adopted a special order
or the consideration of the senate
to the Indian appropria-
ion bill without reference to a COM
nittee. Mr.. Bland, of Missouri, pro-
ested vigorously against the course,
nut only had following of a. not
nough to get record vote. Mr..
npson, of Kansas, is out of the city,
nd therefore was not in evidence.
The usual resolutions on the death Of :
udge Holman, of Indiana, were adop-
ed, and a committee Of ten appointed
} accompany the remains to their final
asting place. AS a further mark of re-
pect the house adjourned.
Confirmed by the senate.
yIy ,l,t NIL |