The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1897-04-23
THE BANKRUPTCY BIIL
Proposed by Mr., Nelson Passed by
the Senate.
PROVISIONS OF THE MEASURE.

senator Morgan Takes Occasion to
Criticize Speaker Reed, Whom He
Describes as the "Grent white FIT
buster''- Crock sympathy Re- ttion
Washington, April 2S.--The session OF
the senate yesterday was one Of the
most eventful since congress assem-
bled. Mr. Allen, Of Nebraska, offered
a 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 resor
luton was referred, Mr. Davis promis-
ing speedy action.
The debate on senate committees
aroused Mr.. Morgan to a 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 most
gigantic and unheard of hlibuster'
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 fili'
buster"
Another stirring chapter to the same
subject was added by Mr.. Allen, who
proposed a complete cessation Of SEN
ate business except to consider appro-
prlation bills until committees were
filed. The resolution led to another
heated debate, in which Messrs. Cham
dler, Gear and Allen participated The
resolution finally went over.
Later in the day the bankruptcy bill
was passed by the decisive vote of 49
to 8. The bill passed is the substitute
framed by Mr.. Nelson, of Minnesota
The success of this substitute in dis
placing the committee bill was great
surprise and disappointment to the ju-
dietary committee, which had reported
a 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 other than a corporation owing 500
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 tC
surrender all his property for the pay
ment of his debts, except such as !!
exempt by law of his domicile from
execution and liability for debts. Th'
petitioner shall attach to his petition ;
schedule and list of all his property
exempt ana unexempt, and schedule
and list Of all his creditors, and tn
amount and nature of the debts du
each and shall offer to surrender al
his uneXempt property for the pay
ment OF his debts, and shall conclud
/ with a prayer for full discharge from
/ his debts and liabilities.
The petition shall be heard by tn
court not less than 30 or more than 9
/ days from the time it is filed. If tn
court upholds the petition the estat
of the bankrupt is transferred to a.
assignee for settlement Creditor
can resist the proceedings before tn
court on certain enumerated ground
of fraud, preference TO creditors etc
Preference four months prior to tn
filing of the bankruptcy petition ar
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 final hearing
and when all the proceedings have bee
regular a final decree is given dis
charging and acquitting the bankrup
from all his debts and liabilities. Blu
such discharge shall not include an
debts or obligations which shall hav
been created in consequence of his de
falcation as a public officer or as al
executor, administrator guardian o
trustee, or while acting in any othe
hduciary capacity.
The provisions as to involuntar
bankruptcy provide that if any debto
who owes $500 or over, and who is un
able to pay his debts shall, at any tim
withiPfour months of the time OF tn
filing Of petition by creditor o
creditors, voluntarily cucumber any G
his property, with the actual inten
and purpose on his part to prefer o
defraud any of his creditors, he sha
be deemed a bankrupt, and may b
proceeded against in court of bank
ruptcy. The accused may demand
Iurxr fba hearing the cOurt q