The Caucasian. (Clinton, N.C.) 188?-1913, 1898-07-14
(COntinusd from LIST page. }

no man who 10 put into involuntary
bankruptcy could have got his dis
charge; bit in the conference bill
We have removed seven of those
grounds and reduced the groundl
simply to two for denying Q man biz
discharge.
First, il be has committed an ofYens.
punishable BY indictment; and l have
already shown the two offenses. The
next 10, il he has kept fraudulent books
for the purpose Of defrauding and
cheating his creditors, 90 they can moi
find out his true condition. In Other
words, il bankrupt has not concealed
his property from the trustee, il hs
has not committed perjury in the pro.
ceedings, and il he has not kept fraud.
ulent books. he is entitled to his dis.
charge. These are the only grounds
on which . man can be denied his dis
charge, no matter whether he pays
much or little on the dollar or does
not pay . single cent. IL he has not
been guilty of committing those Of.
lenses, he is entitled to his DISCHARGE
in all events.
Under the old bankrupt law Of 1867
there were nine or ten different
grounds for denying . bankrupt his
discharge, and then, in addition to
those, man could not get his dis
charge unless he paid 80 cents on the
dollar except BY the consent of q ma
jOrity 1 amount and number of his
creditors. That is, fortunately, re-
moved by this conference bill.
| venture to say that it is not posi-.
bic to have q bankruptcy bill with
any involuntary provisions in it more
LITERALLY than those contained in this
bill Anybody can 60 into voluntary
bankruptcy except q corporation, any
body who owes any debts, no matter
how large or how small--any man can
60 into voluntary bankruptcy.
In respect to involuntary bank
ruptcy, no farmer or wage-earner lcan
De put into bankruptcy, NO national
bank or bank existing under
State laws or incorporated banks
but private banke may, and then Ger
tain corporations, corporations en-
gagged exclusively in manufacturing
and mercantile pursuits, IN PRINTING
and publishing, can be put into bank.
Iuptcy, but no other corporations can.
Neither . farmer or Wage-earner.
neither . national bank nor a State
bank, can be put into bankruptcy, and
no other corporations except the ones
1 have indicated.
l am unwilling to take I'D the time
Of the Senate further in this matter.
Ii, however, there are any Senators
who desire to ask me any Questions. I
shall be glad to reply; but unless
there are questions to be asked I shall
not take up the time of the Senate
further.
Mr.. CARTER. Mr.. President, I should
be glad to have the Senator to SUPPLE
ment his very lucid and interesting
statement BY an explanation briefly
made, Is he certainly can make II.
OF the restrictions and limitations re.
latfve to charges, fees, and commits.
sions in connection with this bill.
Mr.. NELSON. We have made them
80 limited and so low compared with
the old bankruptcy law that think
they ought to satisfy everybody. In
the first place, l want to say an glad
the Senator Interrupted me, because I
had forgotten that point.
Under the old law there was 4 regis.
ter in bankruptcy. He had q sort of
monopoly and got rich out Of it. He
had . harvest under that law, We
have, in place Of the register, q referee
but the court 10 authorized, and it is
made the duty of the court, TO appoint
referees in every county where there
Is any business to be done, 90 that no
man gets monopoly of the busineas.
and the referee being practically .
Judge in chambefs, ATTENDING To Ali
and default business. by
these means the bankruptcy court is
brought right home to mans door i'm
his own county.
The fees are substantially these The
referee gets fee in every case of $40.
Then, in addition to that, he gets 4
commission Of per cent. on ali divi-
dende distributed. In case of volun-
tary bankruptcy where there Ia no
fund to be distFibuted-and there viii
be many of those cases-he only eets
The trustees are nominated BIZ the
creditors. There may be from one to
three, but il there be three the three
can get no more fees than
Dne would, they are entitled to fee Of
20 In each case and not to exceed 2
per cent on the first 5000, and 2 peP
cent on the next 81, 600, and / per cent
on sums in excess OF SIC, 900 distributed
"a dividends. These are substa ntlalIv
Ill the material provisions. In re.
'pect to the marshals and the CLERKS.
hey are the same % in other cases.
There 10 another provision, / might
'ay, and that 10 that . DOOR baukr1ot
Who has no means can get rid Of nav.
ng the fees. He can 70 into bank.
'uptcy and get his Discharge vithout
my lee II he makes . showing that be
paaper or poor and unable to nav.
II there are any further questions. I
nal! be glad to answer them. II not I |
lsk that the vote may be taken on the
'doption Of the conference report.
Mr.. WHITE. II the Senator from
Minnesota will turn to page - Of the
ast print Of the bill he will Observe
here:
ut shall be complete defence to |
my proceedings in bankruptcy insti-
uted under the first subdivision of this
ection to allege and prove that the
,arty proceeded against Vas not in
olvent - defined In this act at the
line OF the filing the petition igainst |
To what does that refer, VIVA. I.
ne nrst subdivision Of this sectionP
III. NELSON. It refers to the first
'roana OF involuntary bankruptcy.
MI. WHITE. That ID, the Limitation
. to the character Of the defenses
numerated In &C" only applies to No.
d, Of section 3?
Mr.. NElsOH. Oh, no. will call
he attention Of the Senator to auoth-
r provision Of the bill, on page 81, at
ne top, where the Senator win Oh
erve the words in italics:
a petition may be nled against q
'erson who Is insolrent and Who has
ommitced An act Of bankruptcy.
A petition can not Be nled aSainst 4
1an unless he 10 insolvene. THAI h
1ade sine qua non. That, think.
nsWeFs the senator's question.
No-fo-nee for Flfty Ceata
Guaranteed tohocco hafie em,. ,,.h-
'se ss'oes' blood pure. &c. q. An draegiso1 j,