The evening times., 1900-04-03

untary nature to wives and relatives. but
also those which may be merely suffered
for the benefit Of friendly local banks and
large mercantile houses The diligent cred
itur no longer obtains an advantage liens
and attachments laid and recovered within
four months Of bankrupt proceeding are
void. and coilusion and fraud by q bank
rupt to give an undue advantage TO some
pressing OF friendly creditor is at an end
Creditors control the choice Of trus-
tees. as well as an ordinary proceedings
in the administration Of estates. An as
signment for the benefit Of creditors is
voidable. and. when attacked IL fails and
the creditors have the right 10 name the
trustees TO manage the estate The prin-
ciple that insolvent estates should be
managed by those 10 whom they belong
the creditOrs-has been fully asserted and
maintained, If never before. Claims are
easily and cheaply proven and dividends
paid without very great expense.
Some Of the defects OF the law. how
ever. have been noticed and the referees
in bankruptcy. through a committee. have
recommended TO Congress several amend
ments to the law. which amendments are
now before the Judiciary Committee Of the
House OF Representatives.
In the matter Of discharge the law as
II at present stands is quite defective.
and comparatively few discharges have
been refused. as it is almost impossible
under the existing law 20 show acts Of
that kind which the law itself prohibits
II is now proposed 10 amend the law In re-
latiOn TO discharges by adding additional
objections which may be urged TO prevent
a man receiving his discharge. Among
these is d materially false statement in
writing for the purpose Of obtaining prop
erty on credit by making fraudulent pref
erences. While preference Is ar act Of
bankruptcy, yet IL has not heretofore been
an objection to a bankrupt's discharge. A
preference, however, may often be inno-
cent, and II so should not be a bar to a
discharge The amendment therefore
contempiates only a fraudulent preference
as an objection to a discharge. The bank
rupt, however. MAJ meet this objection if
a fraudulent preference is surrendered
within ten days after demand by a receiver
or trustee
Another amendment relating to the
discharge is that where a man makes
fraudulent transfer Of any portion OF his
property 10 any person a discharge nay
be denied HiIn. Another amendment con-
templates the prevention Of the dis
charge when the bankruptcy is due 10
gambling. Those who are familiar with
proceedings in bankrupt courts know that
many creditors. when examined. have
stated that their losses were due to gamb-
ling, The extent OF the gambling must.
however, be of such q nature as to ma
ierialiy conduce to the failure. and the
amendment contcmplates such an ex1ent
OF gambling as has materially contributed
to or brought on the bankruptcy. II
tnls amendment should pass definition
OF gambling by the courts may become in
terestinS. and the question NAV arise
whether dealing in stocks or margins may |
not bring the person dealing within the |
OF this section il ne he
comes a bankrupt
Another amendment suggested as 4 |
prevention for discharge is previous dis |
charge in bankruptcy The Euglish act
denies discharge to a bankrupt who has
been previously discharged. The present
however. is not so severe as |
this. as II cOntemplates that after six
years a man may be again discharged.
Another amendment relates to the de- |
OF books with a view 10 conceal |
Ing a financial condition. and the sec
ton relating to this will be amended so |
rs to read that the discharge will be re-
fused where a man with fraudulent in |
tent to conceal his true financial condi- |
lion and in contemplation OF bankruptcy |
since the passage OF this act DESTROYED |
or failed to keep books OF ae- |
count or records from which such eondi- !
ton might be ascertained Anoth r
amendment in this connection relates 4, |
The time within which a man may apply |
FOR his discharge. The act allows the ap- |
plicatiOn to be made after thirty days
from his adjudication The amendment