Rensselaer Republican, Volume 27, Number 36, Rensselaer, Jasper County, 14 May 1896 — BILL FOR BANKRUPTS. [ARTICLE]

BILL FOR BANKRUPTS.

House Passes fiOng Pending; Measure that Interests Trade. The House, after live days of debate, passed the Henderson bill to establish a uniform system of bankruptcy, by a vote of 157 to 91. The majority in favor of the bill was greater than was anticipated, owing largely lo 'the fact that quite a number of members, who desired only a voluntary bankruptcy bill, after being defeated, voted for the measure ns reported. The bill, as,ftassed, is based upon the Torrey bankruptcy bill, which has been urged before Congress for several years. It provides for'both voluntary and involuntary bankruptcy. Under its terms there are eight acts for which a debtor can be forced into involuntary bankruptcy, as follows: 1. If a persaft. has concealed himself with intent to’’defraud his creditors for forty-eight hours, i 2. Palled for thirty-days, while insolvent, to secureJtetjrelease of any property levied upon soy jjOO or over. 3. Made a transfer of any of his property with intent to defraud his creditors. 4. Made an assignment for the benefit of his creditors, 5. Made, while insolvent, a transfer of any of his property for the purpose of giving a preference. 0. Procured or, Jfhffered a judgment to be entered against himself with intent to defeat his creditors, and suffered same to remain unpaid ten days. 7. Secreted ang of his property to avoid its being levied Upon under legal proceedings ngainst himself. _. H. Suffprod-. while insolvent, an execution for SSOO or.over, to be returned “No property found.” The bishop of Bedford avers that the East London district contains a population of a million and a half, nearly all poor. From this, statement some idea will be bad of the vnstuess of the work the clergy are called upon to perform. The difficulty of raising funds for so great a work is very great. The .Japanese envoy in Corga has been instructed to J reqm*t, that Russian troops be detailed to guanl tne Corean palace and also that Russia appoint advisers to the Corean Government and military instructors for the Corean army.