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Show cnl vith tl2 r- ' t' ; - it 1 - : : ' rc; :t I v tl. cc:::itt(e to tie k'nate. TL? Lill t3 it r.; ; ..;r.j I - tL? r.;.te is EjoLit cLa:.?d; "Clau. 5, s ctha 2, cf tie original law, is charci fd to a::'A.: tl-? lur.iacr-i cf bankrupts bank-rupts to be conducts for limited periods by receiv-c:.i receiv-c:.i ia"the lest latere - ts of the estates. In definiE "wLb'niay 'become . I antr arts'', ,t!., amend bill provides: "Acy natural person except a wage-earner, wage-earner, or a person engaged chiefly in -fannies or the tilling of the soil, any unincorporated company and any corporation engaged principally in manufacturing, manu-facturing, trading, printing, publishing, miring or mercantile pursuits, owing debts to the amount of f 1003 or over, may be judged an Involuntary bankrupt bank-rupt upon default or an impartial trial, and shall be subject to the provisions and entitled to he. benefits bene-fits of this act. Frivate bankers, but not national banks or banks incorporated under State or Territory Terri-tory laws may be adjudged involuntary bankrupts. The bankruptcy of a corporation shall not release its officers, directors or stockholders, as such, from any liability.under tie laws of a State or Territory." Section 14 of the original law, as amended, pro-tides pro-tides that the court shall discharge the applicant under the law unless he has committed an offense punishable by imprisonment, as provided in the act; or with intent to conceal his financial condition destroyed, de-stroyed, concealed or. failed to keep books of account ac-count or. record from which the condition of his business might be ascertained, or obtained property on credit "from any person upon a materially false statement in writing made to "suc,h 'person for the purpose of obtaining such property on credit" As a fourth prohibition for the applicant's release this was inserted: "Or unless he at any time subsequent subse-quent to the first day or tha ftfur months immediately immedi-ately preceding the filing of the petition, transferred, trans-ferred, removed, destroyed or concealed or permitted permit-ted to be removed, destroyed or concealed, any of his property with intent to hinder, delay or defraud his creditor." The amended bill further provides that the applicant shall not have the benefit of the law if a discharge in bankruptcy within six years shall have been granted him, or shall he refuse to obey any lawful order of the court or fail to answer any material questions. Two new sections are added add-ed at the end of the bill by Senators Fairbanks and Nelson. One provides that neither . referee nor trustee shall receive from the court any allowance other than the compensation expressly provided in the bill. The other provides that the amended law shall not affect bankruptcy cases pending when this act takes effect. No honest man can object to the new bankruptcy act as outlined above. Only the professional deadbeat, the person whose specialty is evading payment of his debts, will oppose the amended measure. It is : to be hoped that the clogged condition of national legislation will not prevent the early consideration of the bill and its speedy enactment. , . - i - - I THE NEW BANKRUPTCY LAW. Judging by the communications from all parts fcf the country which are reaching the desks of United Uni-ted States .Senators, it is evident that there Is no subject before Congress in which business men are more interested than the proposed amendments to the bankruptcy act of 1898. Federal -Judges and referees in bankruptcy join the business men in pleading for changes in the law. They say that under un-der the law many persons have escaped just debts. In some localities'it has made endless trouble for credit clerks in wholesale establishments. A change in the present law is needed beyond a doubt. As the -act now stands, dishonest men are enabled to ctimize their creditors nnder cover of the law. But In amending the bill care should be taken that the interests of the honest man, who is pressed; down hx debt and wishes for relief in order to make a iw start in life, should be protected. In response TihP Dublic demand the House' last June passed I Jt is known as the Kay bill, amending the law of , The bill went to the Senate, but the session ' Jrinff an end, and that body did nothing with T ?ft e banning of this session the Committee Wiciarv to which the bill was referred, desig-fa; desig-fa; ri nitors Fairbanks and Nelson as a special 1 l :tX ! consider the bill. The two Senators r n.e Lcliday recess working on the bill, |