This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
The Constitution of the United States1 gives to Congress the power to establish "uniform laws on the subject of bankruptcies throughout the United States." Under this grant of power Congress has enacted four distinct bankrupt acts which have been in force altogether only twenty-one years since the foundation of our present government.2 The present bankrupt act took effect July 1, 1898, and was amended February 5, 1903. The Federal Bankrupt Act of 1898 is constitutional.3 A discharge given under the act of 1898 is valid throughout the United States.4