Page:Federal Reporter, 1st Series, Volume 5.djvu/724

 712 FKDEBAL REPORTER. �haps, for this very reason it assumed the form of their joint obligation. I am satisfied he was not liable, as principal debtor, for two-thirda of the note, and therefore onlyone-third will be reckoned against him in determining the question of bis discbarge. �. The next question is whether the assets must, in f act, pay to the creditors per centuni to entitle the bankrupt to bis dis- charge, or be only equal in value to that amount, whether upon distribution the creditors realize that sum or not. I had occasion once before to examine the authorities on this subject, and felt the embarrassment of the conflict of opinion among able judges, familiar with the law from its commencement. I am of opinion that Judge Hopkins' views of this question are most in accordance with the probable intention of congress. It is ail a matter of legislative intention, for congress could ar- bitrarily declare the circumstances underwhich the bankrupt may be discharged. The first act said the assets should "pay" the amount specified, but the amendment said only that they should "he equal" to the amount then fixed. I think the sig- nificance of this change of phraseology cannot be destroyed by any judicial weighing of the words used, and finding them equivalent to each other. At ail events, I adhere to my former ruling, and hold with Judge Hopkins and the judges agreeing with him In re Kahley, 6 N. B. E. 189, notwith stand- ing my respect for the other learned judges who have differed with him on the point in oontroversy. Bump, Bankr. (lOth Ed.) 737. �The next question is as to the time when this estimate of value is to be made — whether at the date of adjudication or the date of the realization of the assets by the assignee. The question is presented here under a peculiar state of faets, and the interest of the subject has been heightened by the ex- haustive and thorough arguments of counsel, who agree that no case has been found adjudicating the question as it now arises. If the exact amount of the bankrupt's debts be ascer- tained on the day he was adjudicated, and ail interest after that time be stopped, the gross value of bis assets by actual resuit will be equal to 30 per centum of the debts; but if ����