The National Register.
London, England, 1823-02-24 00:00:00

de;*

INSOLVENT hit:Brons. copula.
THVISDAT, Fez. N.—A public meeting of the mer-
clouts, bankers. and tradesmen of the City of Londoti,
Ill( the purpose of 'r taking into consideration the ope-
ration of the present Inso;eetit Act, and the propriety of
petitioning Parliament for such a modification or repeal
of the act, as shall he deemed advisable," took place at
the Egyptian Hall, in the Manna' lluuse, this clay, at
one o'clock, when the business of the day having been
ripened by the reading ul the requisdial convening the
Hireling. the Itiltit Hon. the Lord NI Jew' %V 33 called to
the chair, %%Inch, lioveet er, he shindy afterwards re-
signed to Ald. Wood, to attend other mipottant duties
of his high office.
Alderman Bauwa then rose and observed. that the
olject of the present act was to relieve insolvent debtors,
and the Lantana' of such ham impri 1111111 l ent. Front
be King's Bench and Fleet Prisons alone 3,78 u int-
oners hsd been discharged wittliii the 15 mouths pre-
cethug Dee, 1831, whose debts amounted to 3 170,0001.
and the assets did tint average noire 'bait one hallpensty
in the pound ; it was with this circumstance staring
titans in the face that creditors are asked daily to sign
compositions, and if they refuse, are bearded with a
threat of taking the Itenefit of the act. Tue worthy
alderman then detailed the nature of the improvemet.t,
suggested, and read the petition, which we sal join :
To the Honourable the Commons of the United Kingdom of
Greet Britain and Ireland in Parliament assembled.

The Istuidde Petition of the undersigned Merchants, Bankers,
and Traders, of the City of London,
Slieweth—That en Act of Parliament was passed in the first
•rar of the reign of his present Majesty, iiiiituled An Act
tor the Relief of Insolvent Debtors it. Englund, to continue
in force until the fir►t day of Jone, 1825 ;" and that Reuther
Act of Parliament was passed in the third year of the reign of
his present Majesty, intituled, An Act to amend an Amt of
the fret year of his present Msjeity for the Relief of Insolvent
Debtors in England.
That the limited duration of each Acts spews manifestly,
that they were intended rather as an experiment to determine
the practical operation of their provisions, than as being the
result of experiments already made and valuable consequeuces.

already ascertained.
That your Petitioners humbly submit to your Honourable
Howie. that the said Acts have been sufficiently tried, and
that they have proved highly injurious to the country, Mar-
moth as Ilety have weakened that faith, and impaired that
confidence, which are so essential to the commercial interests
of Great itritain, have injured the fair trader, and have af-
forded facilities to the practices of the fraudulent and un-
principled.
That, in a country so eminently commercial u England, it
is almost impossible, amidst the competitiois occasioned by
trails, to be at all dotes wholly guarded against the designs of
Forums who contract debts without possessing the means, and
frequently without the intention, 44 payment.
That experience liu abundantly proved, that so far from the
honest but unfortuoate debtor having occasion to dread the
relentless persecution of his creditors, it more generally hap-
pens Mal imeolvents obtain their disaltarges without sufficient
Investigation, on the part of their creditors„ of the causes ut.
their inrolveemy.
That while your Petitioners disclaim all desire of pursuing
with severity those whose insolvency is occasioned by the ca-
lamitous-vicissitudes of life, and are solicitous that all such
should be shielded by the proteetion of the-law, they most re-
spectfully submit to your bon. now, that it. inessential to
the wail-being of the community, that effectual provision
should be made for the counteraction and punishment of dis-
honesty and fraud, and that the esistiug laws have proved in•
sufficient for that purpose.
That it appears to your Petitioners, that any legislative
enactments, by virtue of which insolvents may obtain a dis-
charge from their debts without the consent of any portion of
their creditors, must be destructive of commercial prosperity,
as thereby the honest creditot is made to bear the evil conse-
quences of fraudulent and improvident speculation, while the
unprincipled debtor entirely escapes from the effects of his own
dishonesty, under the protection of such enactments.
Your Petitioners therefore humbly pray your honourable
'loose, that the said Acts may be repealed, or that your Peti-
tioners may have such other relief from the evils occasioned
thereby, as your hoc. House shall in its wisdom see 6t.
Aod your Petitioners shall ever pray, tge..
The Ire • vas carriol intai iiiii oti•ly.
A resolution relocating Lord &thin-mill to present the
petition to the House of Lords, and the Right Non. the
Lord Mayor to the House of COIIIIIIIOIII,,WJS then agreed
to; and Ald. Wood having expressed his determination
to support the petition in his place in Parliament, thanks
were rued to the chairman, and the meeting was ad-
journed.