Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-02-11

GENERAL BANKRUPT laAw.-lhe movement IN
this city, in support of the passage by Congress, of
General Bankrupt Law, continues to gain ground,
and an almost daily accession of strong and power
ful advocates. This is evident from the following.
which was handed to us for publication, yesterday:
We, the undersigned, are willing TO unite as a
committee for the purpose of calling public meet
ing of the citizens of New York, without dstinc-
ton OF party, for the purpose OF ascertaining the
of the public upon the utility of applying to
the Congress of the United States to pass General
Bankrupt Law.
John g. Coster, James G. King,
Alley, stanton ( Co. lioodhpe < co.
John Jacob Astor Benz, Aymar,
sSspbsrd KSi Knapp, sands, Turner, FeSSco
'eks ; co R Rsrns e, nSstrf s'ane'a
Thsas Phelps Phelps, J. I' H. bradh" Dst''" w.
Henry Yates, Grnne Minturn & Co.
Davis, Brooks < Co.
The above committee are particularly requested
to meet at the Office of his honor the Mayor, on
Wednesday evening, Feb. 18th, at six o'clock for
the purpose of making the necessary arrangements
connected with calling public meeting of the cit-
zens, the subject of the General Bankrupt Law
As we said the other day, all these movements,
in behalf of this measure, very well in their way
and useful so far they go towerds eiecting the
object contemplated. Doubtless, the passage of
such law by Congress, would be productive Of
great relief to certain classes Of society," including
of course, large portion of the mercantile commu-
will be able to reach the subject in the present state
of the country. 1t is even doubtful, whether they
will get through half the important business that is
now before them, before new president is chosen
THE ERIE RAILROAD SPEcULATIoN.--We under
stand that great preparations are making, by Sc
veral large Wall street SPECTATORS to get the legs
ature, at Albany, to pass law authorizing the State
to take that bad bargain off their hands, and to pay
them back the money they have foolishly expended
thereon.
Whether the broken and bankrupt condition Of
poor Pennsylvania will givea warning to the legis-
lature, at Albany, seems very doubtful. The Erie
Railroad will cost the State full ,OOO if not
more, to complete it, This sum, added to the pre-
sent debt and contracts for completing the enlarge
of the canal, will swell the State debt of New
York to $50, eco 900 or In addition to this
there the losses and defalcations in the canal
and bank funds, brought about by the ignorance and
mismanagement of Samuel b. Ruggles, and the finan-
cial clique here-so that it will not be fault it,
in two years. the great State of New York be moi
disgraced and bankrupt poor Pennsylva-
MIA What makes such things more wonderful is
the fact, that, with railroad opened from Har-
lem to Albany, we could, without adding dollar
to the State debt, have uninterrupted line of rail-
roads from New York to Buffalo, in less than two
years. Two thirds of il are now finished by pri-
vate enterprise But this policy would not suit the
spectators of Wall street, who tottcrng on the
brink of perdtion, and who will topple in, if
the State do not take their bad bargains off their
hands.
RACE FOR THE BANKRUPTs.-The packet ships
South America, Rochester, Hibernia, and George
Washington, now on the broad Atlantic, crowd
ing all sail for Liverpool, on trial OF speed The
great race is between the two first but the Hbernia
and George Washington come for their share
their own individual accounts.
The South America, Captain Bailey, sailed on the
Sd inst. with the of the utter bankruptcy OF
the State of which, if it reaches Eng
land first will be terrible blow to Mr.. Jaudon and
the whole batch of American credits in Europe. To
stave off this catastrophe, the Rochester, Captain
Woodhouse. sailed on the 5th, two days after, with
eight additional to her crew, with the intell-
gence that the State can, for the present, ward off
the explosion that will most assuredly take place. IL
Captain Woodhouse beats the South America he is
TO have, besides the wages Of the eight men, one
thousand dollars in cash from the United States Bank
as a reward for saving Mr.. Jaudon from ruin
1t is difficult to tell which ship will the
Atlantic in the shortest time Captain Bailey
ignorant Of the race, and therefore stands great
chance Of beating his competitors-for he will take
his usual route and make the passage in sixteen or
eighteen days. He has made it in fifteen days, and
beat the Great Western at the time. Captain
Woodhouse is a driving man, and has remarkably
fast ship. He has also thousand dollars to i'm
pei him along, besides picked crew Either
commander would cross the Atlantic astride flash
of lightning or in tornado. The race will, there
fore, be equal to that run by the famous horses
Eclipse and Henry. The probability is, that Cap
tain woodhouse will crowd on much sail as to
carry away all his spars, and perchance his masts
too. But Of the truth Of this we shall see.
While all this is going on, the Hibernia, Captain
Cobb, and George Washington, Captain Burrows,
both Of whom sailed on the 7th inst doing their
best. IL may be that these two ships will go ahead
Of the others, and on their arrival at Liverpool,
either Captain Cobb or Captain Burrows, will an
swer the question, when did you leave New
York; as Captain Fox once did, when he made the
a week ago last Saturday, and might have come
over in a week. but didn't"
THE SILK BUsISE ss.-After various trials for tn
space Of 20 years in New England and other States,
the silk business seems bursting up simultaneously
all the country. This is probably owing to
the miserable morus multcaulis spectators. Null
berry trees, and silk worms, and all other worms
must give before the resistless tide that has
Gently set in to sweep away every thing not based
upon sound morality, industry and honesty
o. HosE COMPANY No. explain the cause Of
81. h.. G..