The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-12-26
Repeal OF the Bankrupt Law-Private Re-
-pudiation-Assets and Liabilities OF James
w. Webb, . Certified bankrupt.

w. Webb, . Certified Bankrupt.
We give to-day, in another column, very SPLEEN
did list OF the liabilities and assets, as distracted
from the schedule of James Watson Webb, editor
OF the Courier and Enquirer and now on file IN the
United States Court of this district This report is
extremely nch IN practical philosophy politics and
NANCE II indicates most truly the practical ope-
ration OF the present bankrupt law, and may afford
some information TO Congress that may enlght
them on subject which is now up for a repeal
By this report, it appears that Mr.. Webb was one
OF the largest operators in stocks real estate poll
tics, ppe-laying and papers, that ever appeared in
THIS country There has been degree of magni-
tude In his operations, that rebounds much TO his
credit. In his schedule, there are no petty debts
due his butchers, his bakers, his schoo-teachers-
his washer-women, his grocers-or his boot blacks
All these have been honorably discharged. Blu,
the way ne sticks 1t into banks, brokers' Trust com
panles, politicians. pipe layers, and sporting charac-
tiers, is caution TO all sinners. Among these, we
ind the Bank of the State of New York-the
National Bank, New York-the Baltimore Trust
ComPany-the North American Trust Company
and above all, the United States Bank of Philadel-
phla, which alone has been bled TO the tune OF
$4,000. This is noble game for Colonel of "the
regular army" and he has bagged the latest grouse
OF the heath in great abundance. But he never
ought to have left his type maker his paper maker
his ink maker, his foreign letter writer, unpaid
This, at least, is small business-and although not
so bad leaving his grocers bill unpaid, of which
he is guitess, il is yet too bad for the Irregular
army"
The romantic hist DRY Of Webb can be seen IN
this curious schedule. He has tried every kind of
life. and seems to have abandoned all IN turn Blood
horsescountry houses farms Texas lands, stocks
-poudrette-ppelaying have all engaged his atten-
ton; but what is singular, we cannot find speck
OF pety IN all his liabilities, nor single bible or
prayer book among his assets. 1t is curious also to
remark that about the same period, when the explo-
sion about Glentworth took place in this city,
Messrs. Blachtord and Bowen advanced him the
sum OF 81, 800, for which he gave his note and
which is now in his schedule as debt that, of
course, will not be paid till the millennium begins
to dawn in the east Put that and that together,
and touch of your arithmetic.
Another singular coincidence strikes u.s. The
violent outbreaks upon the Herald and the assump.
ton OF extreme morals by the Courier and Enquirer
appear to have been contemPoraneous events with
certain loans and certain moneys never to be paid
till the day ofjudgment. OF course this is all fair
and right, and does not look at all like black mail
We have no disposition to find fault with so excel
lent schedule-ad document that furnishes an index
TO the course ofthe Courier and Enquirer for many
years past.
This is truly remarkable case, and points to re-
markabe conclusions. The Courier and Enquirer is
the great antagonist of State reputation, and is even
favorable TO he assumption of State debts by the
general government. We would ike to ask the df-
ference in moral principle between State reputation
and private r,pudiation! A few years ago Mr..
Webb was the sole proprietor of the Courier and
Enquirer establishment, which has always been re-
presented TO be clearing from $40 900 to 2 900 per
annum. BY what mysterious process did Webb
give up this proprietorship, which, if properly con-
Quoted, would have enabled him to liquidate in
few years all his debts, and thus to avoid
the specimen of private regulations which he has
given! Can he answer this question How can
he, with such a schedule before the world talk any
longer of reputation, or character or reputation of
any kind. II we had perpetrated half the repudia-
ton that he has done, what would he have said
of usl
1t will be from these and other palpable
facts, that the bankrupt law has thus far served the
purpose only of a law for private repudiation-a
law for the abolition of debts, without the consent
or concurrence Of creditors. We do verify believe
that two-thrds of the present distress has been
caused by the operation of this law In the
present instance see that nearly $l0O, 900
of the property Of banks and trust companies,
belonging ultimately to the widows and orphans
of the country, have been thrown away upon
parsonage who wasted it on blood horses, fine
country houses, costly dinner parties, farms in
the Wristbands in Texas-and all sorts of folly
and extravaganza. 1t is in this way that the sober,
industrious, hard working people of the country,
have lost their property through the agency of
banks snd Trust companes-by whom it was lavish
ed upon politicians, editors, and Spectators of every
kind But not only is this evil perpetrated but the
same persons get up clamor, procure the passage
of a bankrupt law-wipe off their debts, and then
set up for the leaders in respectable socety-the
patrons of morals-th the cynocures OF the age-and
the very glass Of fashion and mould of form"
All distinctions OF moral right, and wrong are thus
broken down, and the truly honest man is the most
despised of the whole community in such facti-
tious state of society.
We are certainly on the verge of some great
revouton-thngs cannot last long in their present
condition.
CLEANING THE STREETS BY CoNTRAcT.-We dis
cover that the city corporation of New York have
finally determined to put the sweeping and cleaning
OF the streets out TO contract for period of FIVE
years.
This is measure of vast importance to the citi-
generally; and the proper disposal of the
tract to suitable person depends to great extent
the comfort and health of the people.
To fulfil contract of this magnitude in the best
manner, requires the right sort of man. He ought
to be responsible, enterprising and industrious; Of
sound judgment and ready tact; and one, who
would under all circumstances scrupulously and con-