The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-14
The Great Meeting mt the Merchants lex
change, TO Oppose the Repeal of the Bank.
rupt Law.

pursuant 10 previous announcements a meeting
of citizens of all political parties assembled yeser
day at the Merchants Exchange for The purpose of
adopting resolutions expressive of their opposition
TO repeal of the Bankrupt Law. AAt two o'clock
the Roiunda was crowded by dense assenbace
amongst whom were large number of our leading
merchants and capitalists.
CHARLES A. DAVIS, Esq called The meeting to
order, and nominated JOHN |. MORGAN. ESQ.
for Chairman.
JoHs L. LAWRENCE, Esq, nominated the follow
ing gentlemen as Vice Presidents
John q. Coster, Samuel Cowdrey
Thomas S. McCarty, Andrew Foster.
Cornelius Du Bots, Samuel Bradhurst
Duncan C. Pel4. George Gritlep,
Charles A. Davis, VIM. w Todd
Elijah +. Purdy, w lillian Bruce
d, Cornelius J. Borgcrt D.. c. Olyphant
Henry Hendricks, Moses II. GripnelI
Samuel T Tisdae, Silas Brown
John p stage, James j. Van Allen,
CAals Kneeland, James w. Otis
Dudley Selien, Benjamin f. Butler
JoHN a. UNDEBwoop Esq nominated the follow
ing gentlemen as Secretaries
samuel j. Tilden, BENJAMIN r. Winthron
Il w. Sargent, John Tyler Brigham
Thomas w. Gale, Edward A. Strong
Rulzen Suckley, VIM. L. Whittemore.
John A. Morrill,, II. II. McCurdv
Mr.. MVr,S then addressed the meeting as follows
rhe meeting had assembledo express opinion ainst
the repeal OF the bankrupt law passed last extra
session of Congress. The proposition that law affect
m "
should be passed with all the forms deliberate action a,
session oil Congress and repealed the next was
certainly and startling one especially when he
government hy solemn act had held forth The word OF
promise TO large portion OF the citizens this country
which by the repeal of this law will be broken
The government owes 10 itself when il passes a law
of general character as this is TO maintain it's own
character of responsibility, to adhere that law un.
less there be found some radical defects manifested
its practical operation which demand its repeal. He
supposed there We're then present men, who enter
tanned originally very different views respecting this
entertained q had bee
asked previous sip3ssage whether he would
it. would without hesitation said no bee ause he
believed it HAD many nperecons; he believ ed that it
was not what Bankrupt Law oght to be, but if he
were asked now whether he would voe for he
repeal he would answer still more emphacay no
Because theinplied faith ofthe government, pied
ged in tina; law, and the government was bound,
IL it desired &c maintain that character for stability
which essential to the very existence of any 60
yernment and especially republican government, TO
maintain that law. Several gentlemen had met for the
purpose OF preparing resolutions 10 be submitted to that
meeting for its consideration and adoption. He should
not say that those resolutions expressed all the views of
All these gentlemen nor OF any one OF their number,
but they were unanimous in adopting these resolutions,
and 10 secure that desirable unauimity Of sentiment
they had made concessions and yielded up their pecu
liar derenceso OF opinion. He hoped the meeting would
act with similar orbearance and discretion and without
further obtaining them he would beg read the follow
ing resolutions
Resolved, That the character, reputation aud perma
nency of the Republic depend upon the good faith of
laws
Resolved That since the passage of the bankruptl
nothing has sd TO improve the general condition
Of mercantile affairs the contrary, business is
depressed, credit limited and public confidence shaken
TO its foundation both in relation 10 individuals and 60
vernments.
Resolved, That the question of the propriety of a
bankrupt law question Of principle and Of party
question both Of justice nd OF humanity OF justice
towards the creditor, aud of humanity towards the
debtor and while these objects might be better secured
by iudicious amendments OF the existing law every
siderston Of SQUAD legislation propriety and policy for
bid the idea offs repeal or pos,Ponement.
Resolved, That in opinion all the amendments nc
oessafy TO the present law may be made without repeal
ing the same or postponing the time when the
TO take effect
Resolved, Tha, in our Iigmsnt the Commercial en-
barrassmens tn q render aBAnkrnpLsw necessary were
chiefly proiucsd ~ governmental action state aud Fe
dersI in stimulating that excessive credit from which
resulted excessive debt, and that in common justice
those that have suf red thereby have right TO demand
ofgov, the exercise of its constitutional energies
to restore them TO that position in which they may be
lelt free in the pursuitoi happiness
Resolved That the Constitution Of the United States,
while takes from the local gov ernmens all power of
Passing any Baakrnpt Law imposes upon Congress the
bankruptcies throughout tho United states"
Resolved That We DO earnestly demonstrate against
tn repeal o the ptcscn, Bankrupt Law, because such
repeal involves bressh OF virtual promise OF the Go
veInmentto That class Of our citizens who have been
unfortunate IN business, which no Government do
when mere Is ~ extraordinary change of crcumstan
ees without oieng that confidence aud respect which
are essential to he existence OF good government be-
cause the will o. the people and the dem lnds of jus,ce
can be subServod aud promoted without the repeal and
may be frustrated Or denied by ,he repeal
Resolved, That the senators ana Representatives of
thu State OF NV York in Congress be requested 10 M
hold therr-,iP OF Bankrupt Law aud TO vote against
The unqualified repeal or postponCmcnt OF that which is
aow in existeSce.
The resolutions were adopted.
DuDLsY SeLpXN, ESQ nest addressed the meotinr-Ue
had been called upon hy number Of those no fslt the
deep interest IN he preservation ofhe Bankrupt Lnr and
hal acceded % he Requests to express his views this
occasion. H. considered the whole subj involved
in that lawhe had considered il csmnly and attentive
ly AMI he believed tina, the great interests Deepen ding
rpOn the relations Of debtor and creditor require that
th n las should be substantially continued aud belcy
ing that he considered it the duty of the people OF this
city and the country at large TO present their views
Congress- and request that the law should he continued
He did not intend 20 say that the law without defect
but ole tliag certain, and he asked the property
ana the creditors Oinsoventst take notice OF il
hat the law in all its forms shapes and provisions
for the creditor all the OF the debtor
wherever situated and the m ay be covered
up and that being secured 10 the creditor he appohcnd.
ed that was all that men could insist when their
debtors bee insolvent There different Interests
operating upon Congress calculated % produce ~.
versity OF from different sections OF the country
The meeting perhaps would be little surprized when
ijnnd thar the S5uth0rn states almo8' universally
prostraled either By the iolles msforuncs Of the
nms had u cousila extent exhibited them
m a aiulAdc hostile % this Law. But the reason
manitesti tee laws Of the7e states Themselves
iee9y administered thai the debtor il permitted
IN posssesson Of his pre- perry, whilst the crel;er
mains without H. nna hence in the South aud West IL
law, and the creditor. On the other hani i The
North and East, where The relations Of debtor an -c
to- vastly less disturbed the creditors all uaui.
moNsy or az least With few pptions believed taa "a
was Tor their interest II should be SURRENDERED and ne dis
charged II was only in ssch meetings as the present