New-York tribune., 1842-01-14
The Bankrupt Law,
Grca, Meeting a, the Merchants Exchange

Illt BdlhIuPt Law
Grca, Meeting a the Merchants Exchange,
In conformity with TIE call published on
"Wednesday, a large and most respectable Meeting
OF the Citizens OF New York opposed to the Re
peal OF the Bankrupt law held al the Mer-
chants f.<charga in Wall street, yesterday 1.-TWO
o'clock, r. NJ. The great RoiunAa o! that build
ing .yas crowded to suffocation and hundreds, sp-
preached the doors VINO we're able to penetrate no
farther a spirit OF calm dciberation but OF ear.
mes, resolve peryaded the assembly and, viii
be seen by the proceedings below, prominent men
otboth political parties united in q strong and en-
thusiaslice effort TO stay the upitad arm OF Repeal
which threatens the best hopes Of desponding
thousands. We trust that this voice from the Me.
lropoh,au City--sent forth by her bes, citizens,
under no fayersEl excitcmeD, or impulse OF party
madness, but in the calm and deeply earnest spirit
produced by the shadows Of Overwhelming ca
lainity-will penetrate the Senate Chamber,
where rests our sole remaining hope, and cause
the men TO pause who would strike down again
with ruthless violence those whom they have but
jllst lifted from the depths OF desparing mis-
cry. We commend the proceedings OF this meet.
ins TO the friends of Justice and Humanity through.
the land. II they wisflto this most benctI.
cent Law preserved from the ruthless violence Of
awless hands--if they wish to see the gladdened
countenances Of thousands and hundreds of thou
sands of our honest. industrious but unfortunate
cllow-citzens still beanling with hope and manly
energy, instead of being covered by the breeding
shadows of dark despair-ifthey would restore TO
their won,cd life and power the crippled energies
of the whole country nows the time for ihcmts act.
Let remonstrances against this act OF unhaowed
cruelty and selfish ambition be poured IN upon the
Senate, until those who have been entrusted with
the powers of legislation for the best good of eve
ny class of the people, shall clearly understand the
will of those they serve, and learn that no motives
of political sclIshness will be allowed cheat and
betray them.
The meeting was called to order by CHARLES
A. DAVIS, Esq; and upon his nomination, JOHN
J. MORGAN, Esq was elected President.
On motion Of JouS l.. LAWRENCE, the follswing
gentlemen were elected Vice Presidents:
JOHN G. CosTER, SAMUEL COWDREY.
THOMAS s. MCCARTHY, ANDREW FOSTER, -
CORNELIUS DUBOIS, SAMUEL BRADHURST, |
DUNCAN c. PELL. GE0RGEGRlFFIN,
CHARLES A. DAVIS WILLIAM w. TODD
ELIJAH +. FURDY, WILLIAM BRUCE,
CORNELIUS J. BOGERT,p w. c. OI.YpHAN1,
HENRY HENDRICKS. MOSES II. GRINSELL,
SAMUEL Il. TISDALE, SILAS BROWN.
JOHN p SfAGG, JAS. IVAN ALLEN,
CHARLES KNEELAND, JAMES w. Otis,
DUDLEY SELDEN, BENJAMIN F. BUTLER.
Upon nomination of JoHS a. UNDERWOOD, Esq,
the following persons chosen Secretaries
SAMUEL. J. TiLDEY. BENr'S r. WISTHRcP
II. w. SARGENT, JOHN t. BRIGHAM.
s THOMAS w. GALE, EDWARD A. STRONG,
RITzEN SUCKLEY, WM. I. WHITTEN1oRE, I
JOHN A. MORRILL,, r. II. McCURDY.
Tie following resolutions were then presented |
f.r the consideration of the meeting
.ReSoired, That the character, reputation and per-
of the Republic depend upon the good faith
of its government and the justice and stability of It's
laws
Resolred, That since the passage OF the Bankrupt |
Law, nothing has occurred improve the general
condition OF our mercantile affairs on the contrary
business is depressed credit limited and public
iidence shaken TO its foundation both in relation to
individuals and Governments.
ReSolvsd, That the question Of the propriety of
Bankrupt Law IS II question of principle and not Of
party; question both of Justice and of humanity; /
of justice toward the creditor and OF humanity To-
ward the debtor and While these objects might be I
better secured by judic;ouS amendments of the exist
ing law every consideration of sound legislation pro
priety and policy forbid the idea=o It's repeal or post
p0nement.
Resolped, That in our opinion, all the amendments
tue present law may be made without
repeating the same or postponlns the time when the
same IS to take effect.
Resoiced Thn, in our judgement the commercial
embarrassments thar render Bankrupt Law ncCeS-
Sary We're chiefly produced by Governmental action,
State and Federal IN stimulating that excessive credit
from which resulted excessive debt, and that in
mon justice those that have suffered thereby have
right 10 demand ef Government, the exercise of its
Constitutional energies te restore them 10 that#po
sition in which they may be left free in the pursuit
Of happiness.
ReSolced, Tha;tle Constitution oithc United States
while it takes from the Leca Governments all power
of passing any Bankrupt Law, imposes upon Congress
the duty ot"eslablishng "unitorln laws on the sub
lect OF bankruptcies throUghou:the United States.
Rcsolce3, Thatwe doearnes:ly demonstrate against
the repeal of the present Bankrupt Law because such
repeal involves breach OF a virtual promise OF the
Government 10 that class OF cur citiLens who have
been unfortunate III business, winch no Government,
can do when there is extraordinary change OF cir
cuinstances wlthoot'orteung that confidence ana re-
spcct which are esse.tlal 10 the existence OF good
government; because the Viii the people and the
demands OF justice can be subserved and promoted
without the repeal and may be frustrated denied
by the repeal.
ReS0lsea, Ilatthe Senator'S and Representatives
OF the State OF Aew-Iork In Congress- be requested
10 uphold the 0r4nctple Of Bankrup; Law. and to
vote against the uaqaalined repeal or posponeraen
of that winch !, now III existence
The meeting was then addressed by Dudley
SELDgS, Esq. who said that he had considered the
whole subject involved in this question: and nc be-
lieved tito be the duty Of The people of this Civ
and Of the whole Country to require at the hand.
of Congress that this law should be allowed 10 90
into operations Ho admitted ,hn, il might con-
tain detects: but one thing was certain and he
Ssked every creditor notice 1t. thst the law pre-
serves for the creditor ali the assets of The debtor,