The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-02-02

NEW 1ORA I1EnhLD.
New York, "wednesday, February 2. Iss@.
In Bankroptcy.s-E -
will be by the following Directions Of the Rules
OF the United Circuit and District Courts OF New
York in Bankruptcy, in what manner petitioners may
proceed and that their frs; step, can be be-
lore one Of The CommissIoners The following rules are
i-The name Of the petitioner must be subscribed In
fui in the presence of the officer before whom 1t pre-
ad-Thc of the Attorney for the petitioner must
BE- endorsed thereon.
aaEvery separate paper annexed to- or
with the petition and application mus, be also So %
by the petitioner before the Officer to whom NY @
presented IN the manner as is direesed III TIC Gag
ath-Fng petition and the other papers SO prePsred
certified and retained to tAe Clerk OF the
s,hrhe snnlcsns Will perceive ha their petitions,
ana all other papers be subscribed by them must be
signed in the Presence oil the 0'ef WIZ WAC
New York, Peb LIST, 1912.
m COMMISSIONERS IN BANKRUprCY-rhs
f-ommisrons rs will be qualified and attend to their du
dies This MORNING, Feb . siier o'clock, at their
JACOB RADCLIFFE. g-
sTLvANUs MILLER, la Broadway, corner of ce.
OGDEN EDWARDS, II Cedar, corner Of Nassau.
JOHN W. MULLIGAN, 81 John, opposite Dutch
JAMES STRONG, 45 william street, next door to the
Leather HsGufacturers' Bank
WILLIAM w. CAMPBELL, - John street, ne,t
srErAgN cxMBRELENG, 20 Nassau street, Law
buildings.
New York ebrusry J, isla.
Closing Scenes Of the Great Rcvuision-The
Bankrupt Law In Ore-ation-Einal strux-
giles q the Paper Credit System over half
the United States.
We are at length at the beginning of the end"
This blessed and beautiful day, the new Bankrupt
system goes into operation, which, taken IN conneo-
ton with the errors of the banking system, as prae-
ticedto great extent half the republic, Will
produce one of the mos, remarks able, moral, civil,
financial and potica! revolutions that ever took
place for lie restoration of the morals and health OF
any cosntiy.
In ali the commercial relations Of individuals, the
bankrupt system sweeps away half the power Of
State legislation, and gives II uniformity and an
extent that communicates to Congress power oil
civil Capitalization almost amounting to a political
revolution in the action Of the different elements Of
government State courts aud State legislation, so
far as the settlement Of important debts are con-
cerned, are heEceforh annuled and blotted out OF
existence This operation Of the law Is OF Itself a
great revolution but when II is connected with It's
effect on financial afairs, and lis indirect influence
on thel banking system, its ultimate results are n'
calculable
At this moment, the paper system-the si pended
banking pcwer-is in the last thrces OF existence,
from Philadelphia to New Orleans. Two thirds oil
the banks, and two-ihrds Of all those commercial
cases connected with them in their rogueries, will
be reduced to bankruptcy and healthy state OF ru-
in. The banks themselves will go out Of existence
like Pickering lights in the socket-hc individuals
will rise into future prosperity aud usefulness,
through the operation Of the Bankrupt Law.
Our accounts from Philadelphia, Baltimore, Mo-
bile, New Orleans, Louisville, and Cincinnati are
most melancholy and hear rcnding in respect
most sheering:and encouraging in others. The only
gre spot without blemsh in the desert Of general
revusion in the south and west, is in Charleston,
where his banks preserved correct and honorable
policy. Every other city and Stale that followed
the pelnicious financial doctrines OF Philadelphia,
will end in ruin and distress, Pennsy lvania s do
ing. New York, and especially New Ensand, are
preserved from the last throes of this revision, in
consequence of the wiser management Of their
banks, and their hostility TO the irredeemabe paper
system. Sail the States north OF the Hudson will
feel indirectly the distress originating in those dis
tricts south Of its shelving shores.
The process Of this revulsion, and Of the Bank
rupt law in conjunction with il. is still healthy ope-
by the past errors in the management Of the
curreacy-bui the only remedy is that which
has now begun. Let all banks that cannot act
mp 10 the great principle Of sound curren-
cy, poyire specie demand, wind up their af
fairs and go out of existence at once. They
leave roon and business for the sound banks to go
on, and TO se-organize affairs. L.; all merchants
oil iTsders-who 10 depressed circumstances
take the benef, Of the benign law-Yub out and be-
gin the world again, on better principles than have
prevailed for years past, Let all this be done, ard
this goror republic can recover itself in aew shor.
years. Lock at the annual productions of The ma
tion exhibited in the na,ioral statistics, we have
published for 1910. No country no peo ple-need
despair the. possess such lands, and such yearly
produce. II financial affairs, never depart from the
principle that paper currency should always be
payable 10 specie on dcmand-in commercial mat
ters, shoE credits, unwearied perseverance, and
grand syste Of book keeping and accounts-an in
social affairs economy, cheapnes, and the absence
ef ali display, and all hazardous expense.
Thcse are the principles that ought to be incuca-
ted Ia these latter days. joe Smith, the Mormon
prophei, il ne. far wrong.
DecrcA LaRDSER BosroS This distinguish
ed philosopher is getting more and more popular in
Boston. Last Saturday at the fremont Theatre, he
had an audience of 1000 at 81 per soul-many OF
them ladies, worth 5000 a head. lie cleared $500
for tina, nigh. only The moralists are beginning to
soii.
MoRS FArEEs AND TusSxs.-Adams Il Co. OF the
Express Lice, brought to yesterday over the Hou-
saton.c Railroad, in seventeen hours, the Albany
Jourus! OF Monday evening-more than half do
zcs hours N advance OF the other routes And Harm
den a. 90. sent Us Boston papers in advance of the
mail
Tur CoExoS CouSciL meet in join; ba lot this
evening at 3 o'clock.
The Young Mems Democratic General Com.
sHsffce met Al Ia muanx Ii all a,sls.,