New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1842-01-11

j.
tween Governor Seward and the Executive ofVugina
in relation to the :etaator law Of State First
Page.
II For a notice Of MIR. o. a. 5towason's Boston
Quarterly for January, Fun il the Legislature sf Ala
bama, notice of Sermon before the Pre-Me!!caial
AdvertAssoc;stion, &C., see First Page.
p CIrlzgss OF NEw-YoRK should we not
hold a great Public Meeting to demonstrate against
the Rcpea! of the Bankrupt Law BE nos de-
ceivcd There IS imminent danser NET lie Lar
4ctN be repeaiea arithin ten days. unless the Press
dent shall resolve interposc his Veto. Shall
New-York sit tarnely by, and see this great Ma
,;onal nischic! accomplished There is nota day
10 be lost!
TIE BASKRurr LAw.-Among the commune
cations we received yesterday WAS one protesting
against the Bankrupt Law, on the ground OF ITS
alleged tendency force vast amount OF property
into tho market and cause it to sell at ruinously
low prices. The writer processes TO be favorable
10 Z Bankrupt Law under favorable circumstances
with good sufficient currency, prosperous bust.
ness, &c-but now he thinks it would DO Tast
mischief Let Us consider his objections:
The Property OF the Country IS held by peraons
in various circumstances, bu: who, with reference
to this subject may be divided mo three classes:
l. those who are solvent and pay their debts when
due, or a, soon thcreat:cras payments demanded ;
@ the avowedy insolvent; and 3. those who cx-
poet ultimately TO be solvent but who cannot pa
when they should and are continually fighting oil
executions. Now the property OF the first class
cannot of course be touched by the Bankrupt Law,
while the second class is willing and anxious to
surrender all they have to all their creditors ant,
take discharge from farther legal liability. SO
far then, there is no objection. But the class who
debts and do not pay thcm--wl.o get y.laws
and valuation law. passed in their several States,
and who resort every cxpcdicnt to fight OIL their
creditors from day to day, hoping that Property
will rise or affairs take more favorable turn-
what of these We say frankly and ut once, their
property 6elongsto their creditors, and these crcdi
tors have right TO Judge how long it shall remain
as it is, and how it shall bo sold. The man
who cannot pay bis debts, and who has fought oil
bis creditors two or three years already, has no
right TO say TO ,hcm Wait a year or two moro
and money will be more plentiful and prices i'm
prove It's for them to soy this or the contrary
The property in justice is theirs, not his. and should
be deal, with accordingly.
But should you have it sacrificed at half price ??
No: but who shall decide what is half price
Many have wasted half they had in fighting
of tho sheriff, and now the residue will not bring
so much as it would at first. The very fact tina,
there is SO much embarrassment and ltigatcd in
debledness prevents u return to a better state Of
things. While every third man is cxhausting his
ingenuity and his funds in stavng off executions,
there will be no settled, adequate Currency, no
fixed, liberal price. for Property; no general
Prosperity. Stay.laws, Suspensions, and all expe-
dients to prevent sacrifices of Property may be
suited to sudden emergencies but to erect them
into systemic talk q! cCntiuuing them unit!
prosperous times return-is the hcgh, OF ubsurdity
But will the Bankrupt Law lead to general
sacrifice of Property and depreciation Of Prices?
We are confident it will not! 1t may dispc the
illusions of some who fancy themselves rich be-
cause they were, and the sooner it does this
the better But the argument of eur correspon
dent that Property nusrbe sacrificed because there
is not money enough to bay ii, is prcpcsterous
buy one hundred millions worth OF Property in
the course of year! He speaks though it
would take one hundred millions, whereas il would
not necessarily require FIVE millions The money
is not to be taken out Of the country almost any
man who receives any Immediately invests it
again. The property has only to change hands 50
as to cancel existing debts Suppose there is in
nvowedly bankrupt-owin, 500, 600 while his
property will not fetch $4,000 His creditors
proceed against him, and sell his properly. But
will that necessarily dcprcss its valuc7 Will not
their interest be clearly the side Of high prices
Win not sctntcrest lead ,hem-sincc they can
have no more than there is-,o combine and bid
oft the property at high prices, kccpup It's
market value rather than have it sold low and
their debts extnguishcd without consideration
Clearly it will
In every light in which we view it, the Bank.
rupt Law appears TO us wise and bcncfcen,
MISUNDERSTANDING Justice to Creditors, allowing
Hope TO Debtors, vastly advantageous to both, and
making it The interest OF each to deal honestly BY
all No such safeguards against fraudulent inso
vcncy were ever before afforded in this Couutry
\ few creditors may possibly receive less than they
might otherwise be enabled to screw.ort of the u-
turc earnings Of their nsovcnt debtors; but they
will De as nothing compared with those who have
heretofore been swiAdlcd by dishonest ccmpro-
misses or 10y the running away or coacealuent Of
debtors who would chcerfulIv have given their MI
Ter discharge. The Country needs a proper Ta-
l'l 'oi the preservation OF It's Industry it .rccds
SOUND and unitorm National Currency, and VIC
nave hopes that both will yet be secured. But