Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1842-02-05

ns. Mrs. SUMNER LINCOLN FAIRFIELD, who was
yesterday advertised by her husband, is dong an
she can 10 maintain herself and famiy-ana ought
not 10 have been SO treated as she was.
siagular Operations under the Hs"Hr
Law-Newspaper Advertising.
The SINGULAR effects already developing them
selves under the operation Of Inc new bankrupt
LAW. has compeed the " Courier and Enquirer" to
nttemot defence, and to give the most plausible ex.
nl.os,;oo Of the reasons and the results. With
GOOD deal Of TACT that journal seeks to shelter its
cau.e under the respectable skirts Of the United
States Judge for this dsirict--but we cannot allow
,ai The purity the reputation, the high character of
thsse excellent and venerable functionares, are to
be mixed up with the strange results that are already
showing themselves to the public mind by the opera
ton of a half made-up law, enacted in haste by
partizan Congress.
The first point in controversy is in regard to the
propnety, Justice and expediency of "Rue TO-"
under which the Courier and Enquirer has been ap-
pointed the official journal-the second point is In
reference 10, the expense incurred in the advertis-
ing, as directed to be executed under he rule
With regard to the first point. The letter and
spirit Of the Bankrupt Law would seem to Indicate
that these publications should be made at the least
Now in what class of newspapers could this require
ment of the law be best carried into effect We
contend that that class Of newspapers denominated
he " cash papers," were the only proper channels
NOT only for the advantage of both debtor and cred
tor but also 10 carry out the intentions OF Congress
1t will not do fer the Courier and Enquirer to argue
that his Glass Of papers" were not known to the
law-or were overlooked 'for reasons easily imagin-
H.
ed In point OF circulation, characte r. energy, po-
pularity, and real public utility, it is we'll known
that the cash papers" are far superior to the Wall
street press In circulation the cash press stand
t,co 10 one-in purity of character and in moral
siaciple, they are far ahead of that class of jour
mails that have advocated all the corrupt financial and
political systems that have caused the evils of the
day.
Neither will it do at this late day, for any public
functionary to pass them by with sneer-"they
penny papers" If price isany criterion of res
pecability or value, the New York Herald is leas
on par with any Wall street print. The price Of
the latter is $40 per a.num for large sheet-whie
the Herald is sold at the rate of seven dollars TWEEN
ty-ive centsa year for smaller sheet Our aggregate
circulation is nearly much as the ichole seren Hall
street prints tossther-and this circulation is more
nslVe-MOIc uScO-HlOIc
real business men-more among the debtors and
creditors, throughout the Union. This extraordina-
Ty circua,ion-nearly 3O,oOO-has grown to its pre-.
sent magnitude in less than seven years-amidst
every species of opposition and gross abuse-by
the establishment of system Of enterprise cost
ing us $4,000 per annum, in corps Of re-
porters, editors, writers, correspondents and ex-
presses, perfectly unique and indispensable. The
T-l.. i'll
and they have leng since began the withdrawal of
their confidence and patronage from the Wall street
prints, aud are daily and weekly entratng upon
ne cash newspapers in all our large cities.
1t will not do therefore, for any portion of public
authority say that they do not cognize the ex.
istence of such class of newspapers They may
as well say, Eve do not recognize the light of the
sun at MONDAY" Olive have not the homer Of
an acquaintance with the next moon, let her shine
ever so bright-and we cannot avail ourselves other
heht-we stick by the time honered and venerable
corporation oil lamps"
But this is only a small and immaterial point in
the crowd of objections raised to the mode Of pro-
csedings under the law. Go to the next.
II is admitted, by the Courier and Enquirer"
that the esst of the advertising alone under " Rule
20" is exactly S34 so. The movements, consaa
lions and negotiations which resulted in this rule,
appear to be shrouded in great deal Of mystery, |
which requires future development. We do not |
mean to unravel this point at present-we leave ii
for clearer weather. 1t is sufficient for our purpose
now to take the fact admitted and to chow that the
rule OF advertising utterly hostile to the spirit and
intent Of tht law. In no couuuyls the poor bank
rup thepropery that his creditor expects TO get,
saddled with such an enormous and unnecessary
outlay. The requirements at the law ought to have
been confined TO single notice in newspaper Of the
Largest and most comprehensive circulation IN each dis
GSct. The law, indeed, admits notice three times,
but every subsequent notice. and particularly to the
extent which is directed by "Rue TO-" ia SO much
of the property Of the creditor thrown away useless
H-and in some respects illegally.
Only look at this rule in practical point OF view
Ii was estimated by the Hon. N. p. Talmadge, that
the number of bankrupts in the United States were
10000. If each, therefore, can avail himself Ct
this law, under like rule, the expense OF adverti-
sing alone will reach the enormous sum OF seventeen
millions, ,,oo hundred and fifty thousand dollars, TO be
taken from the ef1ects.oi the bankrupts. II. again,
we add to this the expense OF lawyers and attor-
mics estimated on like scale, their sixty-ive items
of fees at S65, 80 each-IT WILL GIVE Us THE
ASTOUNDING SUN OF FIFTY MILLIONS OF
DOLLARS, for the simple expenses of lawyers,
fees and newspaper advertising, in carrying out the
provisions Of the Bankrupt law, under the present
rule Ia such case, what will be left for the
creditors for the poor creditors, as they may well
DE called They may receive the upper and lower
shell Of the oyster-and that is all. Oh, most lame
and impotent conclusion!
II may be said, it is true, that the estimate of
bankrupts, on the authority of Mr.. Senator Tall |
madge, 10 exaggerated-but admitting it is SO, the
injustice of the law-its utter absurdity, and the
onerous rules Of proceeding, remain in full force,
whether there are 800 or $4,000 bankrupts. The
rights Of creditors completely sacrificed. in or.
der to make business for few lawyers and editors,
and snguiarly enough, in instance at least, the