The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-22

Israel Corse, Joseph Hopkins
Thomas Lawrence, Gideon Tucker,
Samuel Thompson, Henry Remsen.
Zebedee Ring, John Congor,
Henry Rell, Russell 4 Glover,
Judah Hammond Andrew Lockwood,
James hariott, George Smith,
C b Archer, Richard Carman,
Alexander Ming, jr, Charles Yates,
Robert Smith, James Wells,
George Doughty. waldron Post.
Mr.. Stevens thea nominated the following gentle
men as Secretaries:
Ulysses d French, John Crosby,
Phillip Peltch John Ahern,
George Haws, Cornelius v. Anderson.
Mr. JOSEPH s. BoswoRrH then addressed the meet
ing vi considerable length aud with much elo-
quence. He retuted the various objections which
had been urged az aiAst the Bankrupt Law and COG
Guided by moving the following resolutions, which
were unanimously adopted with the greatest enIhu-
slasm
Resolved That the great depreciation in the prices OF
almost description OF property has SO changed the
relation betw debtor and creditor, to reader law
for tho relief Of Bankrupts aAd for ias Sa1lsSAqS
necessary.
Resolved. That Congress- under the powers granted
ey the constitution having secured to tho People he
United States sy stem Of Laws for the regulation md
relief OF bankrnps and insolvens debtors act pass.
cd at the extra session OF Congress, entitled An
establish Hniiorm system OF Bankruptcy throughout
the United states ought not to be repealed post.
poned
Res0lved That although the existing Bankrupt Law
may not be deem ed perfect il justly alleged
that it was hastily adopted inasmuch previous to its
OF that measure fully discussed by press by The
people, and in Congress, for period Of nearly
years during which time all the arguments now urged
In favor of its repeal fully considered and deemed
OF but little Importance when weighed against the great
and manifest benefits which fail to result the
public at large from its bcneiGiaI ope rations.
Resotped That OF all the remedies proposed to revive
the commerce. resussitae the industry and give ne
life to the great agricultural and manufacturing into.
rests of the country, look upon existing Bank
rupt Law the certain, because it will result in
separating the solvent from the insslveRt portion of the
community.
Rssoired, That in the opinion of this meeting said
law should be allowed to into operation thereby
storing the country the enterprise and energies
Of large number of active and intelligent men, whose
misiortunes have placed them in position of hopeless
dependence and deprived them OF the opp0rt Of
rendering their talents available either to
their country.
Resolved That there is indication that the people
nave become more adverse to ageneral Bankrupt Law
since the adjournment of the extra OF Congress
but on the contrary, avery large portion of Tho
were then opposed to the enactment OF any Bankrupt
Law have snce united with its advocates in vie wing
arepsal by Congress before going into operation
10 whom relief has been guaranteed solemn Legis
lativeact.
Resolved. Therefore, that the repeal or postponem emit
oil the Bankrupt Law would be in violation of the plight
ed faith Of the nation, in opposition ts the clearly ev
pressed wish OF great majority of the people, and Sc
rlousy Injurious 10 the prosperity and welfare Of
country at large
ResOl'sd That this meeting fully concur in the reso
luton offered by the Hon b. F. Butler, at the meeting
in the Merchants Exchange the 18th inst-to wit
Resolpea, That while we deem it Of justice
and Pecy, as well as oil humanity in the existing
dition Of our country to provide for the relief u
fortunate and honest debtor and for this other rea
sons oppose therpsal suspension of the law under
consideration, nevertheless believe that the great
benefits to be derived from well digested Bankrupt
Law to be found in its preventive Influence on the
contracting debts and in the permanent settlement of
the relations OF debtor and creditor and that there
fore consider it Indispensable that all expedent safe
guards should be established to prevent fraud and
that full prsteoton should be given to all just credit
ors and especially to the Baking corpora
tons and that the present law, far defective
act in such manner as to accomplish these desirable
eaas, but without being repealed or postponed.
Congress to establish uniform Laws the subject OF
Bankruptcies Throughout the United States .
That by toierating such great diversies exist
the laws of the several States the subject great
injustice 10 done to both the debtor and creditor
to the debtor because no ultimate relief is afforded to
him. however complete may be the surrender of all his
aud to the creditor because adequate pIotec
ton is provided against the devices of fraud.
Thata Bankrupt Law, in order to IMPORT with the
Constitution must be uniform In its operations through
out all the States and ell persons natural md ar
cia and to be beneficial only saord relief to
the honest and unfortunate debtor hut must be able
10 enforce from all corporations well the
performance OF their obligations to the OF their
ability.
That in enacng the present Law, Congress has pei.
formed only portion of its duty and it remains for that
body to perfect the york it has begun and by adopting
the necessary amendments as supplementary bill,
make its operation extensive it shall be beneficial
Re,oired,, That the proceedings of this meeting be
forw arded to the President Of the United States Also
the Hon. Sas Wright and Nathaniel p Talmadge of
tbs Senate Of the United States also Representa-
tives in Congress, the Hon James J Roosevelt. John
McKson, Fernando Wood and Charles @. Ferris, re.
guessing that The same may be presented to the Senate
and House Of Representatives.
HAMMoSp M. RoMAYSB, Esq. then, in obedience
TO the loud call of the meeting, rose and made
very eloquent SPEECH. He argued at great length
that the Bankrupt Law was IN strict accordance
with the municipal laws OF the Governor OF the
universe, whs had uttered the most awful denunca-
lions against the oppressors Of the poor and unfor-
tunete--whe had declared that the debtor " no was
unable 20 discharge his debts, should De set free and
afforded an opportunity OF fulfilling his obligations
Mr. II. concluded, by declaring that if the govern
ment Of this cOuntry repealed the law, they would
incur the righteous indignation OF merciu
Creator.
There were then loud calls for Col MiNo, and that
gentleman accordingly rose and spoke very forci-
bic manner Tor about ~ minutes he contended that
the law was alike constitutional and expedlent. He
showed that II was in perfect accordance with the
spirit OF the Constitution, and ca culated 10 carry
out the benevolent and wise designs OF The trainers
of hat sacred instrument MIR M also replied 10
the objection urged against the Law that II violated
contracts; ana concluded by an eloquent appeal TO
the mechanics and working classes, whom he called
on, to support in their hour OF trlal. the men who
now abored under the pressure Of debts contracted
in the pursuit ut lauuable enterpr SEES, which had
given employment to immense numbers OF the labor
ing classes, the bone and slnew Of any country.--
Our limited space prevents us from giving even
meagrc outline OF this speech, which was received
with great applause
Mr. JAMES s. TuAYER then addressed the meet
ing He commenced by saying that poweriui ar
guncni in favor of the Bankrupt Acl could be drawn
from the tact that nen Of all political parties had
united their voice against the repeal Of the law.
lie dwell, az length the circumstance that the bill
was sought TO be repealed without fair trial being
eiierded To It. Congres IS, he contended, had ample
power to pass the law, and indeed Its opponents had
shifted their ground and longer said that the law
was unconstitutional, but inexpedlent. Reference
OF
cot answer TO that futile objection. 1t was easily
seen that the trainers oiherconstution had foreseen
day OF commercial calamity might visit this land
oil eaierprslng industry, and sctuated by elevated
feelings oil beaevolence, had made due provision for
the application OF an adequate remedy, whlcs would
hit heavy load from Thousands of honest suffering
hearts The question had been amply discussed in
and out OF Congress, had been passed deliberately;
| and surely, if there was any thing in the nrincio,e
OF democracy, tins afforded evidence that the Jaw
met Toe wishes OF the pc ople and wAs al ,n,nd IN