The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-14

contain safeguard against fraud; no or the
relief the unfortunate. s true that on one side we
have Judgments creditors bills and 80 forth
to drain the last dollar from the debtor; but civilized
community ever invented such q miserable sheme
whether is regarded affecting the interests of the
debtor or the creditorsuch wretched plan
means to enforce just claim sgsinst dshones debtor
and for the honest but unfortunate debtor there is no
hope under Heaven (Cheers If turns II ief and
steals he has some hope OF relief from his suerngs he
60 to the state prison and out his time aud
matey get released. II a man commits a murder or q
rape he the end Of his punishm But for the
unfortunate debtor there is no endno relief the
grave loud applause and cries of"True by Heaven."
And as the law stands at present, man had bet.
ter be thief and steal, than be an unfortunate
debtor. For he can't start afresh in the of
life and industry while thief can lChers) No,
grave alone relieve him bile the State prison
relieve the rascaly criminal (Cheers One objection
to the Bankrupt Law has been that vast numbers would
appear before the community sound men, who in
atty were not Perhaps such instances may
cur But We are not to because the law is defective
IN one that that is icent reason why should
Banks ought TO be included. (Cheers) Very Well .
But have fears that if this law goes into operation
before two years. banks will be included in the sphere
Of its effects and operations. [Cheers for one, am
strongly opposed to wing Banks to be excluded from
tins can recognize no privileged class in this
because they not included in its provisions that
therefore there shall be Bankrupt Law till they
years. public sentiment will call out to include incorpo
ratons in il and wish to such law in operation
as shall include these corporations which now set all
this law goes into operation, will produce sort
OF universal jubilee, among the unfortunate debt.
ors Well, be 1t So loud cheers) l. for one, per-
ecly willing to see such jubilee. (Cheers) For
are told in that law which is divine in its origin, that
the Great Law Oliver ofthe universe in dealing out his
dpensations to his chosen people, decreed that every
fifty years there should be universal jubilee when
every debtor should be freed from his bonds and from
his thraldom. (Loud cheers) And say, Hail to the
jubilec-hail all hail that glorious advent which is
to relieve the honest unfortunate debtor from that load
which misfortune-or, if you will his own imprudence
has entailed upon him Enthusiastic cheeriBg) But
my fellow citizens, shall trespsss your patience
longer as my mind and my sentiments fully embo-
died in the resolution which now shall offer.
Resolved That we do not consider the Bankrupt Law
as boon granted to the unfortunate by the grace Of the
Government but act Of pure justice, designed to res
store 10 the country the productive energies Of sixth
ohe admit white male population and to operate for the
mutual benefit Of Debtors aud Creditors pursuant
to the constitutional obligations Of the National Legsa
ture long after those obi cations should have been full
filled but not less just less needu from that conside
ration.
MIR. s. j. TLDES being allied for by the meeting rose
to present the resolutions which hold in my hand,
shall preface them by few remarks; but am warned
me- as well by my ply steal ncapecty for the effort
necessary to be heard by thsva assembly dean
you long Like the gentleman who first addressed you,
had been called upon to vote on this law as origi
nal question, should have voted against its passage
thought that it did not adequately protect the rights of
the creditor and my mind revolted at the invdous and
unjust distinction which it made in favor of banking
corporations which have been the main agents OF the
evils under which the community is suffering; rather
In favor Of the most worthless of such institutions But
the question now is, whether shall retain the law
already passed, and amend it, its defects
the certainty in the conflict of individual opinions
and hostile interests Of losing altogether the acknow
lodged benefits Of such law In this state Of the ques
ton go unhestatingy against the repeal No man has
higher regard to the obligations of contracts than
have But do not that the exercise by Congress of
its constitutional 20 wer enact general bankrupt law
wolves, legally morally, violation of the contracts
on which that law may operate. Look at the legal as
pect ofthe question. The parties to those contracts
of Congress ia this case; and they take their rights
subject TO the exercise of this authority, in the
Of their agreement that Congress shall it's e
climate powers Then take the moral aspect OF the
question 1t is demonstrable truth, Of political econ
omy that money fucuates in its amount and value like
other commodities, although not to the same extent or
as rregularly A man who a few years ago agreed to
pay an hundred dollars, and whose agreement is en-
one hundred and fifty dollars. (Cres Of That's true y
The dollar has itself changed 1t has and
and half much power in the purchase of all commo
dities on the average (Cries Of "Hear, hear'o We
once and half as much of every thing to which it is
applied In such a state Of things, il it were prac.
cahle, government might provide some rule of equi
table Compensation by which to adjust contracts
80 changed in their effects But it is not practical
ble- Government cannot adapt any rule to the in.
cessant fluctuations Of the money Market ottempt it
without ing fatal rtainty in the business
laons of individuals But the question arises whether,
when unve rsal change Of values has occurred, exi
tending the effect Of all contracts-when time has
passed in which the creditors have had the legal RENE
dies and recovered, in many instances perhaps, more
tn they were equtably entitled to-whether under
such circumstances the government is boundto inter
fere for the enforcement of such contracts further than
to compel the debtor to give up all he has think
or natural equity oblges to 60 further. One consid
GRAFTON more and have done. think that legislation
is the main Of the existing evils. ] allude to
particular act, certainly of party characters but
with some exceptions the whole of legislation
Estate and federa tended TO generate an artificial
credit. the wrecks of whi,h srown all around in
the broken fortunes Of thousands II this be true and
the government can remedy the evil without violating
therefore propose compact between the different par
ties this question Let those who think the present
law defective join in retaining it and those who desire
its benefits join in amending those defects Amend SO
that while vow relieve the unfortunate debtor may
protect the creditors and by applying its provisions to
banking institutions extend its action to the currency
and thus carry home its blessings the business of
ry man in the community.
Mr. TrLprS then offered the following: which were
put and unanimously adopted
Resolved, That the proceedings Of this meeting be
signed by the President Vice Presidents and Secretaries
aud copy the be forwarded TO the President OF
Resolved That copies ofthe proceedings Of this meet
ing be also forwarded TO the Hon. Silas Wright and Ma
thaniel Talmadgc the Senate Of the United States
nd TO our Repr in Congress the Hon. Jsmes
Roosevelt, John McKeon Fernando Wood ana Charles
g. Ferris with request that the may be presented
by them to the Senate and House Of Representatives..
As coon as Mr.. Tilden had done speaking, there
Were loud calls for " Mr.. Hoffman" Mr. Butler
pied, that he was not in the room A motion was
,,naei made that the meeting do adjourn, which was
carried mem con, and the vast body OF intelligent
aud respectable citizens separated in great good hui
NOR with themselves and each other.
SAILING OF TIE MEXICAN VESSELS OF WAa-
PROBABLE WAR BETWEEN TEXAS AND MExIco On
Tuesday, the two armed schooners, built here for
the Mexican government. sailed from this port for
Vera Cruz, under the command of Captain Howard,
the same navigator who carried the steam vessels TO
Havana last year. These vessels sail under the
American flag, and we presume the Mexican flag
will no, be hosted until they reach Vera Cruz, aud
the cash in hard dollars are received for their
siruction.