The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-17
Thc Great Movement In progress In favor
OF the Repeal of the Bank rupt Law

To morrow (Tuesday,) there will be held a ire
mendous meeting at the Merchants Exchange, call.
ed by the strongest array OF names of solvent and
respectable merchants that the city contains. The
purpose of this meeting is to take measures to pro-
cure the posponing or repeal of the Bankrupt Law,
OF to have it amended that it shall not conflict
with past contracts any OF The provisions of the
Constitution.
This will be OF the most important and inter.
esttng meetings that have taken place in this city for
long time past. This is the first time that the SOL
vent portion of the mercantile classes have
TO defend their nights against the insolvent portion.
This movement OF the respectable and solvent por-
ton of our fellow citizens, draws the line distinctly
and completely. We shall now ascertain who really
are the solvent and who the nsovent portion of the
community their names will be before the world
and we shall thus see the game Of each, and watch
their strength and numbers.
In the notice which the solvent merchants have
published for a call of this great meeting, they have
asserted merely general principle They have ex-
pressed request that Congress would interfere
with all the contracts they have made for years past
and completely derange and destroy all their bust
ness calculations and imp air and destroy the here
tefore nviolable nature of contracts, as guaranteed
to them by the Constitution.
All this very right jus, and proper. Congress most
certainly has right step in as third party and
dictate respecting business contracts and ar
ran gements made between merchan. and dealer in
years past; and tell the creditor that he must settle
a. his affairs according to their dictum.
Th, views taat may be thus taken Of these import
an movements clear and simple enough in
The nselves. And the large and respectable body Of
inca who want the Bankrupt Law repealed, confine
tbe mselves TO two three strong points in the
case They consider, Gas indeed every now,
at last seems TO consider,) that the present Bank
upt Law contains principle which gives the debtor
. peremptory and unjust power over the creditor
This IS the retrospective principle, which, IN Its
operation, would compel the creditor TO settle with
,bs debtor almost any terms the latter might die
tate although the result in some instances might be
sught with almost utter ruin TO honest creditor.
THIS is what the solvent class consider as pecub
sry aaJues and oppressive feature in the present
bankrupt Law They contend that this would be
agross violation OF the constitution, which says tina,
no or post Jacto law be passed by Congress, be.
cause The Invioabil,y Of all past contracts shall be
fully preserved. The advocates for repeal OF the
Bankrupt Law, or its postponement, or modification
the solvent merchants-have no objection to
see fair and comprehensive Bankrupt Law
20 into opefauen, winch snail be made 10 affect
only all uture contracts bargains, sales, purchases
and general business operations. But they say
and cay with much justice and energy-let the pas,
remain nviolsble let us be allowed to settle all
those matters in our own way, as we deem Just and
as The present laws sanction. All past contracts
were entered into under the laws they then Stood
ana as We understood hem, with the rights guaran-
teed TO US by the Constitution and in this view OF
the nviolab.lity of contracts and our mutual rights,
both debtor and creditor agreed at the time OF max
ing those bargains. And they add, further, that it
Oh preses, Bankrupt Law goes into operation, they
viii contest its Constitutonality before the Supreme
Court OF the United States
Another Objectionable principle in the present law,
IN the view Of the solvent class, is, that banks and
corporations are not included They wish the law
20 be modified as 10 include all classes-aIl oorpo-
rsuons 70. they think, and think Justly, that there
ought TO be no privileged class IN country and under
government like ours. And, unquestionsbly, 10
tn action OF the banks il TO be attributed al the
evil, and bankruptcies under which the country is
an has been laboring for time past. During
tn last tel years their then conractions and ex-
passions and their speculative conducthave led men
or rom one career Of folly TO another-stoppinc
&C .cey short OF crime in many lnstasces-dersng-
In business OF every kind and engendering the
widest speculauons, and the most dishonest
coaluct in many who were led asiray by the ex.
annie thus set down And now that the evils caused
b. these banks have reached their height, and the
misery, desoatIon, wrecks and ruins they have &C