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

In relation to this last work the Governor remarks
follows
The Great Western Road, which, when the obstacles
surnountcd considered must be classed among the
boldest enterprises OF the kind in the United States has
been far omrleted that Of daily
through to the North River, State of New York
The work thus united TO the easesn terminus of the
great line Of Improvements, nearly comple'ed when
the Atlantic with the great lakes, and the lakes
with the valley Of the Mississippi, opening this vast
country with its inexhaus,hle resources TO the trade
and commerce of Massachusetts, by line Of artificial
works destined TO be the competitor OF shot great ver
| for the trade OF its noble valley.
The msctng of bankrupts to demonstrate agains, the
repeal of the Bankrupt Law very numerously atten
ded This is full of interest and the moment
approaches for the law to go into operation, the ex
ctement Of those for and against the law increases
There undoubtedly large number of unfortunate
persons whom the passage Of the law will give great
relief and permit them again to go into business Inc
creditors these persons being hopeless of ever collect
ing their debts do not seriously oppose them There are
others no possess good deal OF property hut are u
able to pay their debts These might Under full dis
charge from future claims, be induced TO give up their
property, which would benefit their creditors The IN
,erests that would be directly affected by the law
those Of the Banks particularly the suspended ins
tutions These large amount oi suspended assets
with which they make show Of soivcncy, dthereoy
maintain sort Of credit, which enables them 10 coh-
nue. their business by OF irredeemabe paper The
law would make fearful havoc amsng these Institutions
aud virtually compel settlement, surely as those IN
sutons were themselves subjected to lis operation II
was this that procured at the extra session. the
OF corporations from the influence Of the law
Naturer reelection has convinced them they stand N
az great dan ger ha, had not been the They are
now an xious to have the whole Law repealed that they
may still struggle in suspension. These are supported
by the foreign manufacturing and importing interests,
which that Of pepper imitation 1t only hro"goA
paper expansion and general imitation OF the eno"cy
causing prices to rise that foreign goods can be sold IN
this market in competition with domestic manufactures,
even without atarG Therefore without National Bank
and with general closing up Of the banks Of the south
un1.r the Bankrupt law, there will be little hope
snesav r.expsnson consequently foreign manuactur.
~ must Lid farew to the American markets II is The
fear that them to cooperate so powerfully
With the suspended banks. The paper IS stem IS, and
aver has been, anti American Under It's protection
alone can importers and obbes flourish and home manu-
features are propoionaby discouraged No more certain
means Of reducing the wreck Of that stem to speedy
level and leaving commercial affairs specie basis,
could be apted than general bankrupt law, and had
the one passed the session embraced corpers
tons and therefore have been nors in the constitu
,onal sense at the time have looked more after the
creditor interest It's repeal would scarcely have been
agi,a,ed with any chance of success.