The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-02-05

(ss. Mrs. SUMNER LINCOLN FAIRFIELD, who was
yesterday advertised by her husband, is doing all
she can 10 maintain herself and famlly-and ought
not TO have been treated as she was
lugular Operations under the Bankrup
Law-Ncwspspcr Advertising
The s;noplar effects already developing them
selves under the operation of the new Bankrupt
law has compelled the " Courier and Enquirer" TO
attemnt defence and to give the most plausible ex.
nl.ost;on of The reasons and the results. With a
vood deal Of TACT that journal seeks to shelter It's
rau.e updcr the respectable skirts Of the United
States Judges for this disric-but cannot allow
thai the purity the reputation, the high character Of
thsse excellent and venerable functionaries, are to
be mixed up with the strange results that already
showing themselves the public mind by the opera
ton of 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 tos the expense incurred in the advertis-
ing, as directed to be executed under the rule
With regard to the first point. The letter and
spirit at the Bankrupt Law would seem to Indicate
that these publications should be made at the least
expense, combined with the greatest publicity.
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 TO carry the intentions of Congress
1t will not do fer the Courier and Enquirer to argue
that "a his cless Of papers' not known to the
law-or were overlooked "for easily imagin-
I'd 3" What were the reasons so easily imagin-
ed In point OF circulation, character r, energy, po
pularity, and real public utility, it is well known
that the cash papers" far superior TO the Wall
street press In circulation, the cash press stand
t,co 10 one-in purity of character, and in moral
Yiaci pie, they far cad 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 sheer" they
penny papers" If price isany criterion of res
pecability value, the New York Herald is at eas,
on par with any Wall street print. The price Of
the latter is $40 per a.num for large sheet-while
the Herald is sold at the rate of seven dollars TWEEN.
ty-iye year for smaller sheet Our aggregate
circulation is nsarlya much as the ,cholt sepen Wan
street prints toesther-and this circulation is more
comprehe sive-more diffused-more among the
creditors, throughout the Union. This extraordina-
ry circua,ion-nearly 3O,o0O-has grown to its pre-
sen, 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
community large has felt and realized these efforts
and they have leng since began the withdrawal of
their confidence and patronage from the Wall street
prints, aud are daily and weekly ntrating upon
he cash newspapers in all our large cities.
1t will 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, "we do not recognize the light of the
sun at noon-d day." Olive have not the homer Of
acquaintance with the next moon, let her shine
ever SO bright-and cannot avail ourselves Of her
light-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.
1t is admitted, by the Courier and Enquirer" |
that the csst of the advertising alone, under Rule
20" is exactly S34 so. The movements, consulta-
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 purpose
now to take the fact admitted, and to chow thatthe
rule OF advertising is utterly hostile to the spirit and
iptent Of thJ law. In no couuuyis the poor bank |
upt hefpoperty that his creditor expects TO get
saddled with such an enormous and unnecessary |
outlay. The requirements at the law ought to have
been confined 10 a single notice in Newspaper Of the
Iargess and most comprehensive circulation each dis
Gyct The law, indeed, admits notice three times, |
but every subsequent notice, and particularly to the
extent which is directed by "Rue 10" is so much |
of the property of the creditor thrown away useless
y-and in some respects illegally.
Only look at this rule in practical point OF view.
Ii was estimated by the Hon N. p. Tamadge, that |
the number of bankrupts in the United States were
10000. II each, therefore, can avail himself Ct
this law, under like rule, the expense of adverti-
sing alone will reach the Of seventeen
millions, hco hundred and fifty thousand dollars to be
taken from the cffectsof the bankrupts II. again,
we add to this the expense OF lawyers and attor-
MES estimated on like scale, their sixty-ve 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. In such case, what will be left for the |
creditors flor the poor creditors, as they may well
be called I They may receive the upper and lower
shell Of the oyser-and that is ali. 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 exaggeraed-but admitting it is SO, the
injustice of the law-its utter absurdty, and the |
oneroas rules of proceeding, remain in full force,
whether there are 500 or $4,000 bankrupts The |
rights Of creditors completely sacrificed. in or.
der to make business for few lawyers and editors,
and singuarly enough in instance at least, the
very editor, no, with hand, avails himself OF
q al IL Ii