New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1842-01-15
The Bankrupt Law.
a, Meeting at the Merchants Exchange.


The following is the conclusion of the proceed
ings at the Great An,i-Repeal Meeting Of Thurs
day. which was crowded out of nearly our whole
edition yesterday
j. PREscorr HALL, Esq. next addressed the
meeting The question he said was not whether
il be lust or proper that law, whose object was
to secure the Jus, rights of the creditor and al the
same tine protect the debtor from an undue
yerity should be passed but whether after such
law had received the sanction Of both houses of
Congress and the appreciation OF the President,
it should be repealed without cause and before any
opportunity had been given to test its effects by ex-
pericnce He granted that it mig ht be defective;
bur it BY no means followed from this that it should
be DESTROYED Perfection belongs to nothing of
mans device. The magnificent building in which
we are assembled would undoubtedly, upon close
inspection, exhibit defects III Its architecture; but
no one will say that therefore 1t should be RACED TO
the ground Mr. Hall said he considered nothing
more important than law having this for It's OBJ
ject and that there nothing more difficult to
accomplish We know by experience that the
minds of men rarely meet upon any subject; and
upon one Of so complicated character as this,
when the attention of professional gentlemen has
been called to it, it has been found quite lmpossl-
ble 20 draft a bill which should meet the entire ap-
prevail of ALL But shall we say that therefore II Is
TO be repealed! | was during the summer told in
Washington by one of the most distinguished clti-
zeas of kentucky, one OF the greatest orators and
statesmen in Congress, that the voice of kentucky
would be found strong and clear in favor Of the
Bankrupt Law, because she believed it Just and
right Judge then my surprise when found that
"a member from that very State which had re-
sa1,ied Us mnloveablv in favor OF tho Law, was
the first TO step forward 10 strike it down. BY the
Constitution, no State can pass any law impairlng
the obligation of contracts; the power OF passing
u uniform law of Bankruptcyis expressly devolved
upon Congress, and it is power TO be e.terc'Sed-
one which cannot be allowed TO lie dormant and
unemployed without violation oiduty on the part
of Congress Mr. Hall said he had fears that other
considerations than the good of the Country hss'
operated for the repeal of this law. He feared
that men who We're willing TO make the mlstortunes
of their fellows the capital Tor political trade WEI
engaged in IL; and ii SO he trusted they would be
told in loud and indignant tones 20 0ctcare-
No matter how elevated they might be, as poitl-
clans they exist only aS they are upborne on
the wings OF public opinion; snd if they attemp;
10 make po!iticsl capital out of this question: he
trssted swift and ccrtan rctri5utios would
take them.
II is true we nave every thing 20 fear whcs we
see men, who IN July pass a certain act in Sep
TENDER vote for It's repeal with no assiynablc cause
for the change. No man can THIS suddenly change
his opinion without reason, and remain innocent
Justice j. one and immutablc forever. What has
made this law unjust to-day which was righteous
yesterdavl What new light has beea shed upon
the question The present Is not the first occa
sion in which such Law rs this has been indiSpen
sible. In all times n,eu by misfortune, have beer
compelled 10 pssS regulations OF this nature, aac