New-York tribune., 1842-02-23

! Somerset. 2.796 2,9l7 202 1864 2.59G
Penob.cot.. ,G77 3,6l6 1870 1893 t,z45
Waldo 1879 2,0O9 Il 1855 1908
Franklin 2,le2 1876 =1o4 1888 2,058
Pisca,aquis ,239 1866 l34 l,275 1,l36
.Aroos,ook. 52i 292 229 io0
Total, 1884 36.789 1862 1862 46.20l
Scattering, 347-Fairiegd,s MAJORITY ovsr Kent
10, 5G5 do over all, 8,556 Harrison's All
Operation of the Bankrupt Law.
| To The Editor Of 7i< Tribun,
SIE-In the arguments IN favor OF the Bank
rupt Law, ! observeit i generally represented as
iavoring the Debtor instead OF the Creditor; bot
in nav opinion The Creditori Is generally the person
who will derive from il the greatest benefit Take
q case: il is a merchant in good business, and ve
,sill suppose ia Indebted to the amount OF 5lU0-
900 to one hundred persons, some $500,
s. 600 BY unforeseen misfortune he loses the
mos, Of his property, say ne may have Sl0,0o0
toward the payment of the 800, 600 being ten per
cen, Of his Indebtedness He is honest, regrets
his inability to pay, but will do every thing TIA;
ought to be required OF an unfortunate debtor
He calls on his creditors, states his situation to
them, and offers to assign for their benefit all h'
property, on condition t-cv release him. Should
thew consent it would enable lam, bv the assist
ance of friends, to recomrrence business and IN.
many instances if Fortunate he will aiterward pay
those debts from which he has been discharged.
Some of hi. credtofs from Interested motives,
viii accept of his proposal, others from friendly
feeling-bu, a number will say or think he has
sorse wealthy friends (which may perhaps be the
CASEY and will not make any compromise; they
viii have the whole or none and Immediately pros
ccute TO ud cement. What can the poor debtor
do? If he lies dormant judgement sill be OBJ
tanned, an execution will be issued By his unteei-
ing creditors who will sell all they find at
sacrifice get their due 10 the INJURY of all other
| creditors, who will then probably not receive
cent. Would not any debtor. TO prevent that, so
! place his funds TO prevent the prosecuting cred
itors sacrificing ali he had He must live, and il
not enabled TO reconmenco business, must use the
funds in his possession for the maintenance OF him.
! self ard family until he can make some arrange
rnent. On the other hand, If the Bankrupt Law
is in operation, the poor debtor Gun, by giving Up
! his 900, receive his discharge. and by the as
sistnnce Of friends rcconmence business and hold
his standing in society, tho creditors receiving
their proportion of bis assets If the debtor is
4
the creditor can force him, and receive each his
proportion Of his assets, before he would be emu
blcd to squander the whole. AS an evidence Of the
benefit to creditors, will state one or two cir
| cunstances that occurred some years since, in
| which | had an interest
There was firm in this City which in the
habit of endorsing Bills of Exchange Eng land.
The Bills were offered in the market by Brokers.
Before the purchaser would advance the money Ga
large sum at that lme) he called on the cndorsers
who were men in good business, to continue them.
suying that he would not trust the drawer one
hundred dollars. They (the cndorsers) replied
that they always had a much larger amount in
their hands than the amount for which they
bound. The Bills purchased, sent to Eng
land and returned protested. The holders called
on them the endor,crs) who made PROPOSE
tons to their creditors which were refused They,
after assigning their property, applied for the BEN
eft of the Three Fourth Act before Judge Ho-
bart. At the meeting before the Judge 1t
proved thai over $4,000 had been signed for
them. of which they did not owe dollar, &c. &c.
The Judge, on examination and proofs before him,
saw their yilany-refused to grant them dis
chargc-a judgement was atterward obtained
against them, and think they some time on
the limits. Eventually however, they compro-
missed with their creditors, paying them small
portion OF deNuLG3, ana We're rtltdStu. SuOrliN
after they had settled with their creditors, they
came out worth thousands, which their fami-
lies are now ENJOYING while the family of one OF
their principal creditors have for many years been
and now arc in extreme want, while they are prob
ablv now worth from $500 900 10 $1,000, 000=:
riding in Their, coaches Had the Bankrupt Bill
then been in existence they could have been forced
give up their property their creditors, ard 1t
could easily have been proved that ;hcy had
suiiiciency to pay all demands against them. and
| have something handsome left; those who We're
cheated would have enioyea some OF the comforts
of this life, instead OF the distress and poverty
they had and have encounter. here are
many living who well acquainted with the
circumstances. and ii deemed necesslryth the names
of all the parte. can and viii bs given. Lean
also give you account OF another tlrm. who
made all their assets over 10 some Eastern
chants, and The creditors Of New-York (of whom
we were large sufferers got nothing.
COMMON SESsE.Z
20 Bangor. Me was vistr, hy.a terrible storm
on the light Of the 10th, Chinneys were blown
down, buildings Injured and, 10 increase the ter
ron fires broke out in different parts Of the city
the same tima. They We're all eNtingushed, how
ever. without scriou, damage. The Wing says
that geneInal in The gale had hi, skirt
blown up, causing his pockes-book to fall out. 1t
con,aiAed about Sl75 inbills which were instantly
scattered by the wind. Thus far only S37 has
been recovered.
% A shinglc-.i grist-mill and -cyer;. 9TH
er buildings were DESTROYED by FIRE in Norton,
Mass. about ociocli Saturday morning last.
They were under the superintendent Of Albert
Barrows, Esq. Los, about $9.0Oo-partinlly in