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


hsps there other mode Of reaching their Repre-
senatives And he would add that the effect Of such
Il indeed that they did quire to
on their immediate representatives, for they were
three ia in favsr of this law, and therefore il
not necessary to exert any influence them Blu,
the proceedings of the citizens This great
emporium would operate on Congress with peculiar
force and would he trusted induce that body 10 Civ
the law fair trial There might be different views
with regard to the general principles oil Of
soiveHcy, but he thought il might be set down ST
ued principle which was recognized by all commercial
nations that debtor, who had become DIV ed in his
circumstances, nothrough improper conduct, but hro
mlsmapsgem'n mt and misfortune, after he hal made
JUST surrender OF his property to the exnguishment OF
his debts should be discharged from further RESPONSE
bility That principle he believed be founded
In justice and morality and in it's operation calculated
TO advance the interests both Of the debtor and the
ditor and the general prosperity and entertaining that
s sat. ne hoped Vat the govsr6msn. Of the United
unless for the purpose of remedy its defects Various
estimates had been made of the number of insolvent
debtors in the United States and he believed that the
ual numbers dot below tue highest Of these est
mates-they amounted 10 between four hundred thou
sand and five hundred thousand men, large propcr ion
OF them possessing talents and integrity, and willing
10 work, but whose energies would be cramped and
Frustrated by the repeal Of this law, which was
calculated TO relieve them from their difficulties and OF
course at the time 20 advance the interest of their
creditors. Mr. s. went considerable length show
that the operation Of the Bankrupt Law was
to stimulate 10 activity the honest bankrupt in the e
forts to retrieve his fallen fortunes whilst its repeal
would have directly opposite tendency. He then pro-
resoec,;na ~ ra ;n s,sar In n, - vp'd,V,,
should apply to Corporations. The state Of things had
strong expeeta,,on that The Ranks in state of
sion woud resume sncc;e naymrnts and securs IN th
country an adequate, saland sound currency But he
in ondi,;on 20 roSssrn go ro,as h ~ -, ~
COIN snl il that were to be the case he for will
Grafton of a particular Bankrnnt Law nv which thew
should he obgeS either n nav thar notes NJ he
out of existence. cloud App ause)
lad h,yE tlx- Av,au mat
ing the importance of ts acting with decision and unan
MT wv " 10 "''S VIVA usS''0" anu "Aa''
unity
Inc HON d. r. purLER heh dudFessea the meeting as
iallows:-
Er,,ox C,rtzrSs re;oice 70 m e vou tn day in ,h,
noble hall consecra,ed now q, I firmly beIieve " the
ends Of Justice of SQUAD policy of the of
trade as wel ma the great interests of Inmanity fAn
plausel assen,ed Yesterday hen annealed ~ NV n
Committee of those Who called this meeting n their re
tempt however to enter unon that wide and
field Of inonrv and discussion which is embrac cd nv
General Bankfupt Law. On former occasion. when
in com mon with many of Won / raised NV bumhl
voice in favor of snch a iaw I briefly sta.ed mv
views of the great princinles involved in nh,
;,nno,,oNt snb;asS, apdharaf 80 H. san,;x,n,.
,hain o.nrsssaS ond an, -. far as ,hs ia,n rnna,
nassed conforms m ,besa nr;ncinles and To snns
Of them II eertanv does Give to NV ardent and mos,
carI;a, surnart s T,r &C 81 Jnar,s rr ,h. 81 80.
nlas hon. ~ SOC 4, amended hr tbe uned yisdonn -,
ne nonIp oV ~ ,b roi,an S,o, p, h;, f"r ~
,;ps go III So, th Iau ;s g.; soa r.aacts @ VI
81, -, 500, ,,auI5 CO., -, 49, ~ nv S ~
W ny - g, " 10y ~ 49,; i nv WIN
a
Xaca hb h.,iene rea;,nrs 20 u r" Mv
-; -. Ia ah.nns - ,',,a 49, \ ~ a.; s,: N
whicS sha ~ snsar mo same I,ngnaee j.; Wsss;ssnn;
on1 W,ssamr; ,ba, !, d.es IN NJ, TnrS AL MnaaLtp
sits on h shoes NJ tho Irn;,ad Satss ana IN th
;nent ., rrnna rrse ~, ali ,,bn ,,sh - ". aI
49,. , VI u.op VIZ. VI 81 i nv Hn ~ see such
va. w , we -, i, U'S ".u .ey y IN
% , ~ y, liz, =, t fs, pa . csc , oI ~ iepeaA
ton fT,amendous opnlauseS Wi,bout cIa;rong ,h
go, ~ nrohsy an ,nan uho bas iooS -, H. @
VI az hi; suhecf for Tho last ,r,y x.ers Ms, h 30
ecty aware that II this law be repealed or suspended
for any length OF time you may bid adieu to any bank
rupt law for forty years to come. TGreat cheering.
And put TO the creditor, the man engaged in trade
who needs Lot the Dement'S VIII thisaw coniers on the
put to those who wish to see business
established on permanent and solid footing whether
they are wiling to give up the next forty years the
hope OF general system otbsnkruptcy, such as that
which now called for by the interests of trade through
out the United States 1t took forty years TO produce
that unanmity OF sentiment, which was necessary to
secure the establishment OF this stem, imperfect as
s and thereote IS that hold that we have no ground
to expect this law be repealed or suspended for
length OF time, that any new system can be adopted in
less time than that when rolled away from the
expiration OF the old law, and the enactment
of the new IN last July, Ia voice-August1
The resolutions winch have osen read, contain the
views which the committee IN some respects III the
spirit Oh compromise, IN iavor OF ,he movement
we now MIKE. Inc committee kindly allowed me the
privilege oil drawing up fesouuoh whieh should ex
press IN part my own pecui.r views therefore take
the hOerty with thet pernisson 10 oner these resoiu-
os 70 you ana ne @ ane manner IN winch you
recelvedthe auoh Oh ue preceding speaker 70 the 10
pc Whch mas neretooie uoen one on whch consiuera
PIE ai.eisy VI op,ion @ .na you VIII as
sem ~ s :. @ :. s 'c"., u th'S resp
tuition, wneh IL - ia ,hep o. Eleai "sh
~ o..e W 49, ;; ~ ~, ~, ~. wsn ~ oi
i.;3 u ~ ia - rnn';n = Tow, -, ~ $500 .u
@ l 20. +, y m 49, ,..sa,, CO. = ~ q ~ WY ~. @
upon y, w -: "a ~ - -, ~ 49,: f P, " ny
ienu ~ ~. ,s Gv 49,. d ,S, s! iens
, nay e ;,hn, i go "a a.; ~
suoh poSUH a. hen,ro @ me " pun.
siS ~! al -, as ~ sa;d haart ~ ,orI' ~ .h
unis 49, 80 10 NV s"'0' "s''' anu '0'' " INC
s' INV
Resolved
and policy, wen humanity in the existing condi.
ton of country to provide for the relief the unor
tunate and honest Debtor, and for this and other
reasons oppose the repeal suspension of the law
under consideration, we nevertheless believe that
the great benefits to derived from well dgested
Bankrupt Law be found in its preventive influence
the contracting of debts and in the permanent settle
men of the relations of debtor and creditor and thet
therefore consider it Indispensable that all expedent
safeguards should be established to prevent fraud and
that full protection should be given to all just creditors
and especially 10 the creditors OF Banking corporations,