New-York tribune., 1842-01-14

only way in which the people can act on Congress
is BY converting in their primary assemblies, and
there expressing their opinions. The effect 0: TINS
meeting though os rimnediate representatives are
three to one in favor OF the law, sill Be strong and
! most important to the general interests OF the
Country
There rn.v be different views garding the gen
eral principles connected with the system Of insoi-
veacy. But it may DC set down a, this day a .
prpcip!e OF evident truth and justice. that. when
debtor has become involved in MS circumstances,
not through any improper conductof his own,=but
through misfortune, or inp.udence, il yea please,
after all his property has been surrendered, iis
creditors have rig ht 10 hold him farther de
| alluded TO the various estimates that have been
| made Of the whole number who during the past
FIVE or six wears have been tarownin,o positonto
be directly benefited by this law; and stated Il a
his conviction that TIC number IN point OF tact wa,
az least equal TO the published number; and urged
the inpolicy as vel! as the injustice OF holding
these fou!. or Ave hundred thousand men, manyo!
them OF eminent talent ingenuity and willingness
to labor in subsection after slihev possess sa been
surrendered for the benefit OF their creditors.
He alluded TO the spirit of speculation which
involved so MANY in these di;iicutics-a state OF
things which found no paIaelin history, eXceptin
the Mississippi Scheyc in France. or similar
system winch existed in England some 200 vFars
before Every species OF property acquired a iic-
| ttious ,alue; the price OF TO-DAY was an advance
on The price 81 yesterda, and tie prices OF to-mor-
row WILDE still farther advance. Money ceased
10 be a standard OF value, and the result was that
the debtor in the end finds that the property ne has
purchased when reduced 10 lis real value. will no
longer pay what he owes for IT. and II Is no les.
contrary to humanity than to sound policy 10 hold
hirnin bondage forever 10! Its payment he set
tement OF this relation between tne va!uc OF pro-
perty which ia as much below as IN 1896 II
was above the true standard, will be one OF the
prominent benefits resulting from The operation OF
the Law@If this view Of the question be correct,
Mr.. SELDES urged it as The duty of the peopleo Of
this city TO use their best eudcavors to require Con-
gress 20 allowthc Law 10 go INFO effect. Inc con-
duct Of the people of Boston, who were more free
from the spirit of speculationin 836 thanthose Of
any other large sity, in urging the passage OF the
law cited, as showing the opinion OF tive cred
itor portion of community.
With reference TO the difference OF opinion as TO
whether banking corporations should be reached
bv the provisions OF the Bankrupt Law Mr.. Selde
said that the state Of things had changed since the
Law was passed in July. At that tune he enter.
tanned strong expectations that tie Southern and
Western banks would speedily resume specie pay
mcnts. and thus secure the currency. But since
they evince no disposition to do TINS. Nlr. =
avowed his willingness to see them subjected TO
the operation OF the Bankrupt Law. taat they
might eitsqr be compelled to pay their debts or be
driven out of existence; and concluded by urging
those who heard him to spare eior, TO prevent
repeal of this law. As an act OF justice to the
debtor and OF policy for the creditor some provis-
ion of this kind was held to be absolutely neccs
sarv. The Resolutions were then adopted unaHi
mousiv.
Hon. B. +. BUTLER next addressed the meeting.
He rcioiccd he said, TO NEE, his fellow citizens in
that II all now consecratcd as he believed, 10 JUS
tce TO true policy, and to the great interests OF
trade as well as of humanity. He then stated that
on a former occasion he had laid before his fellow
citizens the principles which he maintained upon
this subject; and so far as this Law was coniormed
to those principles, he should give his most ar
dent and cordial support and SO far as it departed
from them, he hoped to see it amended BY the
united wisdom OF the people OF the United States.
But while he held that this law Is detective---in
many respects seriously so-yet &c would say that
every man who wished the establishment OF per-
maaent system over the twenty-six States of the
Union, which should enable the creditor to know
and maintain his rghts-which should enable the
debtor TO know the extent OF his liability and to
entertain some hope of discharging it-whch
should speak the same language IN Massachusetts
and Mississipp-thc same on the shores ct the
United States as in Europe-should urge it upon
all ,hat with one yoise. one heart and one soul.
they should rally in support ST the law, and call
n.on Canrrsss not 70 rcpeal. but 10 90 on and
amend it SO fur as thought expedicnt ne
was sure that il this law be repealed OF suspended
for anv length et time, we might bid adleu ~ any
General Bankrupt Law for the next forty years
and he wopld pgt it 10 credi,ors-to rscn engaged
in trade whc need not for Themselves the benefit
of rho law I'm, who wish 10 see business estab=I
I;sb.d ON n solid footnp-wbe,her they would give
m al hone Of General system such rs was called