New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1843-02-16
THE TRIBUNE.
RepsaI of the Bankrupt Law.

-, Committee in the United States Senate,
"a. : report to that body a few days since upon
<. subject Of repeal of the Bankrupt Law, which
:. should be glad, did our space allow, to spread
.l.,e,h before our readers. Its arguments against
=. ,speal Of this Law are to our minds conclu.
T., and we trust they will receive clese and con-
,aerat. attention from every portion Of our citi-
,,,,. In order that their general scope may be
NINA clearly seen we shall present as full an alb:
] ,,nc, Of thereport as possible.
Thu Committee say that if it is proper to repeal
,,.Iawi i, must be for one or all of the following
,es,,n;:
| BECAUSE Congress had no power 20 enact il:
pecause, admitting the existence OF the power, it
r.,pedient to exercise IL; nr,
a,causp concedng both the power and the expedi-
v Ills exercise distinct and well ascertaned public
SIMON row demands It's repeal.
Concerning the first two alleged reasons the
i Committee say but little. Both the Constitution
| ,F,y and the Expediency of the Law have been
sDea,edly and decisivey affirmed by the Senate.
The chief point upon which the advocates Of Re-
zeal rely, is an alleged hostility tn tbs public
sad to the measure, and that this Of itself is suf-
| GENTLY deliberate, decisive and universal to make
t The duty Of representative government at once
TO repeal the Law. The Committee proceed then
70 szsmne this question of fact, and present mass
Of evidence which thoy deem conclusive agains.
the existence Of any such opinion.
If reference be had to the expressions of the
Public Press, it will be found that it demands
modification, and not repeal, of the Law. If
recourse bc had to the petitions presented in TIE
Senate upon the subject the following result is ex
hibitsd During the last and present sessions Of
The Senate, there have been petitioners
For a repeal of the Act. 5,240
against such repea ...--....... .4S 1854
For modification ..---........... .l,758
For modification or repeal ..-.---.... 1912
For postponement ..4H
Resolutions have passed the Legislatures of
Connecticut, Maine, Mississippi, Vermont and
Ohio in favor Of repeal. The Legislature of Del
aware passed resolutions against the repeal that
Of Illinois for repeal or modification and that of
Rhode Island for suspension of the act.
These statements give the general results of an
examination into the popular will in the only mode
(which it can be ascertained but the Committee
thiAk that moro correct view Of enlightened pub
lie opinion can be obtained by reference to answers
returned by different persons to inquiries upon the
subject made by tho Secretary of State. They ac-
sordingy publish collection of these returns, Of
which the substance is as follows:
The District Attorney of Maine that the opera
has been saluary in his district and that few
Eaay cases OF fraud have occurred under it.
The District Judge OF the Southern District ofNew-York
ss that of the applicants have been hopelesy in.
solvent; that their integrity pntarnshed and tina,
payey few in the District have made voluntary appica.
len for The benefits Of the law.
The Clerk of The District Court Of NewJersey reports
thai application has 10 his knowledge where
The assets would pay six per cent upon the schedule OF
eims that the law there appears TO be merely spong.
lag in form Of what all hands long since held to
be lost
The District Attorney of Western Pennsylvania says that
Ill the rl effects Of the law have been already suffered
and thai hereafter II will operate decidedly for the benefit
cered.or lis repeal he kinks, would be most unoru-
aate.
Associate Justice Daniel of the U. S. Supreme Court be-
Heves the effects of the law have been detrmenla and
thinks It shou Id be repealed.
The u. S. District Attorney for the Eastern DSrict Oh
Virginia thinks the general tendency of the voluntary branch
Of The law has been perncious.
The District Judge Maine that far as the act is
voluntary provisions, though oen benehcent he thinks
should be repealed.
The District Attorney of Vernon, that, from the
encommercial character Of that State the law is not re-
gnrded With favor there.
The District Judge of NewIampshire thinks that If The
voluntary provision repealed the Law would be looked
upon with favor in that State than has thus Tar re-
ceired.
Judge Story of,he U. 8. Supreme Court thinks that is
100 pronounce decisiyely The character and
operation The Law. So far as be has observed It's work
Ink his circuit he thinks il has been decidedly sau
larry.
The District Judge OF Connecticut states as the result OF
bis observation that the effect Of the Law upon the creditor
has not been Injurious prudc!a TO bis rights It bus
Afforded relief the debtor and been decidedly beneficial
tothe public
The Judge Of the Eastern District of Pennsylvania states
mat the Law has had beneficial effect upon the commu
aity 10 bis district
Judge Mclean Of the U. Supreme Cenr thinks that If
e voluntary provision stricken out and the operation
ohe Law limited to traders ii, eject would be sau,ary
Toe District Judge OF Ohio that both creditors and
o.o'oss have been benefited by the Law.
The District Attorney of Ohio believes that The operation
the law has been satisfactory both creditors and debt
orsof that District
The District Attorney of Tennessee thinks the repeal OF
e law desired by majority OF the people OF his Districts
ne believes neither The counry generally nor any
'naisidnal creditor has suffered from its operation
lAe Clerk of the Cour, OF the Southern District OF Ala
ssa States the result of inquiry among members OF Tue
"a. that Tie law unanimously believed 70 have been ben
eheial.
The Judge Of the Norhcrn District Of NewYoik thinks
Tue operation vi the law las been sau,ary, and thai
ae alone wanting demonstrate The wisdom and e1pe-
s4encS Of The law 10 universal Satisfaction.
!aage BALDWIN, Of the u Supreme Court thinks the
nav ought TO remain far least embraces involua-
'sry bankruptcy.
aae District Jodge Of Michigan says he has been happily
in The beneficial operation of the law and that
agves general satisfaction.
the District Judge OF Iodiana think. that the voluntary
oson Of the Law has been greatly reseed 10 by small