The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-01-14


MoRALs.-We call the attention OF the commercial
world, both in the United States and in Europe, to
the decision and report of the Board of Brokers' on
the application of about thirty brokers who have
recently taken the benefit OF the bankrupt law, and
who had the enterprise. with their certificates in
their hands, to walk up to the old scene OF their
operations and knock for admiance
This important report and equally important de-
cision will be found in our money article to-day
Read and digest
This movement is most important one in the
commercial character and morals of the age. 1t
proves the world, that there is gem of integrity
yet existing in Wall street, which discounenances
and disapproves all forcble abolition OF debts with
out the consent of the creditor-and which sets it.
self against reputation in every shape, whether ar
rayed in rags and roughness or ruffles and impu-
dence. With every proper degree Of sympathy for
unavoidable misfortune, no honest man can approve
the manner and the tone Of many of those men who
have of late become bankrupts by extravagance,
folly, and every species of waste in private and in
public life. We have seen too many cases of bank
ruptcy-not among regular merchants, but among
operators and spendthrifts-by which the poorer
classes OF society," down the very chamber maids,
washerwomen, and school masters, have been de-
prived of their small earnings by these high-vng,
pious and respectable scoundrels who have awaited
themselves Of that law to repudiate their debts.
OF the applicants for re-admission into the Board
of Brokers' we know nothing, and assert nothing.
They are all honorable men for any thing that We
know-but the principles of commercial integrity
have been so terribly subverted for few years past
that it is time for the old fashioned and honest por
ton of society make stand, and resist repudia-
ton in every shape and form. Unless this be done
now, the credit and reputation of the country never
can be regained.
But we are informed that these ex-brokers, to the
number of thirty, intend to organise new Board of
their own-and TO conduct their business with open
doors, in London and Paris There can be no
possible objection TO this movement. We highly
approve of open doors-open deeds-open hearts
and open principles. 1t will form beginning to the
organization of the commercial and financial ele-
mems into two classes-the one to be founded on
old-stye morality, and the other the ne,cstyle mo-
rality in commercial affairs. This division of all
the commercial interests of the United States into
two schools-divided the bankrupt law and the
principle of repudiation-wlll also run through all
the circles of society, under the name of old school
and new school --ancient and modern-old fashion
ed and fashioned-old style new style,
&c, &c. Such distinction in society will be of
great utility to all men of business, to capitalists to
traders, to mechanics, to working men, to washer
women, and to bootblacks-thus forming the
first real radical reform in the morals of the present
age, through all the avenues of society The old
school party have all the capital and cash and the
new school all the talent, credit, and every thing
else they can get Of course the latter cannot pre-
otrrrI anu get what tilcy caIi
To the old Board OF Brokers, as well as to the
new Board, we say, go ahead, each on your own
bottom. They will yet meet