The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-02-06
Important Movement-The Bankrupt Law
Its Repeal or Modification.

Its Repeal or Modification.
| A most important movement took Mace in the IT
| - nv 'S'"e"' 'oon Piooe !" 'io "
| % senate on Friday last. Mr.. Berren, from the
| Judiciary Committee made a rs,ort On the Rank
| =. -. f'' " ~ ~
iuP' quesuoh' OF an eh're new law on this subject,
differing In many respects from the act now in force
a,d r.oa.,, ..,.l.L r. a. IL
anu ieoe"uy fepeaieu ny 'he Rouse.
The report and the law are of great length and
present features of great imnortance 70 tho neres,s
| OF debtor and credtor-and to the country AT large
| We bav. been unable 20 90, -, :. ~: -,
| -, '."e ~ se' copy o' 'his report
and only ind the following notices of the new sys-
tenn In the Washington papers,
| - Wy pap.'s'-
nANkorr Aor'-lh ne judiciary Committee OF the Sc
nate reported as an amendment to the bill ION the House
entire new hill establ;sh;nr h u .ne nan.rup' act an
new bill two great nonis are idP s st IN TINS
BANKRUPTCY is given mn newt ne "eun nrst' Voany
of the creditors in number and vsln 4; " ~ Ivy
lease q debtor from b; debts Ths.s o.. - ;..,
concsss;ons hoah n "ai inese are TWO important
view Whatever NAV be the reasons NJ the comw;ttee
the belief wide and deep that the present act r.
stitutonal and All the certi6c stes .ansed d ~ iii
and void and the concesson IF &c n uuto m.
ponds with that belief he their reason ht 4, nv nd
will powerullv Contribute IN astahs ~ y; .h sy S aG
mind The day will come vhen tb;s o., III, 'o ,S
the alien and sedition laws ,ha o.. VI
which is now 40 unvarssj,v .dr.;..a onu'''nay vi
| wv - nv '-Ay aam"'ed'-1'ooe'
. very NASTY glance az the report, before it was
sen, 70 tne printer the following appeared to be
% ne ON wnich the committee thought the act
'"T Tho, r nve nc ad;es'e e.Cr,, >,
.rd, 5000 wouid ve prevented, as well as undue
forcinga falling debtor to 20 into heor
MS assets AGAIN. that the benefit of the law had bsen
denial Of Justice to other, Whom. c ani repes w0s ass
strong an! who might have been restrained by motives
That bv the decision Of ths "ve..;or ~ ,.,,
Of State her citizens had been deprived Of the priv
Th, ,h aM, wniie an tnS rest had enjoyed them
power and one which the experience Of all Commercial
mas found the power to which
exercised b the Sta,e III congress- ana connot Dc
debtor impeding the collection of debts through the MEDIUM
| of State tribunsls "''"s' "'' "''''"'
That such law will extend the protection of Govern.
unae should not be beyond the male of nrotec,ion I
telhgencer.
Mr. BrRR,rr sa;J tb NJ tho roo.-. ,,,,, . ,.,
and there was love hill W 40 q .oiuinous ohei
committee nronose ss S ss M IL, whcn .he
ue pSonoses 10 ia IN that the sub
of the preyions Iaw, as on,d ~ ,e vouhtay oaase
application to take the benefit Of the nrnoosea
visions of the a az Vi conform to the pro
option of the creditor to susnend action &C., do ~ ne
or 70 10 close the affairs Of the
remaining mart oS The Iovr u,os " a 'na sne
PROPOSED to make the Of ss,fG 'Taaers that
the creditor; the granting Of aeercsts to
which he cte r"r o.me important alterations
tn. nMas,;on ,,o. ~. VI" ~, niemoIy 49,
onai QUANTITY and decided n Ss 10 pf,n. the ADJ
noes IA Np.nnr, ~ CO. a" 'ne "n"a'Ve-ayes 10,
~ 'Po''" "'o'e'
we are glad to see that the Senate have taken
tb;s most ;,nnortort stan 7, :; .h -, :.
ms s'' '"'p''" 0'op' ~ Is tue nsht course al
last. The country wants general and uniform
A"p' systems ou' hU' sucn law as now
exists, which legalzes all kinds of robbery and
s"ilun"s upon INC WORKING people ana small
',aoeis, VI ,"e llos' neiarous KIND. AS proof OF
this, take the following memorial recently present
ed IN CONGRESS by one of tho ,,,os, ~.s,o...LI -
~ 'o VI WIG Aios' iesiectaole mel-
chants OF New York;
TO THE HONORABLE SENATE 9ND 1yOyrSE
OF REPRESENTATIVES, OF TIyE y1VTTEn
STATES. Ell
The Memorial of JOHN F. DEIAPIAINE NJ III. .;, II
New York Merchant Native Cty.n ~ an ae NY NY o,
States, o o"''eu
REspEcrru11y Rrpprarxrs.
That your Memorialst was for Thirty Yeor. oc.;~,,
and extensively engaged in Commarna? s.s, acuNeiy
Estate g some great pro and o am
including the frauds of dishonest DERTOpS toses
ure of rRusr and BAKING Comnan;ss ga ana the ia
TRUSTEES, exceed with interest ONE Mi ION
DOLLARS O 'AhioN
The BANKRUPT LAW will donr; - \,
no,sessed s & iso u .nS remalnmg Estate which he
exceed TWO HTITnpTn " enS saa act VII vastly
and in M one II s,ac NE - in ny sAND DOLLARS
applied IN have their ~ ! " M DEBTORS VINO nave
NV exbih;1eS .nv rs,ala rn AScELLEp WITHOUT PAY
the nANxsupr or ntyoncr sct fonyd - com.empa.'on OF
sign dispose of their visible nropeifv and in so,o %
SEES although keeping EeuIpAcrs and occmn,n so'e oa
MANSIONS with spLEs5rp ruRNITuRr and en;o;S ar
LUXURY they hold out that thew have an .r~y S oy
SISTER or FAMILY connexon as an ,.,.rr "a ~ IN
their visible properly belongs to the said ,sw.r 90 al
pwELLyR and the better 10 Conceal the;r y VI IN
form LIMITED PARTNE RSIJJp 49, a. " S ., tney
Law of the State of New York holding ant 10 te wCpI
that they have a Capital "rN COMM, rn,-, y 60 ~
TWENTY some Of THIRTY and soDna ' Tnr,, W
THOUSAND DOLLARS furnished in CASH and ,hat
the whole sum is provided by the said conven
account of their PARTNERSHIP ESTATES
their they may forthwith repeal the said p,nx
Rurr ACT, with such provisions may prevent dis.
charge application made subsequent to the FOURTH
day of DEcEMBER 1912 two0as such condition will nro
badly save to your Memoriast unw ards of 60 1870
THOUSAND DOLLARS, acquired by INDUSTRY and yHuo.li.
rv and CONGRESS in their WISDOM deem il expedient to
conform to that provision othe CONSTITUTION of the
United States which declares that no law shall be passd
impairng Contracts so that the BANKRUPT ACT shall
be construed not to pnoHARGE acted prior to
the passage OF the said Act your Memoriast will save
much greater sum.