The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-07-05
MORNING EDIT1oN-.---MoNDAY, JULY s. 1852.

have INDUCED in-unless We suppose .hem to have
adopted the Tallyrand MAXIM that anguss IL the m
htrumen not coDvey but ofcuOccaling Thoughts
This statute too shonld be bornc in mind TN its
sent form was not hasty enaotsent requiring judicial
itsislations 20 supply its omissions bad passeunder
the review may add the deliberate cautious capable
review ot th,e OF the abest masers 81 gsi lang
appointed tor the of revising and corrst
ing any nsccuscy in the form Of the then written law Of
the state. Every word deliberately weighed ard
every coniAion, incident to the matter IA hand fully
considered The revisors well knew and they could not
but have remembered that they deal,g wit the
business OF commercial people-the most commercial
people in the Unon-a people whose foreign commerce
in proportion 20 their numbers is probably the greatest
in the world They knew that New York debto- vhe-
ther resident or nonresident must often have foreign
credrors md that not unequently the of his yrs
perty would be the merchandise, bought time from
such creditors Had they intended then to exclude The
foreign creator from all share ia the insovrnt debes
estate, they would have said 20 In express Com
mon frankness required II at their hands And when
they used the word ALL and rci ,aed is In many forms
we must presume that they intended ali that the WORT
imports AS to the question OF policy it Is no doubt
true that IN cases of sclyrcy, us well as Of rsoven
cy, the law guards the domestic creter But in what
manner Not by deuying to the foreign clansnt his
equal shire bur By reerving to the domestic Tribunals
tLeir proper jurisdiction over the distribution Of the
domestic as.ete. Thus a foreign a<sgase appointed
by ana am. nable 10 foreign court cannot in that
character withdraw the debtors Juris-
6ction, and transfer them to his dom,cii-nor in
If death, foreign executor administrator
med0le with the property the deceased within our
limits until he has submitted himself and obtained
letters esiamenary Of administration from the courts
Of this state. r. p 20 sec. IS. Our courts insist
sets. within our limits. where citizens have
interest in them shall be here aud not elsewhere But
does II follow, that in protecting our own citizens,
us do injustice the citizens Of other countries,
the OF deceased debtor. where in the Of
resident insoyent the estate is also assigned by
operation Of law under the Of executors
or adniptracr 1t ever yet contended that foreign
debts were not TO participate And yet the language
Of the law q r. 81 and the reason OF the thing
stronger in the instance, than ia tho ether. As
question Of morals there something most revolving in
the position cont,nded for If judically established ii
nonresident debtors estate Within limits, to our
own creditors TO the exclusion of the foreigner even
when every dollar Of that estate has been Obtained
abroad, and perhaps from that very foreigner who
asks dividend aud without a dollar being paid
its purchase And for such act of unua-
tgaed selthness. are to have invoked the sacrod
of charity, which. it is said, begins at home
IL is next coneided that even If foreign creditor is
under ordinary circumstances entitled to dividend the
petitioner in this has such right his debt being
absolutely extinguished by the bankrupt discharge in
Great Britain do not 80 unde rstand the English bank
rupt law The debt IS in no sense absolutely extingushed
II continues IN full force as to al the existing propsryo or
the debtor. subs euuent promise even may be- founded
IT, sufficient consideration in law. to bind his f
tuIe npgs The discharge presupposes as an
tal qualification condition that all his existing
peiy wherever situated is to be appropriated 10 his
istpg debts What is the assignment but atrust created
for the benefit Of creditors, And how there be
dtors without credits To say that the debt is obso
lu!ey extineuished is to say that the creditor
presented with this absurd creation Of
trust Tor ths benefit Of those whose annhilaon is de-
cared in the same breath No suit IT is said can De
maintained uIon this claim. either here i'll Great Bril-
tain II by suit is meant one particular kind ot.acon
the proposition may BE- true but If the term is to be
taken mprehensive the proposition is not
true suit equity, founded ON such debt may unde
nahly he maintained against the agnees abroad aod to
that such suit be maintained in like manner
against the eeshcrc is merely begging the question
The true view Of the whole subject appears to be this
policy that of Great Britain agree in dcdcatng
the nsolsns estate wherever situated to the payment
OF the insuv, ut debts In its administration however,
We insist on the control Of our own courts over that por
ton which happens to be within our own limits We
take this stand not to def at but to insure jusceno
to rob the foreign creditor but TO protect the rights of all
the creditors We do it to enable our courts to marshal
the 10 correct ii necessary inequalities
abroad by proper compensatng adjustments at home II
any crt ditcr bas received dividend the English
assignee We Cae and ought compel him stand aside
wait till cshers less favored have received much
IN rroirorto from the American assieneei or, which
leads substantially to the result, coinpu
every creditor seeking dividend here, first 10 ransior
for the general benefit all his claims the fund abroad
r. s. 3G H. The opposite doctrine IN to its
ha and rpulste character in respect Of foreign cred
tors generally would in at least be attended
citizens. citizen OK this state resdin Tor tune III
Paris might receive Dividend IN London under Eng
lish law If the debtor had assets there and nc denied
oYid,nu in New York, under American law II the deb
tor had assets here An alien too temporarily residing
in the state would be admitted TO share IN the dtribuon
while citizen who Glanced TO be temporarily residing
abroad w6uld and that under the plea Of protecting his
rights bc entirely Cxcluded-hns placing in matter o
justice the circumstance
of residence however temporary dependent tuc-
tuating will and caprice above the substantial claims of
nativity ana ciz.mbip Such an Interpretation Of IN
VI the Legislature could only be warranted IN case
where language bad been employed clear ana nper
tive ADMIT of no other moaning-cortauiy not III
case in which arrive the result coptcncd tor all
man creditors, however frequently repeated must be
trued BY implication to exclude nutiye OF the
State. il temporarily nonresident My conclusion, there
fore s that order should Dc entered declaring the
right of the creditors Of Coatos Co. whether resident
or non rcccn participate in the asscts wcn have or
may come hands of the trustees provided that III
adjusting lie diyd nds due regard shall be had to the
a. senment made under the English bankrupt law 20 that
no creditor whether here shrovd shall receive
Nj. equal prorOrontc hare Of the entire estate Of
the debtors wherever il may be.