The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-04-05

ThS Movemcut in Favor or General HANK
sups Law. go
We stated the other day that the num-
ber Of subscribers to the petitions before
Congress in favor Of general Bankrupt
law, were about one hundred Thousand. We
have since learned that that statement il under.
rather than over, the estimate. At the rate at
which these petitions are pouring In, It L. pro-
babe that before the end of the present session
the number of the subscribers will be doubled
Should legislation on the subject be postponed
till next year, they will certainly receive such
an addition as will compel, from their numerical
Importance, the passage Of the law
Az the question already stands, It Is evident
that the feeling of the country is strongly in
favr of this measure. This will be seen by a
reference to the commercial statistics which
we published the other day. During the last
year it Is estimated that there were over six
thousand failures, with debts amounting to
nearly three hundred million of dollars. The
number Of failures for the first eighty-Rve
days of the present year is set down at
LAPS, with thirty million six hundred
and thirty-nine thousand dollars of
debts. Putting down in round. numbers the
whole number of failures, large and small,
during the last year and up to the preseat date,
at 10000, it may fairly be assumed that out of
the 100 900 persons who have subscribed petit
tions in favor Of a general bankrupt law at
least 30, 900 are creditors
There can be no more conclusive fact than
this of the progress which this question has
made in public opinion. The fearful CONNER
cial ordeal through which we have lately passed
has left in the minds of our people profound
conviction of the necessity of some measure of
legislation which will reconcile the conflicting
laws of the several States in reference to mer-
camille failures. This conviction is not new to
the sagacious minds Of this country. Previous
to the Declaration of Independence the diff
ferent States had laws of their own, which if
not all strongly opposed to each other, at least
presented such marked differences as to render
anything like harmonious action impossible
When the Convention which framed the present
federal constitution met, these differences of
commercial policy and practice were
amongst the first subjects that engaged
their attention. To impart uniformity
to the currency and commerce of the country
they introduced that provision in the consti-
tuition under which power is now claimed to
legislate for all the States. Congress recognized
the policy Of this anticipatory CLAUSE by the
passage Of couple Of bankrupt laws, which
were soon again repealed, owing to the fact that
the commercial condition and public feeling of
the country had not prepared it for their per-
manent continuance on the statute book Now
that we have passed through several terrible
crises, mainly brought about by the absence Of
legal protection to the fair trader and the
honestly disposed debtor, it Is universally con-
ceded that our commercial system will never
work well until some law of general charac-
ter, insuring uniformity of action in cases of
mercantile embarrassment, is passed Were
such Law in existence at the present moment,
much of the doubt and hesitation which
prevail in the commercial community
would be dissipated, and the capital
that is at present locked up in the vaults of the
banks, liberated. to the great relief of the COM
munity. Nothing, in short, would tend more
to the speedy restoration Of con6dence amongst
business men; for in proportion as commercial
transactions are rendered certain and unvariable
in their operation, il follows that they must
multiply in number and Importance. The stag
nation which is at present observable in oil
branches of trade is sufficient evidence that
there must be some vital principle wanting in
our commercial system; for, otherwise, the re-
operative powers Of the country would ere
this have restored business matters to some
thing of their former prosperity.
Prepared as the public are by these circum-
stances for the favorable consideration Of
general bankrupt law, ii y to be hoped that
Congress will no longer delay the considera-
ton Of this question. II the views pro-
pounded by the partizans Of the measure be err
roneous, the sooner their decisions are dispelled
the better; IT, o. they contend, it is likely to af
ford prompt relief from our present difficulties,
there is no reason why such . valuable rene
dial agent should be postponed. SuOh mea-
sure, however, to work good must not be an i'm
perfect one Il must strike direct at the roots of
all the difficulties under which we are suffering.
In other words, q bankrupt law, to be generally
satisfactory, mast include all cases Of CONNER
cial difficulty, both rs regards corporations and
individuals The justice dealt out to the one
must be dealt out with az rigid hand to the
other, or the principle Of the law will speedily
fall into the contempt and disregard which
have befallen its predecessors II will be use
less for the members of the present Congress to
throw the settlement ri this oueat;a, ,nnp tho
shoulders ofthose that are to follow them. \
viii have to be confronted on some future occs-
sion, when circumstances will not perhaps, be
30 favorable for its decision.
GuT ESTyRPssy3 AND COMMERCIAL ScHEwEs.-
We have lately had occasion 10 M ace The nnhlic