Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-03-13

General Baisixfipt Law movement.
The Relieving Circular has been issued from
the city of New York to the business men of
the nation, accompanied with the request
that they win get as many signatures to q
petition to Congress in behalf of its object as
they can:
~NEw YORK. 1883.
'SIR A general movement is being made
by the business men of this city to bring be-
fore Congress, at an early day, the great i'm
portance to our country of securing the pas
sage of general bankrupt law at this present
session. ---------
"As the measure is of national character,
and is demanded alike by every business COM
munity, it is confidently hoped that those
friendly to the passage of such a law will not
only Use their influence in its favor with their
friends in Congress- but will also get up petit
tions upon the subject, securing signatures
| thereto, and, when signed, forward the same
to Congress with as little delay as possible, in
order that the voice of the people may be
heard by our representatives upon this great
and vitality important measure.
sThe friends of the proposed law offer the
| few following as among the many arguments
| in favor of its adoption
| based upon property and character; and that
creditors should have the right secured to
them, by laws equally operative throughout
| the land, by which they can share pro rata in
| the distribution of all insoivent debtors es-
| tates
| ".Second, That general law, liberal in its
provisions. and which shall discharge the debtor
| from his liabilities upon the surrender of his
| property, Will not only be humane, and great
public gain, but will leave the great moral
| link connecting debtor and creditor unsever-
! ed, impelling the former to use the energies
thus generously released in repaying the losses
of the latter.
| '.7h1d That the small dividends under
the laws of lS4i should have no weight
against the passage of the present proposed
law, from the fact that the insolvents of 1871
were made so by the reVulsion of 1887, or
previously, and, az a natural consequence, had
used up their assets by family livings, specu-
lations, law expenses, &c, previous to its pas
sage.
''Fo,Hth The immediate passage of liberal
bankrupt law would not only secure millions
of dollars to present creditors that otherwise
must be wholly lost but would Immediately
restore to the active business community
thousands of honest, Industrious and enter
prsing men, free from debt, and without the
loss of their business friends or the entire de-
structiOn of their faculties by hopeless delay
or idleness.
Fifth The passage of the proposed law
would operate to entirely supersede the sys-
TEN of preferred creditors, by which the money
lender takes not only precedence over all
others, but absorbs the very property sold and
delivered in good faith by importers, Jobbers
manufacturers, &C., instead of securing, with
strict and equitable justice, an equal division
of the entire estate of bankrupts among al
and every description of creditors.
'.Sirth. The immediate adoption by Con
gress of the proposed law will restore general
confidence and revive business at once; mo-
merely by securing the assets of the debtor fol
the creditor. or the discharge of the former
that he may again be of use to HIMSELF family
and society, but az basis upon which thOus
ands yet doing business can meet their credits
explaining their position without fear, anC
thus possibly be saved from ultimate bank
ruptcy.
''!SeUenth That, from general observation
, made within the last six months, il is asserted
that great majority of the business commnni
ty, at the present time, are fully of the opin
ion that the bankrupt law of lS4l should no
have been repealed. but simply amended il
. some of its provisions. Had that been done
and the law remained upon the statute bool
to this day, it would be looked upon as no
: only the great sheet-anchor for the protection
of the creditors, but as the most conservative
law of the land.
In forwarding this circular to your ad
dress. the committee having the matter IL
charge have to request that you aud other
: friendly to the proposed law will take mea
sures at once such as you in your wisdom ma,
deem most effectual in making your wishe
known in Congress on this great subject Tha
), all its friends may act as much in harmony a
= possible, it is desirable that each should know
as frequently as possible the general plal
adopted by Others, and as New York is th
great centre of commerce. it has been deemed
advisable to have the Central Committee here
: ana have the doings of other places mad
knpwn here for the purpose OF radiation to al
..On .L-.~-~oil,t Of this please reply wltnou
delay, stating whether you are friendly to tn
measure, and if so, whether you and you
friends will move i'll the matter as above sug
gestcd.
please address
CENTRAL COMMITTEE
"Box 45I, New York Post Office"