The sun., 1861-11-12

regiment, und served the country in the battle
of Bull Run.
MRE1rNG or MERrHNNrs N RELATION 10
TnE PASSAGE or \ B,SkHuI'r LAVA meet-
ing Of merchant. in favor of the passage by
Congress OF a general bankrupt law, was held
at the Fifth Avenue Hotel last evening. About
forty rcfsons were present, most Of whom are
prominent members Of the mercantile world
Royal Phelps olliciatcd as President NJ.
Phelps stated that this meeting was for tho
lurpo of meeting the pressure on Congress
for the passage Of II bankrupt law, for tho bene-
fit of debtors alone, by some fair, open-handcd
compromise, by which both debtor and creditor
may lie protected. Tho committee appointed
| at previous meeting made a report.
The Committee became early convinced that
| bill Of some kind would he pushed through
Congress at its next session, 10y the force Of the
debtor interest. Although the time is most in
opportune for tho passage Of such a law. tho
Committee feeling certain that such "A bill
would hc pushed through, determined To present
a rcsolul on that if we could not keep or this
interest TO unite with 1t in the adoption of a
law equally Just Tor the debtor and creditor
Such a law was desired in all parts of the coun-
try. In Philadcl phia the debtor interest had
got out petition and drew IpA bill for pr,-
senta,ion to Congress. This 6ll was read bv
the secretary, and the President, commenting
upon II, said that he was ashamed To see brother
merchants attempting to procure the passage of
such an evident cloak for dishonesty Massl-
chusctts had n very good bankrupt law by
which the person applying for u decree OF bank
ruptcy should have to answer questions as TO his
business, and exhibit his looks in proof of his
honesty. But by this bill proposed in Phill-
delphia, dishonest debtor would be bevond the
reach OF any law; in fact, the law would he
merely shield for him.
The Secretary then read report of the Com.
mittec in favor of Till being drafted 10y this
body.
Mr.. G.. 0pdyke wished TO have the report of
the Committee on bill, submitted to this BODY
again
Mr.. Grant wished to know what were the Oh
JSctions to the Law Of l8ll. A gentleman replied
that that law was a very bad one.
Mr.. Grant emphaticllly rcjoincd that il was
very good one; it was abolished when it had
accomplished what it was framed for, but he
doubted If better one could be framed now.
MIR. McCurdy remarked that the object of the
meeting was not To prevent a bankrupt law
being passed, that would be now impossible. but
II l. TO get Such law pas scd shall he adapted
to the commercial wants Of New Yo. k, anl that
such law is necessary the whole community
VIII agree. 1t Is pity there was not such a
law for years past. But such a one
as that referred to should be a permanent
one for the relief Of the honest debtor and tho
equal dis ributiOn Of his assets among his cred
itorS, We want one which it will not he necca-
sary to repeal as soon as its momcntary rclicfis
given, which will protect the creditor equally
with the debtor. We want a law passeI hy
Congro's, the provisions of which shall be known
IN all the states, and which shall be in all the
states the same not leaving to each state the
adoption ol its own peculiar laws to protect its
own Interests, and probably grossly prcjulcil
to the hts Of the creditors of other states lie
had conferred with the Hon, Ira Harris ON this
subject, and found him most fIvorably disposed
toward the passage of such law. The Hon.
gcnilcmnn had collected great deal of iniorma-
ton ON the subject, and would be glad to co-op-
crate with this loly.
Mr. Oply kes amendment was accepted, AMI
the resolution rs amended was adopted.
Mr. Ordyke wished TO know if the law of
Massachusetts which had been mentioned would
he taken for the model Of this bill. lie also
again reverted to the Bank question, and wish
ed to hear some discussion OH the matter.
Mr. MctuIdy answered that the subject had
already been fully discussed at prcviou, meet
Ing, and it had been agreed upon that the
Massachusetts bill shoull I've the model.
The President confirmed this statement, but
wished il understood that the committee did
Mt propose coniining itself to that mo lll The
| lGoa was 10 lay hciore competent counsel Il, ,
English law, which he believed the best vet
iiamrd, the Code Napoleon was also excellent,
but too stIict for this co 'ntry, and the Massl-
chdSetts law, aud from them have "A law
framed which would answer the end of protect
ing alike debtor and creditor.
Mr., Opdyke wished to know il the NIassarhu.
sets law included banking institutions. Mr..
Jatlrey replied in the negative
MIR. Oplyke stated that the including of
hanklng Institutions in such law hal already
been advocated by the press, and he believed by
one OF the Presidents OF the United Stats We
nave clause in the constitution of this state
which subjects every bank in state Of suspen-
sion to liquidation, and in '37 the banks were
only saved from liquidation and ruin by an act
OF the Legis slature, which in effect ignored that
clause. Banks have in themselves the seeds OF
SUSPENSION; and if when they suspend they are
to be wound up, it will be seen at once that all
the money, except the little in mems pockets, is
tied uU-not only tied up but absolutely wiped
out. 1t would lead to the suspension, failure or
bankruptcy Of every person In debt in the state.
1t would be suicidal to have law which would
compel banks in state Of suspension to liquida-
tion.
Mr.. Brown thought one objection to the MAs
achusetta law was tho expenslyeness 0f its ma.