The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-11-16
General Ban krupt Law.

In pursuance Of advertisement well attended meeting
II merchants held Monday evening the Fifth Avenue
Hotel for the purpose of taking tho drawing
up general bankrupt BILL and its presentation to Con-
gross at the ensuing meeting Of that body.
Royal Phelps occupied tho chair and N. Sullivan acted
as Secretary.
This was an adjourned meeting from tho 21st Of octo
ber, when meeting held at tho request of W. +.
Dodge, A. r. Wetmore, w. c. Smith and other promi-
nent merchants and at which committee was appointed
10 whom the subject referred for consideration
The meeting was entirely confined to the mercantile
body. The Chairman announced that the Hon. Frederick
Coklng had plc god himself to do all 10 could In Con-
ggess further the mercantile interest Of the city ia
procuring the passage of law entirely satisfactory to the
creditors and debtors Of the community. Alctter was
read from the Hon Roscoe Contng, who was Chairman
Of tho Special Committee appointed by Congress the
Thirty sixth session. in which he recommended that BILL
under the immediate supervision Of the merchants them
selves, be drawn and submitted to Congress.
The CHAIRMAN said that this rather nappropr
ate time to pess tho debtor question the attention Of
Congress bat vt from the unfortunate state Of the
try, il became imperative duty the merchants of
the city get bill passed which would protect tho
creditor against tie fraudulent debtor He
to bill pas cd which would not only protect the hon
debtor, but would at the time offer guarantee
to the creditor against fraudulent debtors
letter directed to the merchants Of Now York from
The merchants Of Philadelphia was read requesting the
aid Ct tho latter in getting passed through Congress
general bankrupt law. The draft Of bin adopted by the
merchants OF Philadelphia read the title Of which is
can act TO provide uniform system ~ bankruptcy"
The CHAIRMAN, referring TO the proposed Philadelphia
bill said that he was SURPRISED that such bill could have
emanaied from body Of men Who represented tha honor
able body of merchants to which himself and the gentle
| men belonged. lie condemned the bill as one which
claimed undue protection for dishonest debtors, while
it completely overlooked what was due to the creditor
The proposed bill nothing or less than to pro-
fresh facilities for dishonesty Thy wanted
law tho commerce Of tho country demanded and he
| was re- notwithstanding tile petition accompanying
the proposed BILL that Congress would not hastily adopt
! such bill
The resolution adopted by the committee appointed at
! the prcyious meeting was read, as follows
That although your committee question the expectancy
OF passing bankrupt law at the ensuing session of Com
gress solely because Of the disturbed state the country
| and tho impossibiy of enforcing its provisions on
| the rebctous States yet. they believe a
| permanent law for the relief Of unfortunate and
honest debtors for the equitable distribution Of their
effects among their creditors is desirable and in
view OF the fact that an earnest effort viii be made
| have bankrupt law passed, they recommend that
committee be appointed to procure legal aid 70 draft
/ bill and ADOPT the necessary measures for its being
| brought before Congress.
Mr. orpYKE moved to amend the latter part Of the
solution so readThat committee be appointed to
draft bill to be submitted at future meeting of this
| body The resolution as amended, was adopted.
Mr. Nj, CURLY spoke Of the Massachusct, bill and recon-
medcd that bill be taken into consideration by the
committee be appointed and any Of its provisions
Should seem TO be suitable to the condition OF things
which called for change In the present law that such
provisions should be embodied in the bill to be drawn
up. with any necessary amendments
Mr. OPDyKs recommended that banking institutions be
included the operations Of any law 10 be drawn up
Banks from had the seeds of suspen
was thai they suspend And II, when they
suspended the Of these banks to be wound
up and pat Of liquidation, 1t viii be
all the deposited money all the money in banks
and all the money embarked in heavy commercial trans
actions tied up fact absolutely wiped Of exist
II would be very injudcious 70 include banks in
| state Of liquidation. He hoped the committee would
guard against this fatal This question the banks
being included in the operations of bankrupt law had
long advocated by the press and by former Presi-
Of the United Saiche believed the late President
Buchanan.
Mr. j. A. BROWN spoke IN favor of some Of the cfauses
/ Of the Massachusetts, bill
On tho motion Of SIR. LAMBERT, Committee Of Eleven
appointed TO whom entrusted the duty Of pro-
curing legal aid in drafting blu TO carry tho wishes
and objects Of the meeting The following gentlemen
named as the commttee-W. G. Lambert, Seth B.
| Hunt, a. r Wetmore, G. W. Lane, Ed. G. Jafrey, N.
Sullivan, George Opdyke A. c. Richardson, McKllop,
O. d. f. Grant and Royal Phelps. Subscriptions were
taken for the purpose Of meeting tho expense TO be in
Cured by the committee and fuamen Of the duty i'm
posed upon them Of getting bill drafted Mr.. n sulli.
van, the Secretary OF the meeting, appointed Trea-
surcr or the committee.
This concluded the business and tho meeting ad-
journed