The weekly sun. (New York [N.Y.]) 1851-1869, 1861-11-16

I've '"' "'''N.HiS HuySl'lan, WHO
probcd and dressed the wound, expresses the
opiai-t. hat it will prove fatal Cooscn, who /,
quiet and civil NAN, Nss amembcr Of the Goth
regiment, and served the country in the baltic
Of Bull Run.
MrETtNG or MERCHANTS N RELATION TO
Tur PAssAur or \ BtNKEuIT LAVA meet
ing Of merchants in favor of the passage by
Congress OF a general bankrupt law, was held
At tie Fifth Avenue Hotel last evening" About
forty prrous were present, most of whom arc
prominent members Of tho mercantile world.
Royal Phelps oliciaicd rs President. Mr..
Phelps slated that this meeting was for tho
puno.c Of meeting the pressure on Congress
for ihc passage Of bankrupt law, for the bene-
TT Of debtors alone, by some fair, opcn-handed
compromise, by which both debtor and creditor
may be protected. The committee appointed
at previous meeting made a report.
The Committee became early convinced that
bill Of some kind would be pushed through
Congress at its next session, by the force Of tho
debtor interest. Although the time is most in.
pIortunc for the passage Of such a law, tho
Committee feeling certain that such a bill
would he pushed through, dot, rniincd to present
a rcsolut on that il we could not keen oil this
interest, 10 unite with it in the abortion of A
law equally just for the debtor and creditor.
Such law was desired in all parts of tho coun-
try. In Philadelphia the debtor interest had
got out petition and drew una hill for pre-
soHtalion to Congress- This bill was read by
the Secretary, and the President, commcntini,
upon 1t, said that he was ashamed to see bro her
Fnnr - aNI In. a..
such AN evident cloak for dishonesty. Massl-
chnsctts had very good bankrupt law, by
which the person applying for decree of bank
ruptcN should have to answer uu 'stiOns as TO his
business, and exhibit his hooks in proof of his
honesty. But by this hill proposed in Phil-
delphia, dishonest debtor would be beyond the
reach OF any law in fact, the law would 10
merely shield for him.
The Secretary then read a report of tho Com
mlttee in favor Of n bill being drafted 10y this
Iody.
Mr. G. Opdykc wished to have the report Of
the Committee on bill, submitted to this body
again.
Mr. Grant wished to know what were the OBJ
jcctions to the law Of 1871. A gentleman replied
that that law was very bad one.
Mr. Grant emphaicilly rcjoinrd that il was
n very good onc 1t was abolished when II hal
accomplished what it was framed for. hut Ia
doubted If better one could be framed now.
Mr. McCurdy remarked that the object Of the
meeting was not Ia prevent a bankrupt law
being passed that would bc row impossible but
IL IL TO ret such las passed as shall lie adapted
to the commercial wants of New York, AMI that
such law is necessary the whole community
will agree. 1t Is pity there was not such
law Tor years past But such a one
as that referred to should be a permanent
one for the relief Of the honest debtor AMI the
equal dis rihution OF his assets among his cred
ant. n..sIt 4. "a 4.
sary to repeal as soon "a its momcntary reliefis
given which will protect the creditor equally
with the debtor. We want n law passed by
Congress, The provisions of which shallbe known
in all the states, and which sLall be in all tho
states the same, not leaving to each state the
adoption OF It's own peculiar laws to protect its
own interests, end probably grossly preiulicill
20 the VI hts of the creditors OF other states. He
hal conferred with the Hon. Ira Harris on this
subject and found him most thvOrably disposed
toward tho passage Of such law. The Hon
gentleman had collected great deal of inrorma-
uon on ne subject, and would 10 glad to coop
crate With this body.
Mr. Opdykes amendment was accepted, and
the resolution as amended was adopted.
MIR Opdyke wished to know if the law Of
Massachusetts, which had been mentioned would
I've taken for the model of this bill. lie also
again reverted to the Bank question, AMI wish
ed to hear some discussion on the matter.
Mr.. McCuTdy answered that the subject had
olrcady boon fully discussed at previous meet
ing, aud il had been agreed upon that the
Massachusetts, hill should be the model
The President confirmed this statement, hut
wi'hedit understood that the committee did
MT propose combining itself to that model The
idea was to lay before competent counsel the
lnglhh law which he believed the best vet
framed, the Code Napoleon was also excellent,
but too strict for this CO lntry, and the Massl-
clusetts law, and from them have law
framed which would answer the end of protect
ing alike debtor and creditor
Mr.. Opdyke wished to know if the Mlssachu-
sct.s law included banking institutions Mr..
Jafrcy replied in the negative.
MIR. Opdl Ike stated that the including Of
banking institutions in such law had already
been advocated by the press, and he believed by
one OF tho Presidents OF the United Suites. We
have clause in the constitution OF this state,
which subjects every hank in state OF susprn-
sion to liquidation and in ~ the banks were
only saved from liquidation and ruin by an act
Of the Legislature, which in effect ignored that
clause. Banks have in themselves the seeds OF
suspension; and if when they suspend they arc
to be wound up, 1t will bo seen at once that all
the money, except the little in mems pockets, is
tied up-not only tied up but absolutely wiped
out. 1t would lead to the suspension, failure, or
bankruptcy of every person in debt in tho state,
1t would be suicidal to have a law which would
compel banks in state OF suspension to liquida-
ton.
Mr. Brown thought one objection 10 the Mas
aohusetts Law was the expensivenesa Of ia ma