The New York herald., 1862-04-16
The Bankrupt Bill.
TO TIE HDlT0n OF THE HERALD.

Tho Legislature have incurred serious responsibility
m postponing until the "Grssk Caends the eonsdsra-
ton Of the bill Of . uniform system Of bankrupt law.
The community indebted 70 your Journal as largely
representing the commercial interests country for
measure There never was period n the history o ths
United states whom just and remedial measure was -
much required The unparalleled efforts which have
been prompted by spirit OF devoted patrolism 70
render pecuniary assistance TO government In s ar
duous struggle for national existence have necessarily
from he South TO our merchants and to all the holders Of
Southern property, unblushngy rspudiaed, has Grip
pied the means Of the wsathest and caused financial
embarrassment which prudence or foresight could
have averted. Tho impending imposition Of an amount
OF taxation essential maintain national credit,
which will press with assverity hitherto unknown upon
the resources Of people, and upon every luxury and
almost every necessary OF eal these considerations
demand immediate and wise legislation upon subject
vitality affecting the interests Of commerce. and which
cannot with safety be longer delayed. Thousands Of
honest in this city alone are carrying hopeless
city OF New York about seven thousand mortgages
assignments of personal property, called chatte mort
cages than one thousand assignments OF other
property, chiefly including stock in trade What 10 the
effect Of such state Of things, and what does indi
cate? They the criterion Of state OF insoivency
msda tn. debtor :: Ss mercy
OF one preferred creditor to the serious injury OF all
others who have just claims upon him. He hspleasly
in hs power and obliged TO take such creditor goods a
any price he may demand, and TO sacrifice every other
creditor from whom he may procure credit 70 meet the
OF ali his property II dishonesty made in order 70 defeat
his creditors and avoid the enforcement OF their uss
demands land under this category the majority Of such
transfers Of property s included) power s thus Gre
ated, recognized and sanctioned by the existing law
which gives impunty TO transactions Of the most nefa
rous kind. The only remedy is q just and equitable
system OF bankruptcy law under which the embarrassed
and the honest may be relieved the dishonest punished,
and the property Of insovcnts estate be rateably
and fairly distributed amongst the general body q the
creditors Such measure ID mperatively needed, and
express the sentiments Of every banker merchant ana
lawyer with whom have conversed when invoke your
valuable assistance urge this important subject upon
the attention Of Congress- Yours very yynW1N fssniay
No. 2a BROADWAY, New Yoax. April IL, 1ss2.
TO THE EDITOR OF THE HERALD.
In the summary disposition Of the proposed BAnhrups
Law vestsrday In the House. clearly indicates that the
people need not expect any sympathy from politicians
Congress. r,-.-.t.,,
As the outside pressure too strong 10 retain the
bill, sny longer in committee formally presented
but with preparation contaminated for is defeat, -
II onld be we'll for the country 10 consider this ind.
ference OF their representatives 10 meet and remedy
their necessities brought them by the agitations Of
~" The necessities OF such bill require no argument
II ia clear any thinking mind, and Justice 70 the un
fortunate demand H. All opposition would fail TO be
changed by any reasoning short Of dollars and cents.
would suggest that clubs be formed In every place
throughout the country with concerted action aiming
10 dispace these mon who 90 ndicrenty sacrifice the
interest OF 90 large and influential cass, embracing
some OF the best talent OF country. any doubts
cxist as the strength Of this movement lot mass
meeting be called by It's friends and test s power.
n the democratic party would abandon old and unfor-
tunate issues and place this bill upon their standard
they could rally together power that would sweep the
oor OF House and Senate OF just such men voted for
the postponement Of any present action upon just
HiSs,'Ss SsT GonS' 1as. April Aissa