The New York herald., 1865-02-03

New York Chamber OF Commerce
THE NEW BANKRUPTCY BILL BEFORE C0NGRESS-
HOW 1T WILL AFFECT SOUTHERN DEBTORS AND
NORTHERN CREDITORS-THE SHIP CANAL ENTER
PRISE FROM THE LAKES TO THE WEST, ETC.
The Chamber Of Commerce held its regular monthly
meeting yesterday afternoon A. Low, Esq, presiding
The attendance was large
The proceedings commenced with the election Of the
following gentlemen members Frederick Kuhne,
Thomas Christy, John Linnemann, Henry A. Morne,
John Falconer, William H Wisncr Louis s. Bellows,
John A. Stewart, Cornelius f. Timpson, William Morgan,
Edward A. Quntard John Morris White, Charles s.
Smith, James d. Smith and William r. Sheldon.
A NEW SOURCE REcoAhESDEi--A SHIP CANAL
TIE LAKfS 70 THE WEST, ETC
The Secretary OF the Chamber Mr.. j. A. STEVENS read
lengthy report of the Executive Committee on three
important subjects which were introduced somo months
since and full account OF which then appeared In the
HERALD. The report alluded to them In detail, recon-
mending that there should be general tax on all sales
merchandise the equitable mode Of raising the
national revenues that ship canal should be constructed
from Lakes Erie and Ontario TO the Wesan enterprise
demanded by the necessity Of aording cheap transit for
line OF steamers should be esabl shed between San
francisco and Japan Resolutions In favor OF these en-
terprises attached TO tho report.
Mr. RUG0LEs alluded to the results which would follow
tho adoption of the second resolution relative TO ship
canal TO the West While he could not but favor such a
vast enterprise which due to the civilization Of tho
age and tie necessities Of commerce. he could not over
look the importance Of Lake Erie. He believed the
adoption Of the resolution and the Of the
ship proposed would divert trade from this State
while he would at the same time concode the national
advantages which would follow the great work proposed
The speaker closed by Offering an additional resolution
the Chamber believed the construction Of the canal
would divert trade from the state to compel TO
enlarge the Erie and 0swcgo canals.
Mr. Rugges' motion then rejected aud the original
resolutions adopted sertdttn.
REBEL DEBTORS AND NORTHERN oRxDrroRs-THH NEW RANK
RUIT Bill.
A report was next read from the Committee on Arbi-
tration signed by Messrs Walter Grihths, W. Brad
ford, s. b. Chittenden and +. s Lathrop on the new
bankruptcy bill now before Congress portion Of the
report which lengthy, was devoted TO reply TO tho
Board Of Trade which had expressed dsap
proval OF the provisions OF tho BILL and the residue
favorable comments upon 1t. The report closed ~
follows
After full consideration, your committee the
conclusion that the bill In question Is adapted TO protect
the interests Of creditors In cases Of bankruptcy whether
voluntary compulsory, more thoroughly and enec.
lively than similar laws ever enacted In this country OF
That while the clause referring to tho benefits Of dis
charge to those who have In way aided OF abetted
tho rebellion may, perhaps, be amended as more
effectively TO accomplish the end designed still the bill,
In Its present form, s Of the greatest possible interest
and vaue-securng as II does 70 the loyal creditors OF
discharged debtors the revoed states ready and
Of compelling the application of all the property Of tho
debtors towards the discharge Of their obligations IL
obvious that much time must olapse before the rights o
Northern creditors can DO enforced In the local courts o
those States where In consequence Of the rebellion, all
judicial functions have beon long suspended, and
where after law shall be again administered, loca
prejudiccs may nterposc formidable barriers in
the resident debtor against the non-resident creditor
where by the intcrposton OF Congress the dishonest
his assets beyond tho reach OF his creditors IL this Dill
becomes law however, will by ito provisions extend
the power Of the Court OF Bankruptcy over the entire
territory Of tho Union, and thus afford adequats
remedy through the national trbunala Though admit
ting Of improvement In several respects the bill In ~
general outline and provisions scems drawn with sigma
ability and with wise regard alike for the true interests
Of debtor and creditor and your committee regard ~
passage a. emnenty desirable.
THK RsurRouTy TRKAfy WITH CANADA
The report OF the Select Committee the Reciprocity
Treaty between the United States and the Canadas which
ntr Witt BlOOdQOOd At the
meeting was then called up for adoption and approved
The report covers seventy-two printed octave pages
and embraces lengthy statistics Of the previous trade
between both countries, 20 hitherto noticed In thu
HERALD.
pnoPuexD TAI on HxPoRTAnows
Mr. STEVENS announced that the subject OF having
ports taxed presented 70 the Chamber at previous
meetings, would soon be brought before Congress- Tn,
delay In s presentation was owing 70 the necessity O
having an amendment TO the constitution passed which
would enable Congress 10 adopt the measure II haf
been deemed advisable 10 refrain from introducing II
order that the amendment 70 the constitution abosh,t
slavery might first be approved.
l oousuNcA1Ios rRou COMMODORE corlINs
brief letter read from Commodore Colline whe
captured the rebel steamer Florida In the waters o. Ba
ha thanking the Chamber for The kind manner In which
| they had reviewed his action.
fine portrait Of John Alsopp, the hrss President
the Chamber was then presented 70 adorn ss walls o.
| Mr. j. A. Stevens, sr Il was accompanied by commu
and the anecsdsn Of Mr. Asopp during the days Of th
The gin was accepted, anda vote Of thanks was Ten
dered TO the donor.
would be held further the design Of extending th
i Battery a. previously introduced.
The meeting then adjourned.
SHARP PRACTICE TO OBTAIN 4 VITALITY VIM tn
pfdindsdley the NJ a draoaa