The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-05

The bankrupt BilI-The Prospeot NJ ,ts
Fran, the Times. F"sS"se'
The decisive vote in the Senate ON Saturday
! by which ii agreed TO retain the proposition in
the House bill exemptine from sale. under tbe
operations of the Bankrupt law, so muob of tbo
debtors property as is included in existing Ev.
emption State laws, 1T is to be hoped lairlv indi.
Gates the purpose of the Senate to offer no fur.
ther distinctions which would endanoar tho
ultimate passage of the bill.
Mr.. Wilson's amendment to mako tbo o,.,,,,.,
uOn UNIFORM and TO fix the amount et s9ono
was not, considered by itself perbanS
oI1 aUie. III Woull not have been regarded gene
rally by the advocates of BankTunt iaSg es
llllDera, or as materially curtailinp anv henog%s
TO Whlch an honest debtor could law ciain, NJ
the time has come when any amendment + invdia'
roat e. o ueisy must Oe looked upon by the
lnlmlcal. The experience of several yeays nos
taught us that the strength and virt1e oP n no
opponents arguments have taken the shane of
mouOns and resolutions looking cbieHyy to
delay For time specious plea was nnt fcrsyo,J ~
III cSrValn quarters against legislation-founded
on the disturbed condition OF the noliticot o,, a
1airelauons between the North and the
south' But the events OF every succeedinS
month, since the war closed have weakened
the little force that plea had in il from tbe he-
ginning. The bulk of the business men of tho
Sni SUu'n noi noPeteSSty and finally ruined by the
MaIi VINO nave therefore no means present or
prospective, OF ever resuming business and
VINO are consequently beyond the pale OF anv
I EIelIeI tnat Bankrupt law could bring-have
been enabled by the liberalitv of onr N1rtner,,
merchants, and especially the mprchonts 81
New Hors, to make almost their own terms IN
settilng ola accounts in renewing credits and
IN starring tn no ncumbrance which this or
any Olner Bankrupt law could make lighter
All this has been going on for more than
eenIeen months, while from one cause or
SIo Sho.neI me constant changes in the tariff the
loise l,it nopes nelo Out to manufacturers by the
extreme protectionists, the weight and the
inequalities OF taxation, and the fluctuations i'm
the currency, thousands of traders among ms
at the North have gone to swell the alreadv
oVeTgroWn llst OF lnsolyents. The failures in
the Northern States in 1866 were seven times
greater In amount than those of 1863 and siv
times greater than those OF 1864; while thew
we're eight times the amount OF the failures of
the South curing the year after the close of the
war, when everything commercial there was
believed to be in q state of almost homeless
paralysis. In view OF these facts IL has been
VAN Tor the opponents OF a Bankrupt law tG
taunt It's advocates with attempting to white
wash Soutl ern insolyents at the expense OF our
own merchants by an exceptional measure
III ose who had most to lose at the hands of
Southern traders by any whitewashing legisla-
uCn-lt such could nave been applied to one
section at the expense of the other-have been
the foremost, the steadest, and the most faithful
advocates OF a Bankruptcy 'aw. The merchants
Of New York had ten tunes more to lose by any
summary or unfair WlDng-out of Southern
commercial liabilities than any other commu-
nifty on the continent.
single firm here might be named that stands
to-day, and is able to stand, larger creditor of
the South than some provincial towns of great
self llimportance, that have been fussy and
furious over giving the South any ADVANTAGE
from BaukruDt law. YET with such a record
as this, New York, through her representatives,
through her Chamber of Commerce. and
through the petitions of her merchants. her
manufacturers, her professional men, and her
citizens generally, has led the way IN urging
legislation on the question. New York, too,
has had the sentiment OF a vast majority o. the
whole country with her. The opposition
which has thus far prevailed mainly oy resort
ing to tricks 10 delay actlon-has chiefly been
the opposition of Clques aud coteries more
skilled in partisan warfare, and more devoted
to sectional aims, than controlled by large and
liberal views OF public duty. The measure, it
may be safely predicted, Will now become law
without further delay,