, 1873-12-24

be MNbs to the apponl Of the creditor to tha
bankrupt courts, and that It 6hnll require lho
(n amotlut} boforo tllo o,,rt sha'l DO at liberty
to cousidor tho petition Of crelitoss at all. Tho
protests agasnat the repeal Of tl.o law arc now
pouring lto Congress from every city yl.;, ~ tlio
letter was circulated In Nov York City, and re-
ceiyed tne signatures Of eighty OF tho most prom
iuent mercantile firms III tlat city:
n khe Iion.-- United Statfs Senats: .,,....,.,,.
cxiAs atoug tho members Ut Congress- As to tho scn-
tinents and wishea Of tho mercantile community on
the ouestipn Ct the nakript law. The action Of the
Houae Of Representatives III passing The bill for repeal
Was haay thHt there has boet, no opportunity for
seaonsrae ea aa asatns the repea II Is admitted Int
THO law ought 70 bo ansended it many u It's
but heuoss, Il areasonaba opportunity bs esforaad,
tho business Of tho country will satisfy congress
that 1t ought not to bo repealed. Onr business tranH-
actions aaer tals law, deissttye Il may BE- fur now
the mercantile community luporatyey de.s.and the
e1iaeuto Of sono law that will prevent prefsrences,
ask that the action Of the 8euate ay bs ach to c
sba .hs egerea community to express hss yss
A copy Of tho foregoing lettor was forwarded
to each member OF the Unltod salos Senate.
Tlleso demonstrations In New }orK. Chicago,
and Other cltiea, completely rofuto tho satomeht
made In tho House Of Representatives, that tho
business community wero nonrly unanimous for
the rapoal of the bankrupt law. It will 10 Econ
that Tie lptter citculaled In Now York reoonl-
mords that the law DO amended, but doea not
specify In what particulars. We fec contldent
many Of our business 1noa during
pui objections 10 tLo Law cal, be
removed BY the aforementioned amendments
to lie provisions Of tho law tor involuntary
bankruptcy. Tho provisions for voluntary bank
ruptcy, also, neod amending iu aome particulars
to prevent their being male usu of by debtors
US meaus Of defraudng their credtors. It
should require the conscnt OF at lehst one-third
Of tho creditors and certain period Of notice
to a!l before tho filing OF tho petition. It
seems tolorably eertaln now that the son-
ato will bo IN no. hurry about its
ana3 aetion ,s,a.. on tho nanksnps 1o .,aan Low
that one or tive prominent members Of the Son.
ate do not bclioYe TINT body will tnko any i'm
portant action OH eithor tho repeal Or the amend-
aonts for mouth yet The probabilities arc
:hat tue Inv will not be repealed but tho whole
business community arc as much Interested In
tho amendments ~ In tho question Of repeal.
buslneAs men Of sxperonoe should give these
questions their most careful consideration, and
suggest TO tue press, or to their Nepreaenta.
hveH in Congress, the present defects Of tho
law. Tho suggestion made some weeks ago tpy
corTeHpoudont) III TIE TllBuHE that the Dank-
rupt law bo SO amended that, ill case of tho
1ssoIs4Scy OF nAsKs On HAsSEns,
tde depoaitoly who have not received interest
On tlleir deposits Bince tho opening Of the &C.
count current at the tirno OF bankruptcy ct the
bank, shall have the prccedonce Of depoAltors
who hare received interoHt on tho whole or any
proportion Of thotr aynrage daily balances, has
astlnctol o great deal Of attention anlong
bankers aud been favorahly commented upon
by bankers wlo desiee to see the practice OF
paying
INTEREST on DEPOSITS
kept within reasonable bounds. Wo are not pre-
parod to say how far tlllH precedence Of non-1n-
:erest receiving dcpositors should extend. It
soull, however, seem no moro than just tLal
;he actual cash and exchange OIL hand at tho
among the nou-iutarest receiving depositors,
md TINT nttor this tho balance ol
'lhoir Claims DO upon the Eamo footing as
:no claims Of the lepositols Who hGd received
many caaes OF the fnluro Of banks. t1is rreco'
denco Of tho Misunderstanding deposilors
N ght not be Of very great advantage to thom
for tho ronaon that i bank or banker does mol
usually suspend until tloir cash and oxohaugt
havo run very low, Probably four riftEt
Ut tho Interest," paid Oh current balance
is, on tho, deposits nalo ". banks i
othor bnpks::. These, depositing bank
of the banks i'll which they koep deposits thai
are accessible 10 individuals aud tittns who com
posa the great hulk Of tile u-intercst-receivini
uapoaitord. Even il the question Vt chccsin;
lho practice Of paying lntorrst on deposits b
left wholly out o. viow. it seems no more tha,
right that The compensation Of intoross shout
be ofraet by aome additional uak on III
part Of tho interoat.recsiving deposttol
Wills such law would not pro
Mbit the payment OF interest o.
deposits, 1t would CAUSE both cassca Of doposi
tors to acrutinizo tho conduct and gcl.crai polio
Of banks more cloEe|y, and would ut lcast hav
atendeucy to divert '6oth liuda Of depoxita t
banks wIioss business was known to 10 legit
imate. It would not prevent interior bank
from keeping ba]auces with their city curre
spondeata, nor from receiving interest Oh an
portion Of their funds which they migll
choose to keep Oh MI "iutasest account,
but 1t would probably induce interior banks t
keep larger proportion Of their funds ut home
and, possibly, to make two accounts Of tie fluid
kopt with tLotr city correspondent, ono to beu
interest aud the other not.
LOCAL sTocK AND BoND NARTar.
Messrs. prenton, Kean + Co. quots as follow
this nftRrupnu