, 1873-10-23
An Important Discussion on
American Shipping In
tcrests.
President Fraley's Report on
the Department Of Com
merCe.
Partial Report Of the Com
nittee on Transpor-
tation.

tation.
The National Board Of Trnde reaascmblcd at 10
o'clock yesterday morning, tho President IN tho chRir
Prayer by tho Rev. Mr.. Ktredgc.
The Secretary called the roll and fortyhvo delegates
answered.
Trade and Corn and Flour Exchange, expressing the
regret Of their delegates ut their inability to Ut
tend.
AN INVITATION.
Afr, Cuyor, of Ccnga, alnce many Of tho members
Ind not seen Chicugo sncc the re, on behalf Of tho
Board Of Trade, invited tho nen1bets ETC., to takes
ride through tho city Thursday afternoon, In order to
show gentlemen what had been done here.
Tho Invitation was accepted.
THE CURRENCY AND FINANCE coMat1TTEE ENLARGED.
Tho Chair announced that Ito had becn embarrassed
in making up tho special Committee on Currency nnl
Fuanco and suggested TINT 1t 10 enlarged to nine or
eoYou members, tlx tho representation Of the dit-
fcront parts Of tho country could he more e1ually
malo.
Mr.. Wool1y, on Mr.. Nourae's suggestion moved to
enlarge 1t to eoyen. to include the President Of tho
Doard,
It was agreed to.
The Chalr stated the Committee, consisting Of
n1essrs. Woolly, Of Cincinnati; Nourse, of Boston
stranahan, Of New York Wright, Of Chicago; Bon
nur Of st. Louis; pinelc Of Louisville; Burwel, Of
New Orleans; Grosvenof, Of Providence; Smith, OF
Milwaukee, Dronlbcrg, Of 1lobIlo aud tho President
nEpony OF THE COMMITTEE THE EXECUTIVE couN.
GIL.
The Secretary read tho report Of tho Committee oi
tho Executive Council on Bankruptcy laws, fol-
lows:
TO The National Hoard qf Trade:
This undersigned, to whom WIS referred, BY yota
| Of the Executive Council tho examination Of the Nj
tiona Inv on the subject Of bankruptcies respectful,
| b. he Constitution of tho Quilted states Congress.
to uporm IT,, a%s ,ss sn the subject
Aud by tho Instrument thoy are authorized "to
,nake al laws which necessary md pronHr for car
@ By the SIKH nrcie 81 tho coustitution, all laws
naie under IT. aud by the use Of tho granted powers
become % paramount to III Constitutions and laws o.
tic several States. Until Congress acted on tho sub
Son in a1a wc aSe ave iSs or
tho subteo: enaeted BY Congress- ths legislation o
in forco IL Their reypectiyo territorial limits; but
their power restricted BY the prohibition "tha
they soud make no Aw inpairins tho obligation Of
Hence, all tho State legislation on the subtoct
further &lnn to give relief to debtors from imprs
IT, viii viii savs to sSedors @
powers for obtaining possession Of the estates Of II
solvent or bAnkrup debtors, and to secure their mp
plcaon. as fur aH they would &C., to tho payment o.
| debts.
BY proper legal and watchfuacas on The part d
tic creditor, and tho debtor by utter acquired prop
s e t to % r. h aasr u
debta; and It Is, pcrhaps, to this important featur
that national laws the subject Of bankruptcy hav
For, Whenever they have been ennctcd, one of th,
most important fealurca they had, WIS tho utter do
struoton Of the obligation Of tho contracts Of tht
dobtor; Il voluntarily, or iuvoluntarlly, he surren'
dcrcd tho whole Of his estate for distribution among
Bankrupt and insovcnt lava nre among the many
benefits that modern civilization has introduced into
tho world and Imprisonment for dent e1eep IL Sasea
~ Irwin
But legislation on tic subject OF deba and contracts,
tho vast aud intricate dealings Of merchants, traers
@ desInss ereae, % mako i dcat for hana sk 10
devise attuc that shall work with uniformity, eqn-
ef Sa:na Inv Oh tho subject la.
been Thrice tried in the United states and each Of
tho trias found unsatisfactory:
The frat Inv WIS passed III Tho year l60o about eeT
years after the adoption Of tho Constitution and
after trial Of three years. was repealed IN 1903 Net-
weTo tcn very great, but mercantile distresa snd ruin
ha reached comparatively large proportions BY dlsas.
roua spesuaons and by tho troubles growing out OF
~ Aholga the law lad but short e1stence, the pro.
essass aepos ior i soS asted
years. and tho remains Of soe OF its cases still nnge,
After IN interval Of moro tan forty years. the
onl law was passed. in thu year 184l, and 1t had
shorter fo thau aho hrat. being repealed In tho year
It s remarkable that this interval Of forty
characterized by ho most important effects and de-
For ho irat fourteen yeara IN almost universal war
e1isto in Europe and our own cnaugement with the
bcllgeren,s aud especially with Great nrtan, caused
nnny aud great ycissitules the business and for.
Fur tho following fourteen years wo had process Of
settlements going IN under tho State laws, marked by
widespread Insolvency and aacrco Of property, which
1t attempted to mitigate BY stay laws and other
| dishonest aud dlareputablD devices.
But no re-enuctment Of National Bankrupt law
took paoe, aud thoss wh0 sank in the great struggle
were lett as bess they might to retrieve their fortunes
with sael lcnency as noro fortunate ones who sur~
After this perotB settlement, tho business Of the
country aasulned nrgo and widespread proportions.
popu!non rapidly Increased, tlu revcn.cs u the Gen
oral Government wero abundant, tho National public
ott Of tho revolution, nnd Of tho war Of 1879 waa
Eaia on. and laIgo surplus acc,'muatea M M ~ the he
recalled at the pleasure Of tho Government.
Then came tie financial cr's' Of 1s1 tho nniyerss1
s 1s sats a " as sc a
tho Of tlobtB TINT tl.en prrsuod upon the people,
tho bhost-liycs act Of 1a41 waa pnsacd.
remittsu to the care Of the 6ate aotyeut lava, aud
only rsist debtors and creditors ID easSs Of inAo"
yenoy.
Thu present iaw, passed in 1867 had its origin III
condition Of affairs Without parallel.
Civil w4r l!Al 1csaatud great portion OF Tue na-
ionu territory uud lad uuo.y changed tllc turtn,
and spclaI conditions Of largo nssAus Ut our peol W.
Dcl,ls lad rraccaly Icon cancelled by y9lrni Efo-
cshaes, a, grot ex!e both acbtur al crs'!l!os
frlt ocussy for lhe Intervention u the l",wce tG
,s 10 osgrrss to appiy ts wy aloIan' Fon'as:
"soase fr1a tla ot.1%s % Of * narn9on tor IN.
wards Ut Aix years, and Under 1t, BY voluntary k'lo
forced submission ta s provisions, humorous caA'es
Il luz probably WORKED out tho only remedy tor ths
mh4a Of debt AMI embarrassment that grew out III As
sto war md IL now on ita trial a. 10 it's asnoss fol