New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-09
THE PROCEEDINGS.

The regular monthly meeting OF the Cham
Der OF Commerce held. yesterday. at 23o D. % with
an unusual number attenda nce, In the absence oil
the Hon. VIM. L. Dodge $. ID. Babcock presided After
the reading OF tho minutes. on the NOMINATION OF the
Executive Committee, the Hon. Wm.dJ. McAlpine was
elected an honorary member Of the Chamber. The
gnaon OF A A. Low, Chairman of the Executive
Committee was submitted 20 the Chamber and ordered
TO be laid on the table. The Executive Committee sub
mtted the resignation Of Charles A Macy as Trustee OF
the Institution for the Savings OF Merchants CLERKS
and OF tho Of the Committee IT was ac
cepted aud Charles Lanier elected to I'LL the vacancy
The Committee also reported the decease Of John Arm
strong. trustee in the Same institution. appointed 10y
the Chamber. and nominated James M. Constable to Ill
the vacancy Mr. Constable WAS elected. The Commit
tee submitted a letter from Mr.. Benjamin Il. Sherman.
President of the New York Cheap Transportation Asso
catOD in reference to the objects OF the Association
which referred to committee for consider
alton. Elliott G. Cowdn, from the Executive Commit
tee presented the following memorial to Congress for
the action OF the Chamber:
MEMORIAL.
TO The Honorable, Me Senate and House Of Rspressna
tires The United States:
The Chamber OF Comm rec OF the State Of New York
respectfully represent TO your Honorable Bodies.
That in their opinion the repeal OF tue existing Bank
rupt law would be highly detrimental to the best in-
terests OF business OF all classes whether debtors
or creditors. throughout the entire country.
That they believe that these interests Will be best pro-
NOTED by amending the existing law. in impor
particulars rather than by ts total repeal.
That they regard amoGg tuese amendments
provision mat shall require larger proportional share
OF creditors boin in number and amount TO put
debtor into bankruptcy. than Is necessary under the
law stands and that greater safeguards than
furnished be provided for security to creditors
the property OF bankrupt and Tor preventing waste
OF his assets IN expenses unnecessary litigation;
and especially that stringent provisions be neorporaed
into the law u avoid those delays In IT'S ADMINISTRATION
prejudiclal to both debtors and creditors.
Mr. Cowdin moved the adoption of the memorial, AMI
sustained his motion in the following address
SPEECH ELLIOTT c. CowDIN.
Mr. PRESIDENT: You doubtless aware that covert
but very energetic effort has been gong on for some
time TO procure repeal Of the Bankrupt law.
The hasty action OF the House OF Representa-
tves does not my Judgment. reflect tho enlightened
opinion Of the country
1t seems to be "a sudden of5ho0t Of that impatient
spirit which would reform a system by destroying II.
bankrupt law Of universal application Is one OF the
necessities OF great nation engaged in varied industrial
pursuits upon large scale. For long period the fore
most nations OF Europe have maintained bankrupt
system which, though often amended has never been
aooiIsne'. TIE first bankrupt law OF England wac
passed early 1870, and 1T has existed, In modified
forms. from that time 70 TINS In 1879 IT'S various ba1
rupt consolidated in act consisting OF 35
sections, which commend themselves To the careiui
A leading and universaliyapprovc feature OF that
law was the adoption of Official Assignees In 1853 It
was stated the House OF Lords that these new public
officers commenced their pubic career nnueI thc aoc
superintendent OF the Commissioners oy recovering as
they were empowered do by the act, large sums
OF money amounting To four Inllons sterilng from the
former assignees under Old Bankruptcies For TWO NIL,
lions and hall OF that sum tue official asslgnees FOUND
rightfu owners one million ana hall nearly Tor
which Do owners be found remain Ia the Bank ol
England" ,.----- -, -
la France bankrupt law has existed for more than a
century under all the huctuatng councils OF republics,
empires and monarchies In 1888 it underwent RADICAL
ana revision, aud IL was then inserted into
the Code OF Commerce and Is AZ this day the law OF the
French Republic or however little value the political
Xampics OF European Kingdoms may be IN determining
tine principles which republic IN America should be
governed yet, the chief commercial and monetary
Powers world their united testimony In favor Of
% permanent bankrupt code Ia worthy OF the gravest
Acting under these lights the trainers OF the Consttu
ton empowered Congress 10 enact a bankrupt law
which should DO uniform all over the country The
power 10 do this very strongly implies the duy To do IT,
ard yet Congress has only three times exercised this
having passed 1900, and repealed In 1905 the
second enacted in lol. aud repealed IN 1873 Tne
third law passed III 1861 Is now on trial. Tho benefits
OF slch a law have been often aud ably set forth
Writing TINS subject. IN his Commentaries on the
con ,tltuton when had such law. Judge story.
the greatest commercial jurlst OF our country SAID
zone OF the most pressing grievances bearing upon
commercial manufacturing, aud agricultural pursuits
at the present time, is the total want al general sys
tenn of bankruptcy" Again. speaking OF the eV 10 De
dressed by the States 1t can adequately rcdressed
onIy by the power OF the Union" Thls Is only brief
FIRST That uniform Nttional bankrupt law aud not
variety Of state insovent laws meets the exiseney
second That the National system should DO part OF
the et,led policy vi the country.
The leading idea and object Of all this class of laws,
debtor and protection to the creditor. In republic
composed of 81 states 1t Is highly important 20 both
debtors and creditors, that the system winch gives ns
relief and protection should be unorm ia AS operation
In all the states. ,,-. -, -, IN o,..,o. =,
citizens are AT thrown back Into the caoS Oh the 70
or 80 different and conflicting codes OF state insolvency
with their twothrds and three-th acts tnelr arrests
and attachments, and their personal preferences and
vrablaws and the debtors own choice vi An assignee
ms Is an entanged network wherein honest but un,
get ensnared, while the other class
of debtors break through anu escape ana by means oil
which preferred creditors those Oh the spot or sharp
set creditors distance get ALL while other creditors
WIN are more enent, will not divide" with attach
ing officers, live III remote states, get nothing A
uniform bankrupt system obviates these evils Oneof
the main reasons iayOr OF besOwnK this power upon
the General Government was the establishments OF
NstionaI credit on the uniform basis of imposing the
some ON business Of all the States IN
their relations each other This principle gives STABILITY
all over the UnOn and credit Is the very ilio OF Industry
In all Its branches ,.,. -. -
National bankrupt system its strong hold upon the
oSer Judgment OF the most Intelligent GLASS Of business
men, But the system should not only DO UNIFORM whie
I'm oueration but should be- permanent In its duration
rnere are equally good having permanent
bankrupt system that there Is Tor having permanent
.ystem Of limitations in regard the time within which
What evils it would infict upon business, what solicit
tuGe n would inspire among merchants manufacturers.
and farmers II at long intervals the Legislatures
10 suddenly awake and pass statutes 81 LIMITATIONS.
.Lnv them retros in their operatiOn and then
after they mad wiped out all existing Obligations and
began be prospective In It's bearings ana contracts
had been made In view OF them another freak should
seize the Legislatures and they should repeal tho stat
uIes-what confusion would follow Yet. this Is the
very course has heretofore pursued III regard
to bankrupt law and which Is now asked 70 repea'
In respect to the present law. .
instability In the supposed could not nnict so
great calamtes have been and may be inflicted by
unstable legislation IN regard to bankrupt law Ana
not only destroy credit and emDarrass
ut home but in other lands II Injuries our char
acer as people, and exctes doubts rs 10 the Wisdom
OF republican institutions Unconditional repeal wouIa
not only blot out u system generally DoDencial anu
which should be permanently Incorporated into our
policy but nasmuch agreements aud engageinen.,s
OF all kinds and amounts nave Deen cnterSu
into with the confident expectation that the law wouu
remain its sudden repeal would arouse feeling OF gen
sra dstrust among the commercial aud trading classes
Erm these conclusion clearly follows tnat
AZ a he duty of Congress remedy the defects In the