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

existing act. The point aimed in our present las
UNJUST and ruinous preferences on the part Of debrs
anu 70 deliver them from tho conflicts. ncongruit,es
anu ine Inciences OF tho State nsolyent laws and On
the other hand 70 afford honest fsr but unortanat
debtors deiyerance from crushing burdens believe
mat american merchants are the upright aud GER
Sy tne most onteTprising In the world If they are
liberal IN giving credit are they not entitled by law "a
equitable treatment from those whom they trusii
IL through defective judgment unforeseen creu,
stances they arc unfortunate they 10 be foreysr
equtably adjust the interests OF both these
proper law cannot only provide checks fraud IN
remedies for Furnishing IT. And, on the other hand N
the debtor honestly yields TO It's proyisionsii will relieve
him OF his liabilities and protect HIM against I'M, per.
cutors.
No State law car accomplish all THU One OF the mai.
objections urged against tie present law when n pased
was That IL retrospective. and destTOy Cd ps
relations q debtors toward creditoro Tie obvioa.
answer to this ~ that such IL always the ease wien
deDt - discharged in any other than by payment in
iui. But hundreds of thousands Of agreements nave
been made since this law passed aDd ia view Of ii, ura
Visions Repeal It, and destroy In greater desrss
The present relations OF debtors toward Anoher
objection TO the present lawalrcady Ia ltod All, that
u Allows creditor 10 whom note OF $3.50 due 10
throw into bankruptcy merchant whose assets and
debts amount To nilions-a very arbitrary and gr
Just provision But this is adequate reason for abe
uie repeal OF tho law. though certainly for raej
cal Amendment m TINS particular.
penses too largetha they ofton absorb an nnres
sona0e share VI the assets IA the hands OF asSnees
There Is force in This objection TIE remedy a a..
ricdiy cut down the fees, and hold the officers vino
administer the law and assisnees who act under A o
not cut down valuable tree because he perulis ms
own servants to pluck and appropriate 20 thor o1yn n"
too much OF the fruit II has been Asserted mi an
bankrupt system cBgcnders and encOura s wild snir
OF speculation The sDecuatOns winch led 90 the pas-
les and financial emDdTraS3 1881 1881 ana tie
unprecedented SpeculatiOns durng the late r wbose
effects we stilI feel Gil not oecnr ISbilo ~. ba
tiOnal bankrupt law, but while We had Ho speh .v
ANA the laws OF s and Of 1857 enacted IN part 70
help the Wild spectators OF tnose disastrous geI
rid Of their debts. Therefore u would that h a
not the existence OF bankrupt law, and certainly poI
of permanent system. which stimulates speculation:
Inn fl. nIr IL IaNg l.s.g
OF the past that Congress viii first pass law Z, hee
out bankrupt Spectators and then repeal as soon a
IL begins 10 operate IN. favor Of prudent CONSERVATIVE
business Next 10 multiplicity OF Laws, the eva
oi our day Is constant and nfui changes In them.
STABILITY IN the policy OF the government Is tho
stone OF prosperity IN business anu This is especially
true Of systems OF laws winch regulate the rctonss VI
debtor aud creditor. VINO are urging the precipiIae
peal OF bankrupt law Are they ihc leading bus-
men OF the cOuntTy-those who have the deepest
stake IN wise and permanent systemi seriously
ques lou IL. This Law, IN the nai il commercial law,
aud tue subject of ito repeal Is therefore largely
mefcla question: ite repeai VT continp'nIc nefpy
affects the interests OF merchants especially all over The
Union Believing as do, that It's uncondtiOnai repeal
would be highly IN rious 70 me tfaue anu hiury OF
judcIous amendments, seems 10 me 70 DE the dnty %
this Cha mber, the representative OF the INST
cal cy OF the country To present 70 congress respect
ful memorial recommending It's mOd1cdtOn but against
It is with this view that I prepared the memorial
which now offer, and earnestly recommend It's sdop-
ton by this Chamber.
The memorial adopted by the meeting with great
uDanlmitY.
Samuel b. Rugges moved as amendment that pro-
lection to bona dde traders be extended them
from the hardshps of bankruptcy
Mt. Cowdn-The House Of Representatives has en-.
tirely abolished the Bankruptcy act, without subsut
ing anything in its place, and held In common, am
sure with this Chamber, that good bank
rupcy law il essential the well being Of
The resolution 10 adopt tho memorial and send II u
Congress was carried
Jonathan Sturgis offered resolution on the amend
ment OF the Revenue laws and on tho establishment
OF system Of arbitration The former read by the
Secretary:
AMENDMENT OF THE REVENUE LAWS.
Your committee, 10 whom referred the general
subject Of the revenue laws have given these laws great
during period Of months past and have
had the results the abors OF expert these laws
and their administration laid before them The subject
vast one. aud the committee have felt That II Is Doi
desirable for the Chamber = enter into ii IN detail a.
preparing the eyyng and collection OF tarn
Such labor would be immense and PROBABLY its prae'
teal effects of hut little value BIT the COMMITTEES are
decidedly OF opinion that the Chamber should pronounce.
IN equiyocal manner. against The abuses
which have sprung up under thc revenue lave,
and should earnestly call upon the Congress OF
the nation 10 amend these laws a. 10 terminate
the Inducements 10 these abuses and render thel
continuance impossible. We have The United
states with every facility for dealing honOrlby with
importers, and at the same time party enforcing us
laws hold It's powers r0d OF terror over the com
uerce OF the country, and for the hope OF larg.
pecuuary rewards 10 designing and inscriptions or
poor and avariciOus officers in It's own employment.
When the importer presents his invoice OF goods, and
the goods themselves 10 the United States, ana asks
what amount OF duty he shall pay tie answer ought 10
be prompt ANA final The United states supplied VITA
the quotations OF every market ia the world. requiring
its own Consus 10 certify TO the correctness OF evosy
voice in the place Of expectation. appointing ts own
appraisers the port Of Importation and requiring tlc
oath OF tho importer, ought with all those
of information and appliances for detecting HauJ,
to give within reasonable time dual
answer 10 the question What duty is 10 Toe paid on his
I..g
Is left in a state Of mcertitude; many cases ne
neither knows whether he sells at a pr.ht loss
whether he nor. months after complying in good
br,uded AS defrauder of the Government tn sacred
ness his private domicle invaded, his books arots-
seized. and his property cOnnscaed Shcn an opet-
aton of the law works a hidcous tyranny. 40 evil
ized country, 80 far as your committee has
been able 10 learn. is there any such uncer-
tain. unequal, oppressive set oil laws as tn'se
are about 10 be cOnhscated under these laws there 10
generally compromise effected But is thl, eompro-
mise the benefit OF the Government, or helps To
purer administration OF the laws or does 1t deter lhfa
toal acts OF fraud by mportersf BY no means IL Is
premium held out to dishonest Importers ana balf tAe
amount OF the compromise goes INTO private pOcbetS VI
nformers who aided by minute and foolish amount
of techncay in the laws which or uncertain mean
ing and decisions which are continually CO. met
ing Tue Committee therefore content themselves AZ
present with reporting that reform should be deanoed
hy the Chamber and they submit the following resoc-
tons and recommend their adoption:
which the customs lutes collected compe cumbro AL
drcat understand and in connection sth toe ',fs
oresarng normsrs b. All with the arbitrary p0yvs 's
in officers themselves ni0mers, 10 seize box sj pspe
they TOO commonly for honest Importers and an ehe~'
sg.neut 10 corruption, oppression. sni pvae bribery.
graf sui are efns 80 aesHoet
morals trade that ask OF Cog
IN lie name Of the country Al oae To 10 as- s
sr 20 nfDrmers al penalties AMI oonbsesuon fr We ohsn
OF 10 take from such officers an poS@
sbry seizure books AID papers And 20 enforce e
private correspondence sbsR niIusied 10 the nah'A' Keep
R,olr,d That the dmrulty Of uniersissdng compiler "n
customs and the facilities Tor aud Ahonjed y bsn .ie
which mteravely call Tor the abolition Of aa r.oih -
com pound duties the substitution for hen 81 S"Ps 'p
wherever possible. 4, a.. ,h,,.
resolutions 10 Congress the o the Chamber ana 70
other measures sbey deem proper /" 'eeae
lion , bese subjects
Mr. Sturgls then withdrew the soconn res'iu',o"' o
moved that - adjourned meeting DC heiu q" ''',
This WAS adopted. Jackson ). schultz then move" .''
resnuilnns. and made tne