The New York herald., 1877-11-02
CHAMBER OF COMMERCE.

aEouLAR MONTHLY MEETINo-MENoRIAL TO
CONGRESS- ON THE BANKRUPTCY LAw--sILvER
COINAGE
The regular monthly meeting OF the Chamber oil
Commerce held yesterday. and after tho disposal
OF the usual routine business tho following gentlemen
were elected members OF The Chamber:-Albert I.
HAMILTON, A. Oracle King, William G. Lee and J. A.
Scott, The next business order tho report Of
the Executive COMMITTEE on tho Bankrupt law
Mr. Elliot c. Cowdin, chairman OF tho committee
said that the attention OF the committee had been
called the subject OF the Bankrupt law, and that be
mad been directed to submit to the Chamber Tor ncir
consideration memorial Congress against its total
repeal whilo agreeing that the present law oushl 70
be modified and amended number OF us provisions
Mr. Cowdin said: 1T is well known what an earnest
effort ia now being made strike thus law from the
statute books A similar attempt was made III 1917,
and this Chamber, IN concert with other important
commercial bodies, took strong GROUNDS aganss ''s
repeal, and with great unanimity memoriaiizeu ooh-
press IN tavor OF It's modification not It's repeai.
In this advanced stage OF the interstate commerce
md general business OF :he nation II IS hardly possi-
bio to fall back upon the old codes OF counctng state
insolvency laws with their personal preferences ther
Attachments and grab system and the Debtors own
choice Of an assignee Judge Story tho greatest COM
Of a uniform ays,em oil bankruptcy, sad:-"Ihe evil
is incapable OF bong by the Sates II can be
rcdressed only by the power OF the Unon.'
Daniel Webster took the same view. When we had
less than two.thirds the number OF States We now
have foreseeing the absurdty OF great nation being
subjected 10 the control Of conflicting State laws, he
cxcla IN I'd What twcnty-iour systems all IN
rowy"
Mr. Cowdin conunued:--The experience OF tho
chief c. numerical nations oil Europe shows the ne
cessity Tor national ana uniform system OF Dahk-
ruptcy. England has had such law for more tnan
three hundred years In ls49 was nodned ana per,
fectcd Ii contains nearly three hundred sections and
is worthy OF grave consideration France has had u
bankrupt Tor more than century. In 1888 u
revised and modified, and since then mas formed
d part OF the Code vi Commerce. What we want is
wise and judcious system, which shall deal justly
with both debtor and creditor and SO far as possible
prevent rogu.ry in every form. Such system can
only devised alter mature study ana deDeraIioh.
The United States passed BanHrupt law ID tue year
lSO0 but IL was repealed IN 1903 Again, in lS4l,
another was passed, aud repealed In lsi3 third
Bankrupt law passed IN 1857 and st exists; but
shall sy be abolished altogether OF shall II be
modl1ed and periecledY ON that point, In great
commercial metropolis, there ought to be but o1e
opinon The law should be mooiIed ana perfected
not repealed TO do this wisely and weii II Is pro-
posed that commission oe appointed ny Congress 70
take the subject consideration TO ascertain the
defects OF the present law and recommend amend
mentS-
Mr. Cowdm then submitted to tho Chamber the
memorial, which published exclusively in the
HERALD Of October 26
OPINIONS MERCHANTS
l.r. w. T. Dodge, although he voted for the adop.
tion OF the report said that unless something could
be done to modity the Bankruptcy law he should be
in savor OF It's repeal lu his own experience ho did
not believe thai he could hnd where his nrm had re-
ceived one dollar from q dozen oil the debtors sho
Mr. Thurber also favored repeal tho best step
toward obtaining the enactment OF q law that would
| be OF any use the creditor community.
| 5. B. kugsles thought that the appointment Of Q
SIT in this city to hear the merchants
views The ndmeDts required would achieve the
desired improvements in the law.
Mr. TLurber then suggested that tho memorial
should b nded SO read that portion OF the
mission petltloncd for should be business men or
mcs chants IL was SO ordered and the Chamber de-
clded that the memorial Dc forwarded 10 Congress.
Thomas Barber, OF the Committee on Foreign Com
and Revenue Re!orm, stated that he had mad a
conference with the Belfast Chamber OF Commerce
the sublecL OF u be tier more equitable taru. A
letter was likewise presented by Mr. baDcocK from tho
Belfast Chamoer asking the New York Chambers ad
vice the subject II was read but was referred to
the Committee on Revenue Reform.
CURRENCY AND COINAGE.
Mr. w. + Dodge read the following, offered by Nr.
$. b. Rugglcs, oil the Committee on Currency aud
Colnage:-
Since publication Of the preceding the Inter
Of York received from Mr. z Bailey Potter NJ T..
snss II M Bris fsmun and has by hed m
place. copy OF his annual address TO his constituents
present srcvous India produced by the INABILITY
ppees n@ me- se but Which lave
been tall into decay This disastrous neglect
stated by Mr Potter, will probably infict loss In the
Province OF Mysore OF 100000 lives
immediate outlay money 20 feed the survivors
estm ated - OUO.U to El $4,000 sterling.
committee append this additional to
the already pub saed for the inform alton OF
tile Chambcr and the commercial community. show the
necessity Of petitoning Congress in view OF the expected
demand o silver in India deir the
works OF irrigation ~ refrain from leis
iaton authorizing the issue OF silver coin lie money
private cunt and in unlimited amounts rather
issue only on government account at It's fair market
moderate limited in
ot the treasury proper auxiliary gold coin the
purposes OF commerce.
THIS was adopted and will be addcdto the report OF
the committee.
President Babcock then paid tribute Of respect to
the memory ot James Brown, one oil the Oldest en-
bers OF the Chamber, aud appointed the following
committee 10 draft Resolutions, To De reported
next meeting. conveying the Chambers sentiments
he deceaso of Mr.. Brvwn:-Mcssrs. A A. Low s.
| B. Rueges anu w. Il. Dodge.
| Mr. Bali announced that tho examination for ad-
| mission ~ the Nautical school the ST. Mary
would lake place the 10Th INST. The Chamber then
4 adjourned.