The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-08-29
National BOARD Of Trade.--A Fuller
Report OF Some of Thursday's Pro-
ceedinGa.


Report OF Some of Thursdays Pro-
ceedings.
The Committee on Bankrupt Law report.
cd as follows:
Resolved, That in the opinion OF this Ma
tional Board of Trade the existing bank
rupt law OF our country is unjust in its eS-
sential features, and those features are rem
dered still more unjust and oppressive IN
the construction put upon them by the
courts, and hence ought to be repealed, or,
better still, be so altered and amended as TO
avoid, IL possible, the great wrongs that are
now perpetrated under its sanction.
/. We say unjust, because II operates first
as premium upon fraud by making 1t in
the interest OF debtors to offer low terms OF
composition, thereby making to themselves
more money, or rather, retaining other peo-
ple's money not belonging to them. than
they could acquire BY their labor and with
due sense OF integrity.
.. Because 1t cheats the honest merchant
by shameless and reckless disregard OF
obligations, knowing that relief can be had
for all indebtedness and dishonesty in the
bankrupt act. ...-..
3. That in this regard it demoraliZes bust-
ness. destroys commercial integrity, imDairs
confidence, and tends to destroy the credit
upon. which our whole commercial fabric
rests, and thus operates az much to the in.
Jury OF honest enterprise needing ald as TO
the injury Of the unfortunate and betrayed
creditor. -... ..a. ..... . .#
4. That the law is not uniform in its ope-
rations. as required by the Constitution, but
has thirty-nine applications, corresponding
to the number OF States in the Union, and
thus great injustice arises to the creditors
and gives the debtors rights in one State
denied to those living in other States; that
debtors and creditors should stand alike m
all the States OF the Union under the opera
tions OF a national law.
s That the judicial constructions put
upon priority, or unsecured liens and con-
fcSsons of judgment, operate with the
greatest hardship upon unsuspecting credit
ors, compelling them t. give credits in the
dark and lose their credits by attacks in
ambush confirmed under the solemn sane
tious Of law.
6. That the composition feature OF the
law is its most odious feature. opening the
door to most shameless frauds and destroy.
ing the very foundations OF that confidence
on which all commercial credits exist.
Resolred, That q special committee OF
seven be appointed. OF which the president
of this National Board shall be chairman,
whose duty it shall be to devise such changes
of the bankrupt law, as while they secure
the Just ends sought in such relief laws,
shall at the same time avoid, il that be pos.
sible, the evils herein pointed out, and such
other evils as shall be found to exist in said
law, and present the same to Congress at Its
next regular session, and urge upon that
body their adoption.
Mr.. Allen, OF Milwaukee, spoke in favor
of the resolutions and they were adopted.
The following resolution was adopted:
Whereas the inception and organization
of that division Of the Signal Service OF the
United States army which is included un-
der the head of Teegrams and Reports fol
the Benefit OF Commerce and Agriculture,
was, in measure, due to the action OF the
National Board Of Trade, at its meeting in
Richmond in 1869; and whereas this Board,
fully approaching the success OF what was
at first an experiment, realizing from the
work so far accomplished its value to the
commercial and agricultural interests OF the
country. whereby both lives and property
have been saved, and having due regard fol
the necessity Of its continuance in the fu'
ture-
Resolved, That the National Board Of
Trade, as an exponent OF the business III
terestS Of the country, respectfully recon-
nrends and urges upon the Congress OF the
United States that the Bureau Of Telegrams
and Reports for the Benefit Of Commerce
and Agriculture be made II distinct and per
manent bureau OF the War Department,
with such increased appropriations as ma
insure and maintain the service in its pre-
sent state Of efficiency; and that the service
be increased by additions to the. number OF
its stations and observers, IN order that il
may more nearly approach that perfection
in local observations which is greatly to be
desired. :-.-... :. H.
Resolutions were adopted to prevent
members expelled or suspended by one To-
cal Board from becoming members OF an
other Board. .....
Adjourned. 49,.
In the evening delegates were entertained
at a banquet by the businessmen OF Mil
waukee. ... .s..t..