New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-08-24

a,nun payatlc quarterly. TO an amount nov eNceeunEf
slOOO0OOO per MONTH until the legaenuer MUGS 'n"
be at par with coin . -,
Mr. TAYLOR OF Cincinnati made speech in support OF
tho resolution Mr. OlIershaw OF Chicago moved ~ "a
substitute the resolution submitted by the Board OF Trade
OF that city, In favor of egaltender notes ssned ny 'o
Federal Government and redeemabe In coin IN denaIu'
After protracted debate the substitute vas rejected he
resolution reported by the committee was adoPeu Win
three dissenting Voices
Tho Committee on the Bankrupt Law reported as
follows:
Resolrd That in the opinion Of this National Board OF
Trade the existing Bankrupt Law o our country Is un
s in ifs essential features and those features are rem
rcd ain o-e unjust and oppressive in the consruc-
ton put upon them by the courts, ana hence Ought W P
repeaed or bette altered and amended AS to avoid
IN nnssibe the great wrongs which now perperae1
under their sanction. We say unjust because IL oper
interest OF the debtor offer low terms Of composition,
thereby making to Themselves more money or rather re-
tanning others money not belonging 70 thSm, ' nan
they could acquire by their labor ana WIN quo
OF integrity second because II places e HDnes
merchant ut the mercy " the dlsohest Slcins , ~
shameless and reckless disregard i0r Al oDIigatons
knowing that relief can be had Tor a lhasoeuhSss anu
dishonesty 10 the Bankrupt Act thIu th"t III ,nls ~
gard II demorazos business, DESTROYS eOu'inetoiia
integrity, impeirs confidence ana pends 10 com g
str0y the credit upon whlcn our "Aoe , oo, as
mercial fabric rests, ana therefore opeiateS 40
much 10 the injury Of honest enterprise needing
aid a, TO the injury Of the unfortunate and betrayed
creditors fourth, that the law 10 not uniform IN us
operations a. required by the Constitution bnt nag
trynino applications corresponding 10 the number VI
states the Union and thus great injustice ares 10
those living in other States, whereas creditors
should stand alike in all states 81 1t, tae
Union under the operations OF national law;
nth that tho judicial construction put upon priority OF
unsecured liens end confessions Of Judgment operate
with the greatest hardship upon unsrspecting ctednors
compelling them give credits In the darK anu 10 loso
the credits by attacks in ambush confirmed under the
solemn sancGns OF law; sixth, that the composition fi-
ture M the law ia its most Odi0us feature opening tue
door 10 the most frauds and destroying the
very foundations OF that confidence OF which all COLI
mercial credits exist
P,c,Irsd That a special committee OF seven De APP
pied OF which the President Of this Board shall Dc
irman whose duty it shall be To devise such changes
OF the Bankrupt law while they secure the lust eds
sebt in such relief laws shall at the same time avoid
n AZ he nossibe the evils here pointed out snd suc
other evils as shall be found exist In said laws ana
the same Congress at ts next regular SESSION.
and urge upon that body their adoption.
The resolutions adopted.
Tie following resolution was adopted:
Resored That the National Board OF Trade, as an eH
Moment of the interests OF the country respect
iuly recommend and urges upon the Congress or the
United states that the Bureau OF kilograms ana reports
for the benefit OF commerce and agriculture DE made
distinct and permanent bureau Of the War Department,
with such increased appropriations may insure and
raIntan the service In its present state of efficiency,
and that service he increased by addition 70 the num-
Der Of its stations and Observers m order tnat IL may
nearly approach that perfection III local oDs5fYnLOnS
which is greatly to be desired
Resolutions adopted to prevent members expelled
or suspended by one local iboard from becoming men,
bers Of another board.
Adorned