New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-30
A NATIONAL BANKRUPT LAW.

MELTING OF MERCHANTS AT THE FIFTH AVENUE
noTEL-FAvoRING THE ENACTMENT OF A UNI
FORM LAW.
A Convention of Ncw-YOrk merchants was
held III Paror F. Of the Fifth Avenue Hotel last night In
regard to the enactment OF a national bankrupt law
The following organizations represented The Board
OF Trade and Transportation Hardware Board Of Ifaoe
Cigar manufacturers Association, Produce Exchange,
stationers Board of Trade, Dry Goods Trade,
Mercantile Jobbers' Association, jewellers Asso-
citation, Mechanics and Traders Association
Petroleum Exchange and the Merchants
Club, A. d. Miller called the Convention TO order and
said that the last meeting of the National Board OF
Trade it found that the enactment OF Just ana UNI
form bankrupt law could not be properly considered ana
discussed; therefore, the subject referred TO sub
committee Of the Executive Council which authorized
the BsaTd Of Trade and transportation TO issue call for
meeting The Convention of the National Board, how
ever unanimously voted in favor Of uniform bankrupt
law The United States Senate considered the subject
and referred it 10 the Judiciary Committee which had
taken testimony during the recess. This meeting was
not called discuss the necessity of enactng national
bankrupt law but to take such action as would secure
the enactment OF such law.
Gardner r. Colby, OF the Merchants Club, was made
chairman and p. Farrccy secretary. Morris 5. Wise,
Walter H. Lewis and Franklin Edison, were appointed
Committee on Resolutions. Walter L. Pcasc declined TO
address the meeting he 90 did not know how he stood,
ahCrSe or aOOt INC cudI lt'Neu inc WISH 'l't
he was "well-nountcd." The committee then returned
and its resolutions The first declared that in
the Judgment of the convention the interests of all
classes OF the business community demanded the lne-
date enactment Of national bankrupt law OF Such
character discourage fraud In mercantile traDslC
tons; to afford ready and efficient relief TO honest
debtors; to place all creditors upon an
equal foctiug to establish uniformity Of administration
throughout the country and 10 secure the prompt and
equitable distribution OF the assets o nsoVent estates
without preference at the least possible expense also
law that shall include udciOus system OF composition
Whereby settlements may bc effected in proper cases
unOn such terms "a may be satisfactory 10 sufficient
majority Of creditors without the delay and expense in
cdcntal full bankruptcy proceedings THIS resolution
was carried without objection. $500
The second resolution 20 the effect that bill
based upon the plan drafted by Judge lowell ana en-
bodyng the results Of the best experience and ohscrv
ton Of the operations Of the former bankrupt law, is
luton It was suggested to Congress that a bil so
framed would form the proper basis Tor re bee, pIac
teal construction OF suitable law. NJ. young
stated that he not acquainted with the Lowell
bin, and cond not vote Tor the resolution on
plan Of the Lowell bill and that Judge Lowell would al
mt that in many RESPECTS II might De lmhro'Cl. I3
idea without adopting or approving the entire Dill This
Tho concludns resolution expressed conviction that
system which compcs settlements OF bankrupt OF M
to procedure, would lnyo " undue delay
confusion and expense, ana would utterly IAN to prove
that such system Of jUdic9ture would not prove per
manent it in its operations This resolution was also
Mr. Farrelley called attention TO the great amour; OF
time and expense necessary N order TO prepare petitions
and urge upon COugTgs 10 enact such law as desired
added that the merchants OF NrWG Grk were hardly
awake TO The interests OF such law ana rit the WORK 10
others do. and therefore McnDcr OF Congress were az
q loss to know what the country really needed Upon
his motion each Organization represented IT. 10 appoint
delegates before December -, who VIII organize az an
executive committee To taao charge or all matters
looking 10 the enactment Of bankrupt law.
John StcsOu, % Boston, who had spent much time IN
ilnpress upon tie Convention that it was necessary
that what was done s.Ould bc done qulcGly ihe |
judiciary Committee would report 10 the senate before
the holiday The responses 10 the committee
inquiries almost unanimously in favor OF bank
rupt law, excepting among the banks in the south ana
west, and while working IN opposition, an
campaign in favor Of law begun among The
merchants.