CREDIT.

In the State of New York they have abolished imprisonment for debt; this abolition, however, only holds good between the citizens of that State, as no one State in the Union can interfere with the rights of another. A stranger, therefore, can imprison a New Yorker, and a New Yorker can imprison a stranger, but the citizens of New York cannot incarcerate one another. Now, although the unprincipled may, and do occasionally, take advantage of this enactment, yet the effects of it are generally good, as character becomes more valuable. Without character, there will be no credit; and without credit, no commercial man can rise in this city. I was once in a store where the widow who kept it complained to me, that a person who owed her

aware that she had no redress, I asked her how she would obtain her money. Her reply was:“Oh, I shall eventually get my money, for I will shame him out of it by exposure."

The Americans, probably from being such great speculators, and aware of the uncertainty attending their commerce, are very lenient towards debtors. If a man proves that he cannot pay, he is seldom interfered with, but allowed to recommence business. This is not only Christian-like, but wise. A man thrown into prison is not likely to find the means of paying his debts; but if allowed his liberty and the means of earning a subsistence, he may eventually be more fortunate, and the creditors have a chance of being ultimately paid. This, to my knowledge, has often been the case after the release had been signed, and the creditors had no further legal claim upon the bankrupt. England has not yet made up her mind to the abolition of imprisonment for debt, but from what I have learnt in this city, I have no hesi

tation in saying, that it would work well for the morals of the community, and that more debts would eventually be paid, than are paid under the present system. Another circumstance which requires to be pointed out when we would examine into the character of the New York commercial community, is, the difference between their bankrupt-laws and those of England. Here there is no law to compel a bankrupt to produce his books; every man may be his own assignee, and has the power of giving preference to one creditor over another; that is to say, he may repay those who have lent him money in the hope of preventing his becoming a bankrupt, and all other debts of a like description. He

may also turn over his affairs to an assignee of his own selection, who then pays the debts as he pleases. A bankrupt is also permitted to collect his own debts.

The English bankrupt-laws were introduced, but after one year's trial they were discon

ed with so much difficulty, and, what is of more importance to Americans, with so much loss of time. Again, in America, if a person wishes to become a special partner (a sleeping partner) in any concern, he may do so to any extent he pleases, upon advertising the same, and is responsible for no more than the sum he invests, although the house should fail for ten times the amount.

Here is an advertisement of special partnership.

66

Co-partnership. Notice is hereby given, that a limited partnership hath been entered into by Lambert Morange, D. N. Morange, and Samalı Solomon, of the city of New York, merchants, in pursuance of the provisions of the Revised Statutes of the State of New York. The general nature of the business of said co-partnership is the manufacturing and selling of fur and silk hats. The said Lambert Morange is the special partner, and as such, hath contributed the sum of ten thousand dollars in cash to the common

Solomon are the general partners; and the said business is to be conducted under the name and firm of D. N. Morange and Solomon; said copartnership is to commence on the 14th day of March, 1837, and to expire on the 14th March, 1840.

L. MORANGE.

"March 14th,

D. N. MORange.

1837.

SAMAH SOLOMON."

That this loose state of the bankrupt-law may be, and has been a cause of much dishonesty, is true, but at the same time it is the cause of the flourishing state of the community. The bee can always work; indeed the bankrupt-laws themselves provide for a man's not starving. In the city the bankrupt's household furniture is sacred, that his family may not be beggars; and in case of the bankruptcy of a farmer, he is permitted not only to retain the furniture of his cottage, but even his plough, with a proportion of his team, his kine and sheep, are reserved for him, that