Alexandria Gazette & Advertiser

New York, May — Gov. Wolcott, of Connecticut, in his message at the opening of the present session of the legislature of that state, makes the following remarks on a subject of very great importance to the community, not only of that state but of all the states.

"I consider the law of the last session, authorising limited partnerships, as highly valuable, but to extend and secure the advantages which it is adapted to produce, it is necessary to prevent partial assignment of property intended to defeat the claims of bona fide creditors. This practice has been introduced by a recent habit of considering the endorsers of accommodation notes as entitled to honorary preferences over other creditors. I can perceive no foundation in reason or in justice why such preferences should be allowed. All loans are voluntary, and can be secured by specific liens at the time they are made, with which the parties ought to remain satisfied: in any event they never ought to secure partial and unequal advantages above other and frequently more meritorious creditors. I also deem it proper and necessary, that the wages of labor, and the direct relations between tenants and land owners, mechanics and improvers of real property, and between all persons and the agents & factors they employ, should be protected against secret assignments and attachments to defeat their rights, and I have no doubt that this may be done, without introducing new and dangerous principles, and with advantage to every other interest."
The practice here mentioned has become so universal, that it seems to be considered as settled law. And yet in principle it cannot be vindicated. Whether a legislative body can provide against it by positive regulations or not, is somewhat questionable. The only effectual mode would be a national system of bankrupt laws, by which all creditors would be placed on a footing, and all fraudulent conveyances be liable to be rendered null and void. The effect of a bankrupt law would be to check extravagant adventures, to prevent men from engaging in bold and daring enterprizes, and from running those risks which so frequently involve them and their friends in embarrassment, distress, and ruin. The circumstances of no country more urgently require a general system of bankrupt laws than this, and yet there is but little probability that one will be adopted, at least for many years to come.

[N. Y. Daily Adv.