tion of imprisonment for debt,
but from what I have learnt in this city, I have no hesitation 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 discontinued, as it was found they were attended 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.

"Co-partnership. Notice is hereby given, that a limited partnership
hath been entered into by Lambert Morange, DN Morange, and Samah
Solomon, of the city of New York, merchants, in pursuance of the
provisions of the revised statutes of the city 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 stock: the said DN Morange and Samah Solomon are
the general partners; and the said business is to be conducted under the
name and firm of DN Morange and Solomon; said co-partnership is to
commence on the 14th day of March, 1837, and to expire on the 14th
March, 1840.

"March 14th, 1837. L. Morange. D.N. Morange. 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 sa