The Sun.
London, England, 1861-03-19 00:00:00

consolidation of the whole of the complex and
jumbled laws relating to Bankruptcy and Insol-
vency, has now happily secured to the nation
this singularly rapid and ample compensation.
Before the -Budget has been talked of, before the
Easter recess has commenced, while we are yet
considerably more than two whole months distant
from the great, the important day (Wednesday,
June the Fifth) big with the fate of the Church-ratee
and of Party—the Bankruptcy Bill has not merely
been read a first and a second time in the House of
Commons, but has been passed carefully clause by
clause through committee after lengthened and
profound deliberation. It has not, in any particular,
at the same time, been hastily or prematurely
forced upon the attention of the popular branch
of the Legislature. Having been minutely and
most lucidly explained by its author at the period
of its original introduction, it has since then
been sifted and scrutinised bit by bit as it passed,
clause after clause, through the analytical ordeal
of committee. And now having passed that
ordeal of committee in the Commons betimes, the
Bill, after a third reading there, will go up to the
House of Peers for yet further consideration and
revision at the hands of the learned Law Lords,
the authoritative and venerable ex-Chancellors.
As it is—even in the Commons—the changes
adventured upon through the medium of this
bold measure of innovation are so daring some
of them, and are altogether so various, that
it would be extravagant to suppose for an instant
that they have been all settled (even there) defini-
tively. Sir RICHARD BETHELL is too able a
lawyer to evidence in this matter any over-
weening obstinacy, or to show himself in
this way in any respect perversely or obdurately
self-opinionated. His course last evening, for
example—a course taken by him immediately upon
the appeal addressed by Lord STANLEY to her
MAJESTY'S Government in respect to the inci-
dental question about raising the salaries of
County Court Judges, who will manifestly have
large additional duties cast upon them imme-
diately this bill shall have come into actual opera-
tion as an enactment—evidenced on the Attorney-
General's part, his readiness to concede or
to defer to the opinions of others when
principles are not actually involved in the question
under consideration. An opportunity, said Sir
RICHARD BETHELL, in reply to Lord STANLEY'S
appeal—an opportunity would be afforded later on
for the discussion yet further of this, among other
questions, affecting more or less intimately the
new Bill for the better adjustment and the more
systematic and symmetrical arrangement of the
laws relating to Bankruptcy.

After our remarks yesterday, which were written
upon the telegraphic summary of the President's
speech, the arrival of our American papers, as we
were going to press, enabled us to present our
readers with the complete inaugural address of Mr.
LINCOLN. Many, we presume, will have read it
with intense curiosity, for it is indeed an
important document. Nothing less than the decla-
ration of public policy by the head of the great
American Confederation, at a crisis quite
as important as that of the severance of
the first thirteen colonies from the mother
country. The occasion was indeed one to
shake the nerves of the firmest and ablest mind,
to perplex it to indeciAon, but also to arouse it to
very decided and unfaltering action, could the path
of duty be clearly seen.
All will agree that the speech is a very able one.
The single clause with which it concludes is a rather
unappropriate attempt at poetical rhetoric, but with
that exception it is a masterly and closely reasoned
document, whatever opinion may be formed of the
policy it indicates. It was listened to with breath-
less attention by 30,000 people, and with not less
attention we may be sure by Mr. BUCHANAN, and
the infamous Judge TANEY, of the Supreme Court,

who has used the bench of justice for pro-slavery
and party purposes, and who must have felt himself
put into his right place by the observations of Mr.
LINCOLN on the necessary limitations of the bear-
ing of the decisions of his court.

Mr. LINCOLN cleared the ground for his main
objects by proving from his candidate's speeches
and the platform of his party, that the Slave states
had nothing to fear from the Republicans in regard
to their State rights and institutions; also, by
acknowledging that the disgraceful clause in the
Federal Constitution, on the extradition of persons
held to labour, referred to slaves, and as all mem-
bers of Congress had sworn to it, it ought to be
observed. He held, however, that it was unimpor-
tant whether the extradition were made by the
laws of State or by the national law ; but, that
in either case, in any law upon this subject, all the
safeguards of liberty known in civilized and humane
jurisprudence ought to be introduced, so that a

free man might not, in qpy case, be surrendered as a
slave ? And might it not—he added—be well at
the same time to provide by law for the enforcement

of that clause in the constitution which guarantees
that " the citizens of each State shall be entitled
to all the privileges and immunities of citizens in
the several States."

1 He then came to the grand question, in regard to
which he gave his hearers both theory and practice.
He chewed that the Union was older than the
Constitution, and that the latter was intended to
strengthen it. He said—" I hold that, in the contem-
plation of universal law and of the constitution,
the union of these States is perpetual. Perpetuity
is implied if not expressed in the fundamental law
of all national governments. It is safe to assert
that government proper never had a provision in
its organic law for its own termination. Continue
to execute all the express provisions of our national
constitution, and the Union will endure for ever, it
being impossible to destroy it except by some
action. not provided for in the instrument itself.
Again, if the United States be not a government
proper, but an association of States in the nature
of a contract merely, can it as a contract be peace-
ably unmade by less than all the parties who made
it ? One party to a contract may violate it—break
it, so to speak—but does it not require all to law-
fully rescind it ?

Hence he deduces the conclusion that all the
acts of the States and State Conventions aro null,
ipso facto. They do not require that he should
even know them. " I therefore consider that,
in view of the constitution and the laws, ths
Union is unbroken, and to the extent of my ability
I shall take care, as the constitution itself expressly
enjoins upon me, that the laws of the Union be
faithfully executed in all the States. Doing this I
deem to be only a simple duty on my part. I shall
perfectly perform it, so far as is practicable, unless
my rightful masters, the American people, shall

hhold the requisition, or in some authoritative
manner direct the contrary. I trust this will not
be regarded as a menace, but only as the declared
purpose of the Union that it will constitutionally
defend and maintain itself." Then follows the
clause which may be interpreted according to
events. He sees no need of bloodshed. He must
" hold, occupy, and possess the property and places
belonging
to the Government and collect the
duties and imposts." He will use no force
beyond what is necessary to effect these