Alexandria advertiser and commercial intelligencer. [volume] (Alexandria [Va.]) 1800-1803, 1803-03-14


declared an infclv.nr.
Bur it is faid the bankrupt law has de-
fsas. This is a reaion for pofponing IT
until the next FELTON,, when the aid CT
gsn,lemen, who perceive It's defects, Gao
be obtained 70 remove them. But how
remove them /? BY applying Its pro-
vifons fiil further thanthey low extend
The ereat objection in England is that
it is extended TOO far. will ak geo.
tlemen, who hold this language, whe-
Their they with to extend tito the Whole
farmingsinterslt ? If they do 70 extend
iE,sI will 1eIl them the farmer will owe
them but Iiltlc obligation. What VIII
be the confequence (! That his landed
eRate, owing 10 his misfortnnes, will be
brought before the comm'lilonefs an'
iwept away whereas, as at prefcnt, by
working his eaate, he may IN tew years
liberate i, from the liens upon II. S
III aiked, if the community ha-
been gbenehtted 5y this act. ! will an
fwer that the commercial part OF the
community has been benefited and
this is proved by our not having received
Jingle petition of its repeal from any
quarter.
M. Smith repeated his conviction that
the law was made for the benefit OF the
creditor, and not the debtor. Ii was
true that the debtor might feel obliged
by the liberation Of his perion and proper
ty bur the creditor, if he had any
feeling of juiiice, would ALTO be idtished
with this effect. No man OF feeling
would refufe TO give up his debts, when
his debtor gave up all hisiptopefty. This,
indeed, was the universal practice OF
merchants. He never knew an inHance
OF the rev-lfc; and they generally went
further, and relinquiihed TO the debtor
his furniture.
Bur il feems our law is different IRON
the Englifh law. Gentlemen fay our
law differs from that, inafmuch as under
the Engiith iyGem, on a iecond bank
ruptcy, the perfon of the bankrupt only
is liberated unleis be divide fifteen ihil-
lings in the pound and they affirm
this is not the cafe under our law. II
he could prove that this was the cafe
under our law, be hoped he lhould be aole
to induce gentlemen to poffone the bill
until the next felton,, thar they might
by that time acquire better underfand-
ing Of it. The Ssh fetticn OF our law
is in the following words
Here general Ssnlih quoted the s7th
fiction.
Now this is verbatim and liberatim
the fame with the Brit!ih law. l ean,
faid general Smith, give no aronger ar.
gumert for the pofponemenr.
Mr.. Newton, jon I rife with an In
tention TO perform . dp,y aligned TO me-
/ ihaIi at al! times obey with prcmP,i-
tpoe and plealure the call OF thcfe whom
/ have the honor to reprelent, and my
hrenuous efforts fhall never be wanting 10
promote iheir happiness and PROPERTY.
1t is well.known to the houie tina, The
Bankrupt Law, the fubjett now before
us, has been iubmilted 10 our coniidera.
ton by petition from the respectable
towns OF Norfolk and Portffnouth, (Vir. |
ginia) complaining of It's partial operali-
on and Injurious tendency. This law has
attracted public notice, and has in no
inail degree awakened the fears of all re.
aeaing men. II is luppofed to produce
effects the reverfe of thoie which were in.
tended. The objections to this law are
fold and juR.
TIE mifchiefit produces is extenGve +
it is not fuceptiole of amendments the
only antidose to the potion is a repeal. !
This opinion is the relult of mature con.
liberation.
Having premifed thus much I truR the |
houfe will at this late hour execute me for |
on lis patience. | have no in. |
cllpation 70 20 into trdiou, ,Ii{cnf7;cn III