Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-03-10

and may be hereafter urged, that en "a
te'''aiai bankrupt law cam only apply 10
mercllaIis--tliat The trainers of the CON
stiiution must lave received the word as
II is received III England. Although am
ready TO admit that reference must he had
to tile common law, IN order 10 obtain
the proper Specification OF legal terms us
ed IN the instrument under which We act {;
yet, cannot well imagine why we should
resort TO the statute law Of that country,
especially when the states of this Union
had adopted bankrupt laws not IN name,
but IN substance, prior 30 the formation
or this constitution. The civil law also
was well understood by those who framed
this instrument, and that law, in this res
pecf, applied to all classes in the comnu-
nity. But even 1t we resort to the English
law, the courts will be found to have de-
cided many persons not merchants 10 be
embraced in IFS provisions. The honora-
bile gentleman from Pennsylvania, gave,
III the course of his remarks, conclusive
argument on this subject. He stated.
and stated correctly, that inasmuch as each
state bad an insolvent or bankrupt system
OF It's own, from whe ce much evil might
ARISE, the authority was vested I'm Con
gress, TO adopt general regulation for
the purpose of ensuring harmony among
The states and introducing an uniform
system of justice. From all this | con-
clnde that the law ought TO be general in
IFS provisions, and made to embrace eve
ry class of the community.
But, sir, said Mr.. =. will candidly
state, that If the present bill was general
III IFS provisions, yet could not yield il
my support. | regard it wrong in princi-
pie, and injurious in It's detail; and con-
tend that ifpassed in lis present form, il
would not operate beneficially TO The mer-
camille interest
Does the prudent trader require its
provisions He never ventures upon "a
ny hazard 10 the whole amount of his ca
pitsl; he is satisfied with regular, slow.
but certain profit. Ii visited by misfor-
tune, arising from any unforeseen occur
renee, lie has, in the general, taken care
TO reserve suffciency TO meet his en-
ga9ements, and to ACT The part of an ho-
nest man. These are the men who con
stitute the pride and boast of your mer-
camille character. They require TO le-
glslatIve provision, operating as a receigt
In fuli OF all demands and If such men
should, against all reasonable calculate.
ons, be- unfortunate, their creditors will
understand their real interest, and indulge
them on their contracts. Will not the
creditor understand his own interest as
well as the honorable member from Penn
sylvania ? Will they not also know that
their debts will not be discharged by con-
lining the body OF their debtor in iail p
SIR, prison Is no place in which the
debtor can retrieve his ruined fortune, or
comply with his engagements. appeal,
SAID Mr.. i. to the experience of every
member OF this committee, if it be not a
net l.afr Ind, al,
ry case, IN which an honest man has fall
len info: misfortune, extended to him by
his creditors. Irepeat, then, that The fair
and prudenttrader does not wish for This
law. Upon whom then will il operate be-
MEDICALLY? Vino will seek refuge under
IFS provisions The bold, daslling, and
thoughtless Adventures. He commences
life without capital; his first flight is made
WIN paper wings; he goes into bank,
obtains an mmodation-sccures. as
TAR as practicable, his endorser-runs in
debt TO tile artist-purchases, on
credit, from the farmer and mannfaciu-
rer, and puts toSea. If successful. he
complies with his engagements, and is
rich; If otherwise, lie takes RECENT in
full under this bill--pays off thousands
by an eatlI, and is in no worse condition
than at first. He is then thrown back a.
gain upon society, not to pursue more
prudent course, but TO react his former
extravagancies. You have made him
more adventurous by this bill: he even
now deserts the insurance office for, by
so doing, if successful, he secures to him
self the amount Of the insurance, and, if
otherwise, he resorts again 10 the whole
some medicine of this law.-Mark him
still iurtlier-To-day he is insolvent-to-
morrow he is free from debt. He again
adventures. Let us imagine him success
fui. HE winds have been more prespe-
rous-the cloud 10 longer lowers he is
rich. What is his course then! Does he
pay oft his debts? No, sir he dashes
through your streets, said MIR. T.. in ali
the pride of wealth, and laughs in the
face OF his, perhaps, starving creditors.-
Is this honorable And vet is not this
bill calculated to produce these effects
Can II be regarded dishonorable in him
TO pursue This course when YOUR law
points 10 IT, and Iustiiies him in ii Is If
not to be presumed that your laws are
based on honor, on justceI | charge
gentlemen To beware, lest, in their exer-
tons TO amellOrate the condition of the
debtor, they lnculcate dlshomOrable and
unworthy principles. Sir, said he. the
member from Pennsy ltsnia, exposed TO
us on yesterday, the evils arising under
the existing state systems. In order to
excite ON sympailiies in favor Of this bill.
lie told us that at this time there were
20, 600 nsolyents in The United States. |
did not understand whether merchants a.
lone we're taken into the estimate, or
whether all classes were embraced. But.
IN order 10 have derived any weight from
this view Of the subject, ought not Tie
gentleman TO have coutrasled our siiua-
lion will Tie situation Of some country