Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1820-03-31
BANKRUPT BILL.


Mr.. Lloyd, when the bill was last up,
being still under consideration.
Mr.. Lloyd rose and observed that he
had felt and still entertained strong.
doubts of the cxpediency of bankrupt
system. but feeling much respect for
the classes originally embraced in the
bill, he was disposed to extend to them
the relief which this bill might afford.
if any could be afforded and was viii
ling to support the bill by his vote, if
confined exclusively to merchants and
traders. He was hswever, on more ma
ture reflection, persuaded that the pro-
visions necessary to make bankrupt
system effective, could not be applied,
benefcially, to farmers and planters |;
and, therefore, if Mr.. Van Dykes
mendment should be retained in the bill
and the bill not limited in its operation
to merchants and traders, he should be
obliged to vote against it. He would,
at this time, withdraw his amendment.
as reconsideration of MIR. Van Dykes
amendments was not now in order
and would renew it when the bill came
into the Senate.
Mr.. Van Dyke, after observing that
he had intimated, when his amendment
was offered t1Iat' he should afterwards
propose other provisions necessary to
its execution, and to assimilate 1t to the
rest of the bill, now moved to amend
the bill by adding sundry sections
thereto. having i'll view the object which
he expressed.
The amendment was oppos d by Mr..
Ous, who spoke also nn the inexpedien-
cy of Mr.. Van Dykes original amend
ment, {cxtending the bill tn farmers &
others} to which these sections we're
applicable, and supplementary. He
Was replied TO by Mr.. Van Dyke, who
defended the expediency Of the Provi-
sim which had been adopted on his
m,,ion, and of the present amend
mtnt.
The amendment was agreed to with
ont vision.
Mr.. Van Dyke said, on careful ex-
animation of the bill, he found proyi-
sion in the SD section. which appeared
to him, calculated to produce ruinous
consequences to many fair, honert Gre
ditors of bankrupt. By that proyi
sion. creditors. by Judgment or recog
nizance, after the bankruptcy OF their
debtors, were reduced to level with
others, as it appeared to him in viola
ton of law and justice. IN the tate
which he represented, Che remarked)
Judgments either obtained in adversary
salts, or entered by virtue of warrants
of attorney, az cording to the ''nglish
practice, had been used and relied on
from the first organization OF courts in
that territory, as a common security
for debt. operating lien upon all thu
lands and tenements OF the debtor, from
the lime OF icing ntered on the record.
The law is the same In most, it not
all the states. Re ogniZanCes stand
upon a ground Of still higher dignity.
Tney have bean adopted III Dela"a are
by statntaiy provision III wn very I'm
porGant instances. namely. as the form
OF security for sherrfs, and also for III,
assignee OF in;estatrs' real estate under
the authority OF the UTh "a Court,
where the land will not bear division.
In Pennsylvania The same security by
recoguizance Is also used upon tho as
sigument Of in estates lands. The pro-
vision of the sgd section would destroy
al. BIace at hazard this security, and
tlerange the now established rules of
law in many OF the states. Under an
impres sion that such measure ought
not to be adopted, MIR. V. moved to
strike out the words Judgment sta
tute,' and s.%cognizancc.' IN the section
SO as TO leave then, to their full legal
effect aud operation. according to the
laws Of the respective states.
Mir. Burriil observed that the main
object of the bill was TO produce an e.
quail distribution OF a baEkrupt'si estate,
and to prevent fraud; and feared lhls
amendment would very seriously impair
the force of the statute. lie argued al
some length against the amendment.
MIR. Mellen also opposed the amend
mcnt, and spoke to show its inexpcdi-
cncy, and its incompatibility with tile
efficiency Of the system.
Mr.. Walker, of Geo. remarked, that