The Massachusetts spy. [volume] (Worcester [Mass.]) 1821-1823, 1821-12-19
For the Massachusetts, Spy.]
THE B.qNKRUPT LAW.

During the present session of Congress- the
question of the passage of the Bankrupt Act
will probably again be acted upon. This inn
portant subject demands the serious attention
of every one; for, in the event of its becoming
the supreme law of the land, every individual
is liable to be interested in its effects, and,
therefore, ought to know upon what principles
It is founded. There are many objections to
this proposed act, on the score of expedience
and common justice; but there is one, para
mount even to those in Importance, and which,
Il it can be sustained, is fatal to its passage.
/ will state, that it is believed that a Bankrupt
Law, &c post facio in its operation, is contrary
to our national Constitution. Upon what
clause of this instrument must any law of this
nature be founded, if passed at all +? Undeubt-
eddy upon this, which is the only part that re-
hates to the subject. Congress shall have
power {" to establish uniform laws on the sub
.ject of Bankruptcy" From what part of this
passage is il possible for ingenuity to derive a
construction, authorizing to any law which
might be founded upon it, a retrospective ope-
ration, destructive of pre-exsting contracts?
1t merely delegates powers for special pur-
pose but this purpose IS to be effected in an
ordinary way, aud by laws passed in an ordi-
nary form, prospective in their operation, like
all other laws. Thus every person will have
il ia his power to know what are the laws, and
not suffer loss of property for not possessing
the spirit of prophecy, by which he must fore
tel what they will be-which it is necessary
that every one should possess, if Congress have
the power Of passing laws of general bankrupt
cy, retrospective in their effect. But what
part of the above-recited clause can justify
retrospective construction in this instance? 1t
simply says, that Congress have power to en-
act laws on a particular subjects il has TO
regulate the value Of coin, to provide for the
punishment of counterieiting the same, sc. !;
but does amy one for moment believe that
Congress have power to enact laws on these
subjects that shall operate &c post facto That
any law, regulating the value of coin, would
have a retrospective effect, in point of value,
OH aa anterlour payment or contract! Or that
any one vino may have been convicted of
counterfeitins the coin of the United States,
~tould be hanged by virtue of law passed
the present session of Congress, Furnishing that
offence with DEATH If Congress have not the
power of Altering a pre-existing contract, by
any law regulating the value of the circulat-
ing medium, can it possess the power of ami
hiiating such contract alto@ether?- both
must depend upon the same principle. and one
Is as susceptible of a retrospective construction
as the other. 1t is believed that the instances
mentioned above are not more irrational, alb
surd and unconstitutional, than that a person
shall he freed from. all liability of performing
contract, legally concluded with another, by
virtue of a law enacted subsequently to the
making of such contract. But the principle of
enaci;ng laws, with a retrospective operation,
is not only not recognized or even limited at in
the clause referred to, but, by the Constitu-
ton, is expressly withheld from Congress-
Among the powers, the exercise of which are
denied to that body, is that OF passing ca post
ftcto laws. This prohibition is not confined to
criminal laws, but is as general in its effect as
reasonable in its principles. Are there, then,
parts of our Constitution inconsistent or even
incompatible with each other? The conclu-
sion is inevitable that this must be the case, or
that a bankrupt law, retrospective in its effect,
and cr post fdciO in its operation, must be UNI
constitutional. But they are not Inconsistent;
and it is believed that the power of enacting
tr posi- fdcto laws, OF sSsry description, in cases
Of bankruptcy as well as in all others, is right
ly withheld from Congress. as unjust in itself,
ardsu5vcrsive Of those rig,,;s Of property
we POSSESS as meu and citizens. In con.ormi-
ty with this idea, and as necessary conclusion
from TIC ABOVE principles recognized in our
Constitution, and according With the nature of
our social compact, is this doctrine, (Which, it
is believed, will, upon reflection, receive the
assent of every person no, BIASED by interest,
friendships, or prcjudice,) namcly--that there
exists not in this country any power that can
destroy or impair the Civilizations OF legal con-
tsacts. Does there exist the power OF taking
The lie or liberty Of any citizen, without PROV
.ns violation Of law--or, by effect Of ANY law