Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1822-01-29

expand. In the nations of Europe TO
which he had referred other things had chang
ed. Their external relations aud their iRier-
| nal government had varied with successive
soNereigns-but the principles of this law had
remained mistaken. The English bankrupt
law was first established under the reign of
Henry VIII. at time when commerce was
Just sprngng into life. During the various
political commotiOHs-the struggles of party
and the ascendancy of faction, this law, in
stead of being destroyed, had gathered
strength and Improvement with the progress
of time. Ii had survived the stormy period
of the Commonwealth--the usurpaon
Of Cromwell-the restoration of Charles
the Secondhand the revolution of 1888,
that placed the House of Orange on the
throne Of England. In France, it was enacted
prior TO the revolution. 1t subsisted during
the period of that tempest-was unrcpealrd
by the Auctuating councils ofihe repubIlc-by
the Emperor Napoleon, and is at this time,
and ever has been, the law of France, since
the restoration of the Bourbons.-,B Before the
revolution in France, it is we'll known that
commerce was in degraded state. 1t was
considered direputable employment and it
| IS rather matter of surprise that it was car
RED on at all, than that il should have receiv-
ed any sanction from the government. II is
probably owing TO the degradation of trade
hat we find in the first stages of the bankrupt
law such severe enactments, and such an uni
form contoundlns of f.minal., y with rnisior
time. The Code Napoleon mtgated this se,e-
rity,and restored To commerce, in "A measure at
least, that consideration to which it was en-
titled. The Dutch law on bankruptcy was
enacted Before Napoleon had placed his
brother on the throne of Holland. The Code
Napoleon and the bankrupt law had since
been adopted in that country, and were now
| IN operation. All these nations, in the differ
ent periods, had concurred in the sentiment,
that the failing merchant should be arrested
IN ms career, and nus property placed in pro-
| per hands for the benefit of his credi .ors
There were specific differences among the va
| rIous nations, as To the proportions aud num-
bers OF the creditors, whose opinion, in regard
to the effects of the debtor, should control and
bind the rest in England il was three ffths;
IN Scotland three-iCsrtlis IN ireland, the
same as IN England in France, a majority in
number, being thrertOurths in amount: and
IN Spain and Holland, two thirds OF the cIedi-
fors III number, aud One-hall in amount, or
half in number and twO-thirtls in amount
Mr. s. also advertcd to the different operations
of The bankrupt law In the respective Nations,
and the effect which the acts OF the major part
of the creditors had in binding the minority.
and releasing the debtor. IL seems, said he.
ihatthe common sense and common Justice Of
| mankind had conferred on this subject, and
that their united wisdom had produced an
uniform result. lt-might be said that the cX-
ample of England, aud France, and Spin,
were entitled 10 little weight in testing the
principles by which republic should be go
verned. So far as it applied To principles of
government, he would c!leecfuily admit that
those nations were to be regarded rather as
beacons To avoid than as examples 10 follow.
| But III pecunlary concerns, that had no con-
| hat fhnir
uniform as ii h d been, carried With il great
weight and consideration.
| But 1T was time TO turn from the govern
ments of other nations TO that OF our own.
When far of, it was discoverable only as an
unit. 1t gathered magnitude and importance
the nearer we approached -but il was lot
until we came in view of the domestic and So
caf relations, that It's deep and lasting interests
were felt and regarded. 1t was there that
the want of such system was peculiarly and
distinctly seen. When the unfortunate and
unhappy merchant was left Without resource
and cut of from hope. When he was SUR
rounded by family that Providence had
made dependent upon him, and at the same
time found himself n0t only unable 20 supply
their wanis-but, perhaps, shut up in prison,
with the power of society acting upon him.
To relieve calamitcs like these, The states
had sometimes inierposed. MIR. s. alluded
vana, which was made in 1885, before the a.
doption of the Constitution of the United
States. 1t was then the most commercial
State in the Union, and the law continued I'M
, til 1871, when il expired by its own limitation.
The power over the subject matter was sup-
? posed to be transferred To the government of
the u. =. Mr.. >. referred particularly to the
S preamble of that law, which he read in his
place, as containing the reasons which led TO
2 lis adoption, and which must be admitted TO
be- cogent, in all commercial communities.
: There was probably as strong moral sense
and rs much intelligence in the State of Penn
5 syvana in 1855, as there is at present, and
yet the law continued in force eight years, and
ITS operation had been regarded salutary to
= the people of the State. Unlike the severity
= OF the British law, the law Of Pennsy lvana
= did not consider the debtor as necessarily
i criminal because he had been unfortunate. IL
was adapted to the circumstances OF the state,
! aud to the opinions of the age. The enaction
S Of bankrupt law IN the individual states was
= not peculiar to Pennsylvania. II had been
rtsorted to, also, in the state Of New York
q now the largest and most commercial state in
' the Union. They long kept what was called
: the tbTee-fourth act-a sort of bankrupt law,
o but which Che Supreme Court Of the United
d States declared they were not competent 10
+ make. In Rhode Island and Mary land, laws
:, of the same description had been hong since
l. enacted and in the state Of Louisiana
o new commercial state-a bankrupt law was
C enacted in I3O8-but was condemned as IN
1 constitutional, by the Supreme Court Of the
,e United States, in the case Of Mcmillan VS.
r MINI. 1t yet remains upon the statute book
Al Of that state. It's principal features were tax
pf en- from the Spanish law-but il IS now q