Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1826-06-06


age or Other persons under the personal influence and
control OF the debtor preferred and i, s wy
common occurrence ior such persons their
operations by appointing tie bankrupt himself their
agent, 10 conduct the business wind up Lis cun
Germs.
The creditor, in tie mean time, finding at tie law
permits preferences, and that it allows the debtor Ia
make trust deeds, and chouse hs own assipt PCS y,
without remedy. Even if he expects collision he
has no redress but by commencing suit in Chancery
La proceeding in this country, as in CnrlanJ moro
easily begun than ended and in hch the oath OF the
defendant is received The CREDITOR therefore, though
conscious oil being cheated submits quietly 20 his fate
and leaves TO the debtor and his friends tie unIistprb
ed division OF the spoil.
In the absence such relief as baulSrurt law oroht
10 AFFORD 10 debtors, they sometimes practice curious
S'ra,age TO eXort discharge by tie consent of their
creditors The thing is thus ulanagcd Il deed of as
s'2nment is executed for the benefit of those Who shall
come I'D, 10y certain day, and release the debtor the
creator, without any n1crnaon and often deceived
by false lights, has his course in the DARK
between SCylla and Chary bds-between the chance NJ
getIig something, he knows what under the as
Segment, and the hope of obtaining more by hoLIin
on TO his demand The thing conduct ted however
as 10 Induce lam TO take tie wrong course and lie loses
every thing. appeal 10 gentlemen from the CONNER
ca cies whether these are not matters of every DAVIS
occurrence. Let me not be misunderstood. | enter
''h ue most unqualified respect for the commercial
character OF this cnuntrythe highest admiration for
e enterprise, talent, and hberalilv of our CONNER
ciai men, believe our standard of honor and honesty
10 DC more elevated than that of any other countrv nm
The face OF The globe The proof of is to be found in
The existence OF credit at ALL under system which
could not be endured in any other country for a SINGLE
uay but, nevertheless, sir, too have our fraudu
ieht uaners-ioreIgners and natvesaud their number
has greatly increased, is daily increasing and will con-
unue: No, sir, hope notbut surely ought 10 be ii.
minished.
ii may be asked, why these evils are not ,eroo,;,
10y Tie States themselves? would be sufficient for our
purpose To show that they eXst-that they have not yet
oceh and are not likely to be- rcmeGied-in order 10
make out fair claim for the inter position Of our con-
StIlutional authority tie subject Bet will go f,r
teF and attempt 10 scsv, that these evils are ipsepa,
ole from leaving the sub Jet entirely 10 Stale cqsla-
! uon The States cannot, il is obvious rsT,HI re.
UNIFORMITY. As each State mus, prescribe lis own
ue' II Is natural that they should be anxious not TO
e.' 'Oieieh creditors TO possess any rights which
Iier own citizens do net possess in other countries II
Is gnite natural that South Carolina should moi Drrmt
citizen of Massachusetts have any remedies poonet
MS Iaio!iian debtor, which Ca!clinian creditor
Wou'd hot have against his debtor Boston; and on
me saihe princP!c, care would he taken to extend 1e
i!c 10 cur own debtors, least as far MS il is extend
ca 10 debtors elsewhere. Preferences are permitted in
t>e" 1o!h therefore we must admit them in Charles
loh Tor, not, merchants would raDifestv ston5
u" most d'sadvaniaSeous footing. when New York
merchant fails lie would, 10 his friendly endorsers
naturally FFcier his New YOril creditors; and there
lore The Charleston merchant must act un,n tho o
principle an honorable effort has lately been made hv
some OF the leading members in New-YorIl ~ rnt
Town ny voluntary agreement tIis nonsfrous srs;en
% preferences. Iiut, Sir, ii never succeed II ia
one o! hc wees inherent in The system, that can nevcr
be cIaiicaird but by uniform bankruDt Law
IL is manifest Mr. President tiat the STATE. ere now
'eccd 10 me necessity Gf entering into fom,e;jfion
VIVA each oc., restricting the rights Of ,,4l;fo,e
ana Paifin% The liabilities I'll debtors; AID his too IN
matter IN which, ii IS impossible 10 mark the cat
INC VI t4""E' 'hefe must be great DANCE, of their
G' ahcg step 10y step, until every thing Is unsettled
am pei sCaccG hat nothing bal The cons lu;ioral ro
bition on tie States against itnrair;pp fine obJioa
non OF contracts" and the gcnerai might almost saw
we UNIVERSAL beief that they have no right TO PASS AZ,
c'IcicEt bankrupt law, have hitherto prevented such an
interference betty debtor and creditor as wfuLd
ave gwen fatal blow CONNIE cal credit and enter
liIe' VIII put case sir, and make this matter
Piain suPpose any State tbs Union South { arnl,
I'd 'oF example convinced Of the policy of sacredy
preserving the rights and remedies Of creditors and f
! 'Sr,! c"'oiCih@ Tie Obligations OF debtors. Should
auop Hc prov Isons OF this bill, what would be tie e
'cc!: Why, sir, while creditors from abroad yyouJ
have means of arresting the career Of such of cr
Caro!na debtors as might be in failing circumstances
~ou'o 'aYc prompt remedy for The recover Of their
'dcoS arJ be entitled 10 an equal Distribution of tle
estate and effects Of Gle nsolvent tIe Carolina cred;
oT would have nonc Of these advantages in the other
9'aies' u Charleston debtor, ten had claims abroad
ICING co'hpecd 10 make prompt payment while he was
i'aIIe 70 make coiICciiOns his ruin would be incya
Die Not one OF Tie STATES therefore, ever will adcnt
eHc'cnt laws on this subject until other States sllal
consent TO The same system lie wise and lust
PervadnS all TIC States which would opcrate most i'm
lJlriOuSy IN particular State. Let MS take another
view OF the subject In Great Britain there Is banl,
npt law, under which British merchant is DISCHARGED
rom oil his dCOts The American merchant hoe 80,
such privilege In the mutual dealings therefore no
tween the merchants Of the two countries while the
American merchant has his claims his English debt
o'S cancelled 10y operation of law, lie himself remains
liable forever. To put our own merchants Therefore
on footing ct equality, in this respect with those OF
ohcr countless il is absolutely nee essary TO have
uai'hFoPt law 10 put the citizens OF t!e different
States on The footing aud 10 give tl,c, conoJ al
'ah'ageS IN the commercial dealings you must establish
bankrupt system equal and just in its provisions and
uniform in lis orcralion
, } must here notice most curious state Of things
winch has lately grown UP at New Orleans 1rnishinr
lorcibc illustration Of 0ic truth Of my remarks and
ao'oIng TO my mind moral demonstration Of tie ines
Hcacy OF all stat Legislation ibis subject.-Louis.
ana has passed bankrupt law borrowed chiefly from
nc re0ch system, and in lis general features bearing
t'c deep impress Of wisdom. Justice aud humanity as
understand dat system, there IS perhaps but one "a
ucd error IN u.s. which is that II extends relief only at
the instance ofc debtor. Now this law Is held 70 be
unconshtUtoDal by The Courts Of tle UGtcd States
while il is enforced by the State Courts We All l,c
there are only particular classes Of persons authorized
to sue IN tbe courts OF tie United States 10 vii cifi,