Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1826-06-06
Congressional.
In SENATE OF TIE UNITED srArEs-Nay /, 1926
BANKRUPT BILL.

a system
OF Bankruptcy" being under consideration
Mr. HAYNE of South Carolina rose and addressed
the Senate as follows:
rise to address the Senate, BIr. President on this
suoJee', Wlh peculiar ditdence and ordinary anX
Iety-difidence the uneigned of nv ability 10 do
p" luslcc-and anxiety for the faie of measure on
"h'cn Tue prosperity of large proportion of the com
iunlty materially depends. feel most IecpIv the dis
advantages OF situation, and the difficulties BY which
am envIroned. The lamentcd illness Of the learned
senator from Delaware, Mr. Van DYKE under whose
auspices Tins measure has been twice introduced and
once passed The Senateand the absence of the gentle
man from Massachusetts, mir. Mills who had prois
eu US b's ard ON this occasion, fearful The
ia'e period OF the session, also, and the numerous
por'ant subjects now pressing attention. are but
100 wei calculated TO excite that mpatcnce calm and
deliberate investigations which, magnyiue difficulties
och leads deliberative assemblies 10 seek refuge from
embarrassment, by postponng the whole subject 'to
more convenient season." Sir | earnestly beseecl,
genilencn not TO adopt such course on the present o
cason Ii II is not due 10 those who have devoted DAYS
"uu weeks 10 the preparation of this BILL il is surely due
10 me ieenSs and wishes of large and respect
able portion of the community that il should be acted
on and II possible. finally disposed Of Thousands of
our ieoW citizens, IN our commercial cities, have their
eyes pow turned 10 this spot and are waiting with anx-
!oS hopes and Tears, our decision This question:
numerous creditors condemned to witness the iraudu
lent conduct OF their debtors without having any pow
or unuer existing laws 10 check their progress the
road 10 RUN, calling upon us 10 afford them an
eicien remedy for the recovery Of their inst demands
WINE, on the other hand, immense number OF unior-
'unatc men, overtakcn by unavoidable caamites and
ompted To wear out their lives in the worst of all ser
vitndes-tlc serrude Of ,!cbt--are looking IN 10 MS
WIZ aching eyes and trobbpg hearts for some relief
. Tor the'r unmercd and unaYaing suferugs. ! will
indulge the hope, therefore, that an honest endcavour
WIZ now be made TO dispose OF this BILL and should en-
harTassincnts present themselves in our progress
Pedge myself TO consent to lay it the table the mos
nent is ascertaincd that the question cannot be decd
eu duTitg the present session.
shall now proceed Mr. President as briefly as NAV
70 state The evils Tor which propose provide
inedy aud TO give plain and practical exposition of
the rrinc pies embedded i'm this bill The first oucstup
which presents itself for consideration is e
OF bankrupt law. 1t is asked 'swlethcr The laws OF
Tie States, on this subject not ADEQUATE 10 the Oh
JecG" answer, decidedly and unequivocailv, that
mere exists tc most pressing necessity establishing
UNIFORM laws the subject of bankruptCy tifoupior
Tie United Statcsi and that the laws of the States on
'"s subject, arc inefficient, UNJUST and tuinous in their
operation In thc remarks am about make on this
branch or the subject wish 10 be understood as cons
ming my observations 10 the effect Of the State iusol-
Feht laws on persons concerned in trade It's from the
operation of these laws, tie commerce of the conn
Try that those evils flow which demand speedy and ,
cc.ual remedy.
There now exists Mr. President in lie several States
ct s Union, twenty distinct stems oil bankfuptcy or
! insolvency. each differing f:on all the rest in almost
every provision intended Gil security TO the
or relief TO the acknowledging in every thing which
touches The nights and remedies OF the one, the duties
and liabilities Of The other.
By tlic laws of some Of the States debtors can,. Ic
ARE ted, either on mCsnc final process; bv others
personal property may he held in defiance of creditors.
fi@ by others real estate cannot be touched in Some,
I instances executions suspended; in others the
courts OF justice closed, which is the same thing
ucays are sanctioned, which, amount to denial of JUS
tcc In some States, few IedijoIs ia The immediate
heShoour"0d arc suffered by attachment or other e-
gal proceedings often tc result OF collision with the
dcotor 10 secure to themselves The whole estate OF an
nsoivenc 10 several States, persons arrested or deb
are permitted Ito out" las it is called after no
tee OF a few days-whe in other States thew are re-
CURED To lie IN jail for three four months In some
Instances the relief extended Is confined 10 The di,
C' &c OF lie uebor from arrest IN The particular suit
J III o'HCTs, rom arrest IN all suits; and somc few ca
ses the -elnp has been trade 10 release him from all
future Liability on existing contracts. These various
systems unequal and inconsistent as they must he ad
united 10 be, rendered SIN more Objectionable by
being perPetuay Gucuating. 1t was the opinion 81
one OF the abiest Judges that on Tie English
bench or any other bench that better for the com
hunity that ru!o should be certain than tha ii should
De JUST" for tie Obvous reason that we can shape our
conduct or our contracts in reference 10 any known or
settled rule, so TO avoid IFS injurious effects bat ben
The rule IS uncertain cannot avoid falling under lis
operation
We arc told tbat it felt as grievance By TIC 70.
man people, that te tyrant should write his laws n a
small character and hang them mp high pillsrsn so
that II was difficult to read them; but uIat grvancc
wound nave been rendered still inOIcrable if the
inscriptions bad been varied with tie rising and setting
RI Of the sun
3, Not year hardly month"; passes by which docs mol
witness numerous and, in many instances radical clan.
found utterly impraCcabe TO conform To them or 10
guard against them. II dcics the wisdom of tie Bench
or TIC learning of the Bar, TO give certainty or cons
tency To system of laws upon whicftwent, four dife
rent Legislatures constantly acting and almost da
~ InnoYatihG-a system which changes with rapidiiy
'at decc'vos the mental vision and leaves US in tie
grossest ignorance.
For every essential practical purpose the most expert
enced merchant IN this country be acquainted
WIN w orce and effect Of tic laws which regulate III
CORRECTION Of debts-laws which fix his rights and pre-
Sct'oe ms remedies III relation to all lis contracts in
oucT states lie enters into such contracts, therefore
as a man would engage in game of bazarJ who la
n wing vcniured bis stake must abide by tho st ~ G
die.
But there another evil arising under the laws of tic
States on this subject compared with which those
nave noilced shrink into nsignifcancc aIlude 10
the UNJUST PRrFfRENcTs which debtors are permitted
10 give; INC right they POSSESS under the laws n believe
OF every state III this UDion Of making partial assign
menS providing for class Of creditors preference
10 olners aud selecting individuals lie special objects
OF iaYor, 10 tie total exclusion Of all other creditors
Now when debtor finds himself "yOing down. as the