Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1826-06-09
congressional.
Mr.. HAYNES SPEECH-Coaely,,,d

nd iuL,
."' anu no power but Congress can esta ash unor
my. Ihis Is Tie great desidera,u,n This &c ,, ,
c o"y remedy Tor the evils they have pointed ont
wise man now at the head of the Supreme Cour, or
'he United States, Whose character has hoe, A.,
WIN masters hand by the gentleman from V;r;r;
IN hn'sEed picture that cannot ventura 10 to, I,
s"o'u impair lis beauty,) has gwen us his opnon an
"'e VI ue 1onStiintion in ernsi,ro rthy of con-
SHERATON. "Ihe peculiar terms of the prapt (savs
ilc' us'ice MARSHALL certainly deserve noInc Con
gress Is not authorized merely TO PASS laws tho oncr,
Won o W'ch SHALL be uniform, bat 10 establish uniform
. on Tue SUBJECT throughout the United States. This
cstaoishncnt ot uniformity is, perlans ipconnatihle
state legislation that part OF the subject to which
'he acts or congress may eXtendn Now let il be re-
e'ueea .Ha' '7ile on the hand the power is ex
PreSsy conferred on the Federal Government of acting
ehcicntiy on this subject the right has been taken
away from the States. This the Supreme Conrt of Ito
Oh'eu states have decided the cases of Strges and
Iro"m'nsheid and Mcmillan and McNcill "a Wheat
I0'J ~ discharge under the Bankrupt Or Insol.
vent Law oil Stale, is, in these cases declared I'm be
invalid IN consequence OF the Constitutional nroihtion
vi 'e '''a'es OF passing any law "imparing the oboa.
non VI contracts" Now, prior In the adoption of the
Constitution, the States possessed this r;pht AMI in
oe instances, exercised ii to the most unlimited ey
tent II is right essential 10 commercial credit and
prosperity 1t has been taken from the States and vest
ca Id U.S. and proper TO be exercised AT ALL can only
DE exercised by MS aware, sir that there are
sii.l pending before the Supreme Court in which ii, y
question is involved. whether State Banlxrupt Ja,v
may not he enforced in such State on paties rcslino
N'ctcs contracting IN reference that This
question has renamed for several wears undecided. bu
whatever may be the final decision it is obvous tia, Il
W." not restore 10 the States the power of acting on the
sutec' matter IN the only way all adequate 10 the
eNigehc,eS OF Tie country The application of the Ter
oct CordctuS, would be but miserable substitute fr
general Bankrupt law. And even if il were nosslo
that the case OF Sturges and Crovninsbeld cpuld be ro
Versed and the power be restored the States OF PASS
ing Bankrupt laws, without restriction or limitation
should consider twenty four different Bankrupt laws as
infinitely worse than
In answer to all this has been most conG,lantv
serted, that we have the decisive experience of the couu
Try, under both systems, and that the State insoven
bankrupt law.
deny both the fact and the inference This coun
Try mas had no adequate experience of the effects of
national bankrupt law. 1t is true that bankrupt
lay was passed in 1900, and after being in onera
ton for about three years, was repealed But.
SIR, could the merits Of great system be tested in
the short period Of three years-a system foo vo,,,
ne" 10 US: Nations sir, OF slow growtIE and ma
iIonai institutions, however wise the PRINCIPLES on which
tey are founded require time and experience 10 bring
them 10 perfection Besides, the mere defects of the
Poiit'cai machinery by which great result is TO he
Produced often defeats the fairest calculations
Sir, II is as true in politics as in mechanics that mn
ne" machine ever works we'll 1t is 10 matter how
SOUND the theory or correct the principles on which
IS constructed, new invention never succeeds ot fine
first trial Did the steam boat or tho cot,o, o,, o
the rice maomne-hosc three great inventions of mo-
dern times winch have conferred such ncaculable be-
from,
ahs OF 'eiG ingenious inventors in the state of per
lection IN which VIC find them now? And even now
alter their merits have been fully tested and the princi
pies OF 'heir construction are we'll nnderstood will
ask my venerable friend on nv RIGHT (AIr nj ,co>,
whether, when new machine is put ND on any planta
ton IN his ncghborhood it does not -eouire time and
Pacce 100 10 adjust IFS several paris arrange the
"hccIs Tx TIE bands and regulate tie springs before
can he made TO work well? How then could il be ex
Peced that bankrupt systema complicated political
machInc-new TO the country and left TO fIe manage
meut of those who had seen il in operatop ebod
succeed completely at the very oulsel But sir tle
period for The experiment also peCuliarIv uC,u
nate. The bankrupt bill came into existence livad
and died in ''hgh party tirnesn 1t BROUGHT will, il
into existence the olium attached TO A most unronnor
administration, and 1t very naturally. in 4 period of
great political excitement shared the fate of IFS pro-
JcCtors
BESIDES, il is not to be concealed, ftat the first ono
ration OF every bankrupt system must be 20 discbaIrc
lhe accumulated mass of Insovent debtors from which
nothing can be obtained. Hence the apyallinr sto,e
mcnts by which the public ear was abused of Durnor
! Gus bankruptcies" and ''no dividends The nuhc
mind was thus poisoned creditors became imDaiient.
statesmen alarmed; and the sysemwas abandoned before
ITS benefits could be realized Ii is also o there
were some radical defects in the old banrunf Law vhic
contributed 10 its failure aud which could have been
easily TemedIed cannot stop 20 point them ont, but
will mention The commissioners on whose az en-.
/ cy the whole system was TO depend instead of being
learned, honest. and experienced were in general ir
noTant incompetent, and in many instances, unworthy
men, whose sole object To put money into their
own pockets at the expense of the creditors. They
received miserable pitiance Il compensation for
their services, gave security. and, set were
appointed IN almost every case must OF necessity have
been destitute of xpericnCe Under these circunstaD
ccs, as few of talent character could be found
to take tie place. it cIl into bad hands. Abuse was the
/ consequence. Such The Of the premature
repeal Of the act Of 1900; from which, surely no info
renee be Justly drawn unfavorabIe to bankrupt
system.
know that tic experience Of England has also been
appealed to- and the examinations in Parliament in the
years 1917 and 1913, have been quoted, to prove that
the bankrupt laws have done good, even in that
country. Frauds arc nscparabc from commerce.
Indeed, all contracts produce them. Nothing human
is perfect. The criminal laws Of Great Britain have
been admired as "a great body Of WISDOM And is
there injustice in their operations The commercial
J laws regarded as "he perfection OF rcason.D And
do they give TO frauds But it is mere common
place to acgc that the bankrupt laws have shared the
ate o all human Institutions; that evils have existed
or frauds been practisod under them. The true ques-
ton IS, has The evil couniorbalanccd the good' What
IS The fac' The British bankrupt system has existed
for nearly 900 Years and, during all that mc moi ope