Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-10-19

| ing into discussion foreign 10 the SUBJ
cct in hand. The suitable occasion now
presents itself; md embrace it with
pleasure, that the greet remedial measure
proposed by the President, and called for
by the rights and interests Of the people,
and by the character Of the country, may
not be prejudiced by the supplementary
and precocious assaults which have been
made 'spon it.
At the head of those who have made
the attack on this part Of the Message,
and whose objections covcral the ground
which has since been occupied by others,
is the Senator from Massachusetts, who
delivered his sentiments on the Treasury
note bill, mr. Wcbster.) That Senator
spoke briefly but comprehonsivcly,against
this Executive recommendation. He pre-
sented all tho points which others have
elaborated. In answering him, | answer
all. His objections were particularly
noted as lie delivered them; but | find the
substance Of what he said SO accurately
condensed in one Of the reports, that |
think it the part Of fairness TO drop my
own notes, and TO have resources TO that
report for the trxt of the observations
which propose TO make. This is the
report:
"Now, Mr.. President, it is certainly
true that the Constitution authorizes Con-
gress to establish uniform rules on the
subject Of bankruptcies; bur it is equally
true, and abundantly manifest, that this
power was not granted with any refer
ence tocurrency questions. 1t is n gene
raj powcr-a power 20 make uniform
rules on the subject. How is it possible
that such power can be fairly exercised
by scizing on corporations and bankers,
but excluding all the other usual subjects
Of bankrupt laws? Besides, DO such laws
ordinarily extend TO corporations at all?
But suppose they might be so cxtendedby
bankrupt law enacted for the usual pur,
poses contemplated by such laws, how
can law be defended which embraces
them and bankers alone?
"How do the Presidents suggestions
conform TO his notions Of the Constitu-
ton? The object Of bankrupt laws, sir.
has no relation toouvrency. II is simply
to distribute the effects of insolvent debit
ors among their creditors; and l must
say, it strikes me that It would be great
porvorson of the power conferred on
Congress, TO exercise it upon corporations
and bankers, with the leading and prima-
ry object of remedying deprecated pa.
per currency.
"And this appears the more cxtraordi-
nary, inasmuch as the President is Of o.
pinion that the general subject of the cur
rency is not within our province Bank.
ruptcy, in its common and just meaning,
is within our province. Currency. says
tho Message, is not. But we have
bankruptcy power in the Constitution, s.
we will use this power, not for bankrupt.
cy, indeed, but for currency. This, |
confess, sir, appears to me to be the short
statement Of the matter. would not do
the Message, or its author, any intention
al injustice, nor create any apparent
where there was not real inconsistency;
but | declare, in all sincerity, that | cans
not reconcile the proposed use of the
bankrupt power with those opinions of
the Message which respect the authority
Of Congress over the currency of the
country"
To be continued.