The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-07
From Ms N. York Ti~ss.

liberty.
Il 1 remarkable that the discovery Of The monsrous
character Of such Recommendation should have been
reserved for this generation Of politicians Alexander
j. Dallas, and Vim H. Crawford, two men whose opi-
mons were lately thought py the Wings 10 be entitled
TO some weight Principally, perhaps because they both
favored national bank, both, IN reports 70 Congress
from the Treasury Department. distinctly advised the
adoption Of such bankrupt bill, among the undoubl-
cd powers Of Congress, and highly expedient, Among
the republicans OF that day, certainly able and
friends Of public liberty thc best Wing Of this,
expressed epugnance al the suggestion doubted Of
the competency OF Congress consuuionslly 10 adopt
Nay, moreone Of these men, with the foil knowledge
Of his opinion this head, the candidate for the
Presidency Of that part OF the republican party WHICH,
for its strcness OF construction, called RADICAL and
was, moreover supported by may Of the very men who
are now most clamoIons IN denouncing Mr. Van Buren,
as dangerous aud unfit President for holding the OPT
mons which Mr. Crawford avowed nearly twenty
years before.
1t would perhaps be invidious to single out pnbIcly
the individuals who have thus grossly committed them
selves before the world II any Wing feels curiosity
to know them, the editor Of the Star, who is Of
them, could easily, il he would, furnish last.
II cannot he denied that the Constitution Of the United
States does authorize Congress TO establish bankrupt
ia,es applicable indridaais not TO corporations
The exercise Of this power, applicable 10 indlsi-
duals, is this day, say the least Of it, Of doubtful
propriety.
In England, they have had bankrupt law matured
by an experience under OF two hundred years
yet Lord Eldon as Chancellor Of England said that
"the abnse Of the bankrupt LaT was Disgrace 10 ns
country and that il would be better at repeal all
the siaaies than TO suffer them be applied 70 such
purposes THERE MERCY EsrATE--
Nothing less thought Of than the OBJECT OF the
commission: as they were frequently conducted, they
little more than STOCK IN TRADE Tor the coAns-
sioSERs, the ASSIGNEE. and the SOLICITOR"
In this matter have had little experience In our
own country, under bankrupt of the United States,
which lasted about two and half years,
The experience Of under operation, satisfied the
public that in this country it better than
England, as described by Lord Eljon.
None benefited under but the commissioners,
the assignee, and the attorney The estate Of the late
CoMFoRr SANDS was seized under the United States
bankrupt law about the year eighteen hundred one
two and although he hved above THIRTY years after
his bankruptcy he did not live the close Of the
proceedings under this act to settle his estate Indeed
II is doubtful whether 1t is closed TO this day THIS
example is fair for almost all the proceedings
which taken under the bankrupt law OF this couu-
Try, and Mr. Van Buren,, from his professional cduca-
ton and experience perfectly well acquainted with
the operation Of the bankrupt law, both in England and
here.
II an experience Of two hundred years by England led
the Chancellor OF Great Britain pronounce the bank
rupt law OF that country, when applied TO merchants
0niy :. DISGRACE TO THE COUNTRY" and tina, as the
proceedings conducted they were little more
than Stock trade for the eommsuoners the assignee,
and the solicitor and # our experience this country,
under our bankrupt law, confirms the opinion which
Lord Eldon pressed what might we expect would
have been the effect OF bankrup, law, applicable
our i've hundred millions OF banking capital spread
throughout the Unon aud intimately connected with
every department Of trade and business
II thirty years were not sufficient 10 close up the
tate Of an adiuidual under law how long might
suppose II would be necessary close the affairs Of
BANKS under commission OF bankruptcy. :.
IT, an England, under a bankrupt law, matured by
Parliament during an experience OF two hundred years,
the chief part OF the estates absorbed by
rs, sassigHtes and attorneys, what could we expect
when the whole capital OF all banks should be pac-
ed III such hands for safe keeping and settlement under
the bankrupt law recommended by Mr.. Van Buren,
1t there were no other objection but the tncIpedeney
oil such law, the recommendation Of it ought TO dis
grace the administration. But what shall SAL of this
recommendation, when call to mind Mr.. Van Burens
former avowas upon this identical subject, when IT, the
Senate Of the United States
For his opinion this question, not obliged
resort 10 "ihe duthorzed plantations Of friends
his promise 10 tread The footsteps Of his hustr-
GUS predecessor" We have his words, as utter
ed IN speech made against the proposition 10 bring
porstions under the operation of bankrupt law Mr.
Ven Buren,, that occasion, characterized the propo
slion attempt to infringe upon state rights But
said he) the attempt was TO be made, If not IN
open and unequlyocal manner, at least in indirect
way stpthe states OF the power of charering banks
not go far it would not be denied that i; ntcrfercd
in the regulations which state governments might have
adopted for the government OF those institutions, irth
odious exercise Of potrer not granted by the
stltuiion. The amendment has this extent It directs
the the manner in which they shall exercise
their sovereignty this particular and points what
penalty shall be inflicted the charters granted by
the states violated. 10 fact, il points what the
privileges granted to the interpretations shall be- by dc
tang the forfeiture and directing what the companies
NAV dySha ma mot do Ibys Ius Ibr,In
been done Iy the states They have assumed the d.
rection OF these matters as rig tchch They doubtless
haze. And, In including this subject of corporations
the bill before the Senate, will be taken en,lrey
from the states and the pow of the bankrupt
system. He did not concede to the opinion, that the
system had power all chartered institutions. BY
the very nature OF their association, they were
respects, exempted from ITS operation and no such
power contemplated, OF was, a. this moment,
under The most extended construction, enjoyed By The
General Government:
Again--"his idea of bankrupt system was, that it
could not be applied any but Individuals principals
and hat capable of being made operate
associations, The subordinate agents either Of in
dviduals or corporahons."
At the time this speech of Mr. Van Buren, was deli.
vered, Mr.. Woodbury., the present Secretary Of the
Treasury, was also member Of the Senate, and that
occasion said, he agrecd substance ruth The Senator
from Nep York" He further added, I" the grant was
not to legisa,e the subject Of generally
OF accountsoi suits at law but the subject OF bank
rnptcy; and the word Bankruptcy used the consti
tuition never, in his apprehension intended to ex-
tend beyond embarrassments and failures among
camille men,
With such avowal Of opinions by the President
and his Secretary of the Treasury, (when they
Senator's against The c0nSiituiI0nag Of a bankrupt
law, applicable to rprahoas-charac terising it. as
Mr. Van Buren, then did, 8 an odious exercise 81
pocer nercr attempted any contry The face Of The
giobe-and Mr. Woodbury. agreeing in substance with