The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-06-25

Ths captured fox is sometimes festcfeu " ~
hsrtv--Ie. loose and put upon his legs again JUS.
10 aHord the huntsrnan the sport Of anohei Ii"se,
and II this is the philosophers stone, wouiu -.
reasons somewhat similar, say at once 'hrow y
away, sir, and out OF mere favor confer On c ~.
alchymsts the pleasures OF ano'hef num- ~ =
and II II should take them thousand years 10
find il again, that would DC IN seasoh io' IN ''
purposes of usefulness
will soon conclude, Mr.. President. have
EXPRESSED nv objections 10 the bill offered by
The minority of the committee, III amendment,
and by way Of substitute for the bill reported by
the committee. | might add another objection
found i'm that provision of the proposed substitute
which allows 10 the several States the option OF
conforming or not as might suit their pleasure,
10 the laws thus made for them, which would be
mere mockery Of legislation but inasmuch as
that provision seems not TO have found any ad-
vocates as yet, | consider il now as out OF lhe
bill, by common consent, and shall say nothing
more on that point.
have, therefore, only TO repeat my appfovai
of the bill reported by The committee, as enc
containing the correct principles OF an ah,eticau
bankrupt law Its details may, IN some degree
be altered and thereby improved: It's limitation
for the period OF two years ought to be dispensed
with, since this is not contemplated as mere
temporary expedlent, or as special reiei law
for the present class of insovent debtors. But
II is intended as the commencement and iounda
ton OF permanent bankrupt system Tor tins
country No doubt but the commencement OF
such a system, at any time, would be attended
by partial evil Some inconvenience IS likely
10 await every change The law is IN some de-
gree retrospective in its operation on present
contracts--his must be expected Of bankrupt
law. But the power which authorizes II Is ex-
pressed in the Constitution, and, like the laws
OF The land, is presumed TO be known 10 all who
have given credit. II may also disturb the pre-
sent system Of preferences, and have tendency
in some degree, 10 limit credit. But trade and
credit will soon restore and regulate themselves
on the best practical basis, if your system OF bu-
sness is established on permanent and general
rules and laws and in relation 10 preferences,
now allowed under the State insolvent system,
they are always unequal and sometimes unjust,
and will never be corrected without uniform
bankrupt law.
The principles Of the bill are pan and It's
provisions simple and practicable-ft for pre-
sent use, and yet susceptible Of future improve
ment, from time to time, as occasion may re-
quire. Uniformity and permanence are great
and important requisites in the rules OF human
action. Men OF business should be familiar
with the great rules that govern conventional OBJ
legations in their formation and discharge, as
well as those regulating exchanges in trade
How can this be done but by uniform and per-
manent provisions of law2 II is not mpor-
tant what systems or rules OF business may be |
adopted, as that they should be uniform and per- |
manent, so that all may know what 10 depend on
by conforming their relations and operations to
established systems and rules. If this bankrupt
law is established, all future commercial inter
course will be carried on in relation TO il. The
business man in the North will know how this
relation between debtor and creditor is in future
10 be treated in the South, and he may govern
himself accordingly twill promote that ave
rage thar equal distribution Of property which
creditors are entitled 10 upon the failure OF the
debtor The principle Of the obligation between
debtor and creditor IS, that the former shall pay
in full but this is on ground that his property,
his faculties, and his eXertions will be adequate
that end but on such entire failure of all those
resources as render that end impossible, that OBJ
legation is to be discharged by an honest surren-
der OF all his property consisting of those re-
sources in their nature divisible for the benefit /
OF creditors, and upon that to be discharged, as
fair equivalent, from the obligation But, bv |
the present insolventlaws of the different States,
he is stripped of his property in one Of the
States, and still within its limits he remains a |
prisoner He has performed the obligation on
his part, and yet the quid pro ono is withheld
from him. While he participates in some Of the
lmmunlties OF freedom in one State, he is una
Bile TO step foot out Of il while denied access |
10 the other twenty-five States of the Union. |
those liberal words in the Constitution securing
The reciprocal rights Of citizenship through the
United States are to him dead letter.