The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-05-14
UNITED STATES SENATE.
WEDNESDAY,, May 10.


"WEDNESDAY, May Is.
BANKRUPT LAW
The Senate to-day resumed the consideration Of
the ball establishing uniform system Of bankruptcy
for the United States
Mr. CRiTrENDEN who was entitled to the floor. aa-
dressed the Senate a, great length in opposition 10 the
substitute offered by Mr. Wall for the bill reported by
Mr. Clayton from the majority Of the Committee on
the Judiciary, and in favor Of the original bill
The following brief sketches present some Of the
most prominent poinfs-and only poinis-of this re-
markable speech:
lie expressed his regret that the Committee had not
agreed upon some system OF Bankruptcy The sub
Ject was one in which the whole country evidently
felt the deepest interest The great number Of pc
tsions that have been received but small evil
dence Of the public sentiment, and the public ncces-
s'sy on this matter. These petitions have come from
almost every State in the Union and from those
States, particularly which have already passed bank
rupt laws; but which have not, under the Constitu-
ton, the power to pass laws Of such general charac-
ter as is demanded by the wants Of the community.
The public sentiment has been farther indicated in
several States by the abrogation Of the laws for inn
prisonment for debt
The tide of public opinion is manifesty setting
strongly in favor of measure of relief for unforu-
nate insolvents.
Mr. CRlrTENDEN said that, as one Of the majority
Of the committee who had recommended the bill re-
ported by the Senator from Delaware (Mr. Clayton
he felt bound to vindicatc il from the attacks which
had been made upon it by the Chairman of the Com
mittec, (Mr. Wall) The bill was intended to give
a discharge TO voluntary bankrupts; to men who
having been unfortunate in business, were willing to
make just assignment of their property their Gre
ditors. This is the principle and the details were
such were deemed best calculated to carry this
principle into full and effective execution.
Mr.. CRrrEsDEN then took up the printed copy Of
Mr. Claytons bill, and gave succinct and perspicu
Gus account Of its provisions, its and machi-
merry He remarked that there had been the greatest
care to prevent any increase Of the patronage Of the
Government. The machinery is of the simplest cha
racter.
1t is an experiment, he admitted; but he believed
that occasional legislation the subject would be
beneficial II was notorious that many disadvantages
had resulted from the Of some uniform
bankrupt system For the want of some such law
there refuge for the man of enterprise who
had been overtaken by misfortune in business. The
very bread is snatched from his mouth and he flies
mode Of trade work out his subsist
through fraud and disgrace. He hides himself from
his creditors, and earns his bread in ignominy
The men whom the bill is designed to succor, are
unfortunates Of all parties From sympathy with
their suferings, he was induced to go into conside-
ration Of this question: and he concurred most fully
with the majority Of the Committee in separating the
provisions proposed for their relief from all consdera
tons connected with the creditor. He held there
was no necessity for furnishing the creditor with a
more vigorous and effective method Of proceeding
against the debtor than he now possesses. From no
quarter--from no class of merchants-has there come
any petition to strengthen the remedies which the
creditor already has the advantage Of He has already
abundant means Of securing the satisfaction which
he derive from the estate Of the debtor Justice
full and ample, is done to the creditor. Why, then,
urge procedure Of compulsory bankruptcy Mr..
G. was decidedly opposed to it, 1t was against the
whole spirit Of our laws and institutions and the cx-
istence of such plan in England had led to great
trouble and complcxity. The moment il should be
tried here it would meet with difficulty with excited
passion and, considering the habits of thought and
feeling which characterize people, il may well be
feared it would lead to resistance. The Committee
therefore thought proper to include any provisions
for compulsory bankruptcy.
Mr.. CRIrTENDEN then proceeded to examine the
bill which was proposed by Mr.. WALL, as sub
stute for the measure reported by the majority of the
COMMITTEE establishes compulsory bankruptcy as
well as voluntary bankruptcy and extends appca-
ton to commercial and banking corporations and to
all companies which may issue notes or bills in short
to all artificial persons. After dwelling upon these
features some time he turned answer the objections
| urged yesterday by Mr.. Wall against the original
bill The first objection of Mr. w was that the bill
of Mr.. Clayton was unconstitutional; and the argu
ment was that the common law of England, which
confined the bankrupt system to traders, limited the
Constitution Of the United States; and that by that
| instrument the power was conferred only to make
bankrupt laws for tradersi Mr.. Cr,tendcn contro-
vcred this argument, and contendcd that there was
no such limitation of the grant of power from the
Consituton-thc power was general.
| Another objection of Mr. Walls is that the bill
OF Mr. Clayton does not make uniform system; as
is distinctly argued by the Constitution Mr. c. com
mented, at some length, on the meaning Of the term
uniform, in that clause of the Constitution Il
means that the law shall have uniformity Of opera
fions in one State THE Union in another and the
bill exactly complies with that requisite. The gentle
man from New Jersey yet applies to it the charge
OF want of uniformity; because, he says il does
not include compulsory bsnkruptsl Suppose the
charge were true that the bill is sided and partial
it would not prove that there any want Of uniform
ty in its operation throughout the Union
But, Continued Mr.. c. if the Senator's argument
were correct his bill would be liable to the same
objection of unconstitntionality
! Mr. WALL here significd his dissen, nv , sbaLo or