The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-06-11
cmemtp= Strth Congress.
UNITED STATES SENATE.
FaIDAy, June 5.

FaIDAy, June 5.
SYSTEM or BANKRUPTCY
The Senate resumed the consideration Of the bill Ia
establish uniform system of bankruptcy throughout
the United States. The question being ON Mr. GAYS
motion to strike out the compulsory PROVISIONS of the
Mr. WEBSTER proceeded at large to fulfil his
promise OF yesterday TO show that the original bill
either was, should be- as far as he could make IT,
bill, per Sc, OF equal and equivalent benefits to the
debtor and creditor.
In redeeming this pledge Mr. w argued TINT the
bill would do away with what called honorary
debts that is debts to endorsers surees by
Of which debtors were generally enabled to get
such surcties and thus 60 TO the utmost extreme
Of bankruptcy the suretes feeling safe while property
enough for them remained that the bill by holding
forth safety the debtor from desperation and des
pair would encourage him to stop seasonably to make
his condition known and to give up all his property
all of which he was now deferred from doing by the
strongest, and even by desperate Inducements; that
the bill would give equality to all creditors, which,
however just and desirable, could rarely be at
tanned.
For these and other benefits (Which Mr. w. speei-
fed) TO the creditors in mass, the whole that they
were TO surrender by the bill was the claim ON the
future earnings Of the debtor Mr.. w. appealed to
Senators 10 say what the real value of this sur
render and argued To show that il could in no light
be regarded than equivalent for the benc-
fits proposed to be conferred the of creditors
by the bill
Mr.. w expatiatcd on various collateral topics and
spcn, some time in replying to Mr. Wright.
MIR. WRIGHT replied at length TO various posi-
tons of Mr., Webster, and argued further against
striking out the compulsory provision.
After a brief rcoinder by Mr.. WEBSTER
The question was put striking out the compulsory
provisions and decided in the negative by yeas and
and nays, as follows
YEAS--Messrs Calhoun, Clay Of Ala CLAW Of
Kentucky, Clayton, Crittenden, Dixon Grundy, Hun
tngton knight, Nicholas, Porter Prenss, Smith, Of
Indiana, Southland, Tallmadge, Webster, Which,
NAYS Messrs. Allen, Anderson Benton, Brown
Buchanan, Cuthber Davis, Fulton, Hubbard, King
Linn, Lumpkn, Norvell, Pierce, Preston, Roane
Robinson, Sewer. Smith, Of Connecticut, Tappan
Walker, Wall, Williams Wright, Young
SO it determined to retain, to extent, and
in form the compulsory principle othe substitute
Mr. CRlTTENDEN now renewed his motion to
refer the subject to select committee
Mr., HUBBARD moved that the whole subject be
indefinitely postponed.
Nh. BUCHANAN expressed the hope that what
had been done would not be lost but that the bill
would BIO referred, made perfect possible, and
if it could now be passed be sent forth for
information to the people
Mr. CLAY spoke in favor, not Of the indefinite
but of taking the vote upon now
determine whether majority Of the Senate was in ia
vor Of the bill, in any form, on this subject.
Mr. WEBSTER spoke with great earncstness
from New Hampshire might well for it, because
he opposed to the bill in every form But Mr. w
entreated Senators who in favor of such bill
all, not to delay its passage to another session.
MIR. NORVELI. also spoke emphatically against
the postponement,
Mr.. CLAY said his sole object in desiring the vote
to be taken on this question to il majo
rty Of the Senate in favor Of passing the bill in
any form.
Mr. HUBBARD said that was precisely his object
Mr.. LUMPKIN said he should then vote against
the postponemcnt for although he could for the
bill in form in which il had yet been presented, he
was not prepared to say he would be against it in
ny form.
MIR. WALL also having spoken briefly against the
postponement-
Mr.. HUBBARD said he would withdraw his mo
ton; but Mr.. Walker Directing, and the yeas and
nays having been ordered, it could not be with
drawn.
Mr.. WALKER spoke emphatically in favor of
speedily passing such bill, includng the banks if it
could be DONE, and insisted that public opinion would
soon render it inevitable.
Messrs. CALHOUN, GRUMPY, CLAY, SMITH,
of lnd Pierce, Allen, and Buchanan, made some far
ther remarks, chiefly the point whether to what
extent, this to be regarded test question:
which point they did not agree.
Mr.. LINN spoke for time in favor Of includ
ing the banks in this BILL and of consolidating all the
great banking powers of the country in the General
Government.
Mr.. TAPPAN moved an adjournment; negatisej,
by ayes H. not counted
Mr.. SEWER spoke at length in opposition to the
bill and the general principle in every form
The question put the indefinite postpone
ment of the subject, and it decided in the mega
tive by yeas and nays, follows:
YEAS-Messrs Allen, Anderson, Benton, Brown,
Calhoun, Fulton Grundy, Hubbard, Linn, Pierce,
Prentss, Preston, Roane Robinson, Sewer, Tap
pan--16.
NAYS-Messrs. Buchanan Clay, Of Alabama,
Clay, of Kentucky, Clayton, Crittenden, Cuthbcrt,
Davis Dixon, Huntington King, Knight, Lumpkin,
Merrick, Mouton, Nicholas, Norvcll, Phelps Porter,
Smith, of Indiana Southland Tallmadge, Walker,
Wall, Webster, White Williams, Wright, Young
%
Mr.. WALL moved an adjournment; negatived by
ayes 8, noes not counted.
On motion of Mr.. CRITTENDEN, the whole
subject referred to select committee, which
ordered TO consist of seven members, (by ayes %
and to be selected by the Vice President
The Scpafc then odinnrpn1 In Mopday