The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-06-04

On the proposed dDendHieRt 20 ne D0mfWpt
PiH. s@
| do not wish to proract this debate; and as
the several questions which are presented for the
consideration of the Senate in the bill aud
amendment before us have been very ably and
deliberately discussed, shall content myself with
presenting very few remarks on this subject.
wish to act upon il promptly and efficiently. /
desire the enactment of such bankrupt law as
shall respond TO the call Of the country, and
grant relief TO honest unfortunate men. That we
have power to pass such a law, do not doubt,
and that the welfare of the country demands il,
all will admit.
The prominent feature of Bankrupt law, and
the one that distinguishes it from all other laws
is, that it cancels or dissolves the contract be-
tween debtor and creditor, and leaves to the for
mer the uninterrupted enjoyment Of his future
acquisitions. This is high attribute Of sove-
reignty-a great conservative power-and is ne
cessarily inherent in all governments. II is the
protecting, paternal power which, like the power
10 pardon offences against the criminal laws,
may be exercised by the supreme power in
State for the benefit of the whole people This
power has been exercised in all civilized govern
ments, and with the most beneficial and salutary
effects. 1t has been exercised by this Govern
ment and neither the power to pass such laws
or the expediency of them has been questioned
by the people beyond this chamber. Why, then,
is il that laws have not been enacted by which
the child Of misfortune may be protected against
persecution and oppressionl Your State Co
vernments have done much to meliorate the
condition of the honest debtor insolvent laws
have been enacted, and laws abolishing impri-
sonment for debt have been passed, but still the
debtor remains a bondman, without the means
of rendering himself useful to his country or to
society. 4 x A
Iapprehend, sir, that this great obstacle to the
enactment of such laws may be found in the
fact that Congress is not so near TO the people,
their constituents, as the legislatures Of the seve
raj States. They are not so conversant with
local wants and exigencies, and are not SO capa-
bic Of approaching the peculiar necessity for the
enactment of laws that relate Immediately to the
fortunes Of individuals. Be this as it may, Con-
gress undoubtedly possesses the power to grant
the relief called for. Ii belongs to that class of
powers which mark the practical wisdom dis
played by the trainers of the Constitution II is
a power which, when properly exercised, will
promote intercourse between the several
States" 1t is one of those important powers
which were granted by the people of the States,
in order to FORM in the concise and comprehen-
sive language to the preamble to our Constitu-
zion, "a more perfect union, establish justice,
ensure domestic tranquility, provide Tor the com
mon defence, promote the general welfare and
secure the blessings Of liberty to themselves and
their posterity." The Constitution was intended
10 confer more benefits upon the people than
could be secured without it, 1t declares that
the citizens of each State shall be entitled to
all the privileges and mmunities OF citizens in
the several States" All subjects of legislation
that would Weld larger liberty, and as much
protection and happiness TO the citizens, were
granted to the Federal Government by the so
veregn States that formed the Constitution.
In Government like ours no greater bond Of
union can exist than free and uninterrupted in
tercourse between different sections Of the coun-
try. Hence the incalcuable benefits which have
been bestowed by the States upon the nation in
the construction Of internal Improvements, the
extending of canals and railroads into the great
West, and the rapid, cheap, and safe means of
transportation ofpersons and property. This inn
portant tie between the East and West, the North
and South, was duly estimated by WASHINGTON,
but il was reserved to the genius of CLINTON to
give practical Illustration of its advantages. |
think, sir that the States will continue to be
guided by this ilustrous example, and persevere
amidst their endorsements until every section
of our country shall be traversed by the railroad
and locomotive.
Whilst we are encouraging intercourse be-
tween different sections of the country, we must
not be unmindful that each Of the several States
have enacted laws to enforce the collection OF
debts-and that the discharge of an honest, I'M
fortunate debtor in one State, does not protect
nm OF MS property iTOHl StiLuTt ny tHt
courts, on behalf Of creditor in another State,
or against the operation Of the laws of any
other State, whilst within its jurisdiction.
To remove this great cause of dissatisfaction
and jealousy the States conferred upon Con-
gress the power TO establish uniform laws on
the subject Of bankruptcy throughout the United
States"-Nor did they stop here They deemed
it important, that they should not have the pow
er TO interfere with the contracts of citizens,
and, wherefore, they Invested themselves of all
power over the subject, by declaring that, "no
State shall pass any law impairing the obliga-
tion.of contracts" Thus, the States have not
only conferred upon Congress the right to pass
uniform bankrupt laws, but they have conferred
upon it the erciusire power. This attribute OF
sovereignty, therefore, has been conveyed by
the States TO the General Government. As
Congress possesses the exclusive right to enac,
bankrupt laws, and as this grant was made fol-
the benefit Of the whole people, hold that the
power and the duty to exercise it, are correla-
tive terms. The omission TO exercise this pow
er strikes out of existence this high attribute o
sovereignty; and we present TO the world
the strange anomaly Of twenty-six independent
sovereigntes which would, but cannot exercise
this power, and General Government which
should, but nil not exercise it,
The Chairman of the Committee has said
that as we are bound to refer to British prece
dents for all information on this subject, thu
power or right to pass bankrupt laws must b,