The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1840-06-11

assl Are apr souu' 10 di'PO''ss' he
slEls suaTiS
Sir. I Wili not pursue llis sulissi fsf
her. lFsPsll. thsI 20 IRE para OF iar
enunEy % which I bslanR. ! believe
there 70 . pretty ElrOng disposition 20
include Ihe banks IN he bankTaPl Ian.
The people IN ihsi qaarlfr sPPrshena
from il no danger 70 themselves or their
aun institutions. and lhey wish 10 see
banks elsewhere eoeroed. By the mosi
eaeelual means. 90 resume and 10 main
tain specie payments. I Bsed not say
that lhey are among Ihe grealssi sufferers
BY The present most rnin0us state Of
things. They pay. and others Go MOI
pay Them They cannot long stand The
present stale Of the currency. and. Ike
Them. ] am ready 20 take any practical
measure. any hing short Of eonsulsiss
shocks. between state authority and The
sulhori,y Of the Uniled slalss, 70 relieve
IL. But | confess. that. Tor myself. 10
say nothing Of The constitutional points.
see formidable difficulties in subjeeiinR
Stale banks 10 forfeiture and destruction
BY an act Of bankruptcy. Al sny rate.
IL the banks are On be dealt with in bank
rnriey AZ sll. their case would require.
obviously. very many peculiar provisions.
and they should constitute The suhjeci NJ
. bill by themselves. Such bill should
be prospective. the commencement Of
is operation deferred. The ael u bank
ruplcy more clearly determined. provi.
sions made 10 avoid. as FAR % possible.
collision with state suIhorilies. and pro-
visions also Tor supersrding The commis-
sion, on resumption Of payment. or SCI
eurily given. Various provisions Of this
kind. As u seems 10 me. would be e.
sentially necessary.
Leaving this very important part oil
the case, another question arises upon
The proposed amendment. Shall the
bsnkrup, aci.. in lis application TO in
disiduals. be voluntary only, OF both vo-
lun,sry and compulsory Il is well
known that ] prefer il should be both.
! think all insolyent and failing persons
SHOULD have power 10 come in under he
provisions. and be voluntary bankrupis
and ! think. too. that. as 10 those who
are strictly merchants and traders. credit
tors ough, to have . right 10 proceed a.
gainst them. in the commission Of The
usual acts OF bankruptcy. aud subject
them 20 The provisions Of the act. Bu,
the committee think otherwise. They
find many objections TO this from many
paris Of the country. and especially from
the West. in country 50 extensive,
with people 50 various. with such dIf.
fereni ideas and habits. in regard to pune
luslily in commercial dealings, great on.
position is anticipated 10 any measure so
strict and so penal as . eoerciye bank
ruPley. content myself. therefore.
~nh -hsi can get. content myself
viii The voluntary bsHh,up,cy. | an
free 70 confess my leading obiect 90 BE-.
10 relieve those who afe al present
bsukrup,s, hopeless bankrup,s, and v no
cannot be discharged or sc. free but by
bankrupl act passed by Congress. 1 con.
Tess ihai their case lorms the great mn.
tive Of my condGc,. Il is their case which
has created The general cry for The mea-
sure. Not that their interest 10 opposed
70 the interest OF creditors; sull less
that i " opposed % The general good Of
The country. On the contrary, 4 believe
The interest Of creditors would be great
W bearfiued even by a system OF vo-
lnniary bankruptcy alone. and am
quite confident lhai the public good
would be eminen,ly pEomoled. In my
judgment, all Interests concur; and IL is
The duty of providing relief Cor these
unfortunate insolvenls in a manner thus
favorable 70 all interests. which I feel
urging me forward on this occasion.
I And nov, sir. whence does this do.
y arise. which appears 10 me so press.
ing and imprra'ive! How has il be
rome 50 incumbent upon ms! What
are The considerations. what The reasons,
which have so covered our tables with
petitions from al classes and al quarters,
and which have loaded i.se air with such
loud andonsnimous invoca,ions 10 Con.
gress TO pass bsnkrupt lswi
Sir. ie, me remind you. Ia the FIRST
place. that commercial ss the country
is. and having experienced, as IL ha.
done, and experiencing, az IL nov does.
gres, vlcissitudes Of trade snj business.
il is nov almost forty years since any
law has been IN force by which any
honest man, falling ia business. could
be effecluslly discharged from debt by
surrendering his property. The former
bankrupt law was repealed December
10. 1903. From 'ha, day 10 This, The |
condition Of an insol,pnt. however hon.
est and worthy. has been utterly hope |
less, so Ear AZ he dependedon any mode |
Of legal relief. This state Of things has
arisen from Tie peculiar provisions OF
The Consultation Of the United States,
and from the omission by Congress 10
exercise this branch Of us cons ,itutionN
81 power By the Constitution, the
states are prohibited from passing Laws
impsiring he obligation of contracts.
Bankrupt laws impair the obligation Of