, 1840-03-14
CONGRESS-.

M1aday Februay 24-Both Houses rs
sembled IN Monday pursuant TO Fridays
adj urnment.
In the Senate the most prominent and I'M
portant business on the taps WAS. the con,
sideration Of A uniform ldp Of bankruptcy,
on the presentation of numerous memorials
and petitions from various parts OF the Un-
ion. Mr.. Webster brought forward the out
lines of the system of uniform bankrupt
laws, vhicl seemed to met the general ap'
prohibition of the Senate, d with such modl'
fications rs discussion in committee my sug-
gest, will, it is supposed, be adopted as a
basis for the law desired. Mr.. Webster
unfOlded his views at length, first contendlng
that Congress alone had the constitutional
right TO pass such Il law the States, seppc.
rately, having found it impractlcabls to le-
gislaie on the subject. Mr.. We; bster re-
duced his outline to fourteen propos' tons, in
to the following effect:
l.. That circumstance required Congress
TO exercise its constitutional power in estab-
fishing n uniform system of bankruptcy.
2. That il Should. be made applicable to all
persons declaring themselves voluntary bank
rupts.
3. That merchants and trader, falling in
business, may be declared involuntary bunk
rupis upon petition Of one or more creditors
whose claim or claims amount 10 L sun to
be specified.
A. The benefits of the law not TO extend
To persons who make partial transfers Of
property in anticipation OF bankruptcy.
5. Persons conforming to the law TO be
entitled to certificates and discharge Of al
debts.
6. Creditors conforming to the law entl-
tied to share in bankrupts assets pro raid
except debts due to the United States, which
must be paid first.
I. District and Circuit Courts to have iu-
risdiction, and always deemed open.
6. One Commissioner only, in any one
case, to be appointed by the Court.
8. Proceedings to be closed IN two years.
10. Suits limited TO within two years OF
declaration Of bankruptcy. .,,
IL. Involuntary bankrupts 10 be entitled
to trial by jury to decide upon the facts OF
bankruptcy.
~. Persons not entitled to the benefit Of
the law, who shall be proved to have lost
over a Jun to be specified, in gaming, waG
ing, or betting of any kind.
IS. Circui, Courts respectively to estab-
rates of fees.
IA. The act TO continue III force i've
years, and until the than next session OF Con-
Mr.. Buchanan adverted TO the opinions Of
Mr.. Lowndes. Of South Carolina, against
propositions on the subject, chiefly IN
reference to the Inconvenience and dlsad-
of throwing such a mass OF busi-
ness on the Courts. Mr.. Buchanan express
ed hi. willingness, if satisfied on the objec-
points, to vote for 4 bankrupt law,
although he had, on a former occasion, voted
against the passage Of one. MIR. Webster ac-
the difficulty suggested, but
it would be remedied by some pro-
vision in committee. Mr.. Tallmadge spoke
in favor Of the proposed law; and
Mr.. Wall, from the Committee on the Judi
SAID the subject had been under con
sideration for some time in that committee,
and that a report would probably be made
favor of appointing a select committee
He thought that, with the assistance Of Mr..
Webster, a measure satisfactory to the coun-
try might be proposed. The petitions, &c.
were then referred to the Committee on the
Judiciary. After the presentation and dis
possl of petitions on other subjects, the SUBJ
ject of the assumption Of the State debts
came up, and Mr.. Phelps, Of Vermont, spoke
in reply to Mr.. Calhoun's arguments. When