Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-09-15

are TO be included in the bill, as ira
ders, then bankruptcy ought to b,
made wholly compulsory, in like man,
ner TO that Of other traders. Thi
would be TO require what merchant,
themselves would not require. On,
reason why merchants desire the pas
sage OF a bankrupt net is, that iair ira
ders may be enabled to watch Owe
those who engage in trade on ictiou
capital, and whose frequent failure,
are productive Of DISASTROUS conse,
qucnces. The fair traders wish b,
means Of this bill, 10 secure that pune.
tuality of payment which is essential tc
the success of commercial operations.
A merchant accepts bill for ten thou
sand dollars on the faith of another ac-
ceptance ola similar amount; the abil-
ity of a number of merchants TO meet
their engagements may thus depend
upon the punctuality of one merchant,
and if he fails all the rest may be in
VOWED in ruin.
But when the contracts between
the merchant and farmer, the merchant
docs not expect rigid punctualty: for
the nature of agricultural capital and
income is such as TO render this punc-
tuallity impossible. The same rigors
of law, which for the benefit of trade,
are required by merchants, ought not
to be applied TO farmers. In this
bill, therefore, the bankruptcy of the
merchant becomes compulsory, while
that Of the farmers and others, whose
principle business is not buying and
selling, is'made partly compulsory and
partly voluntary. The ruin said Mr..
H., which was predicted as the consc
qucnce Of our former bankrupt law,
did not occur, though the law was less
perfect than this. Mr.. H. denied that
this ninety third section had the char
.cter of an insolvent law. An insol-
vent law discharged the debtor only ;
/. but this law discharges both the debt
VI. and the debt. This was the essen
thu Inference between an insolvent
ihw.sai bankrupt law, as was well
understood by every man in the COM
Lctus, said Mr., II. INA AZ. I; : % =
imeDt Of this bill. The people demand
it. They are acquainted with their
o gn interests, and they believe those
interests will be promoted by the OPP
Grafton Of this act. The public atten-
ton is .anxiously directed to its fate.
Memorials are before us from every
portion Of our country. even from the
agricultural districts ofOhio, praying
for its passage. Mr.. II. in concluding
his remarks, of which an imperfect
sketch is here given, s1id, that without
the nlnety-third section, he was not
certain that he should vote for the bill.
If be did, it you'd be for. the purpose
of experiment, and because he did not
look with Jealous eye on the prosper
ity of other parts ofthe country, and of
other classes of the community than
those which he represented. That the
law would, in any event, be productive
ofmuch injury he did not believe: for
he had faith in the determination ofthe
American people not to tolerate the
continuance of any law, which, IN its
operation, should prove hostile TO their
lntesests.
The Madisonlan adds
We appeal to the honest, unfortunate
men throughout the country, without
distinction ofparty to assert their right
in the approaching presidential cleo
ton. Their future prospects, the
hopes of their wives and their childfcn
dope nd upon the result, Their all is
involved in the question. The relief
which they have asked has been dis
painfully denied by Mr.. Van Buren,.
in order to screen himself from The o.
dium Of exercising his veto power du
ring the Presidential contest. lie
stands pledged TO exercise il whenever
a bill shall pass Congress, including
a provision for the relief of voluntary
bankrupis. Gen. Harrison, on the
other hand, is in favor ofthe very meas
ure which this unfortunate class so
much desire. With him it is both con-
aiiufiond and expedIent Nothing
would give him greater pleasure than
TO sign such bill. We say then, en-
phaiically, choose ye between them.
The Revolutionary .4rmy,-The mum
bcr ofregulars furnished TO the Reyo-
luiionary war by New England were,
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