The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-06-02
UNITED STATES SENATE.

UNITED ia Ed or<&Sh II.
MosDAy, June I, 1870
BANKRUPT BILL--PrrITios.
Mr. WRIGHT presented memorial Of the Board
Of Trade Of the city Of New York in reference TO the
Bankrupt Bills now before the Senate.
The memoralists demonstrate against the release Of
any debtor unless with the consent Of at least
many Of his creditors rs hold claims to something
more than half Of his debts They also pray that fthe
debtors account should not be correctly made up from
his books and papers and If he has been guilty OF any
abuse misappication Of trust funds he should not
receive the benefit Of the law They likewise remon-
against leaving the several States any power
counteract any of the provisions of the proposed
Bankrupt Law.
Mr.. WRIGHT moved that the memorial be read,
printed, and laid on the table.
very interesting and animated conversation arose
on the subject
Mr.. WEBSTER thought the Suggestions OF the
memoralists well worthy of serious consideration and
Were il not for legislation this and kindred
subjects, he thought the provision asked for requiring
the consent Of the major part Of the creditors to the
discharge Of the debtor might be useful But the
present condition Of country condition result
ing from Legislation, and considering that in
great number of cases there are only two or three
creditors, rather only two, the provision
might amount TO an entire refusal Of discharge Of
the debtor He, therefore questioned the expedeney,
| though he would not positively say that il would not
be beneficial or that provision like should
be adopted.
| MIR. WEBSTER entirely concurred with the memoir
asts in the opinion that those who had misappled
otherwise abused trust funds should not receive the
benefit of the Act. Trust funds ought not TO be
mingled with personal funds. This in entire ac-
cordance with the French and other laws. He con-
CURED also in the request that discharge should be
fused to debtors whose books kept in such
ner that a correct account could not be made up.
The power of interfering with the law had been al
ready refused 10 the States by direct vote Of the
Senate
Mr.. WRIGHT declined to discuss the questions at
present but he hoped the memorial would receive the
profound attention Of the Senate.
Mr.. CUTHBERT hoped that the whole character
of the should be made SUCH as not TO shake
the high reputation for honor and integrity which be-
longed to the people Of this country and of England
On the contrary he hoped every thing would be done
sustain character and credit before the world
NAVAL said that these and other provisions were
inserted in his substitute solely for the purpose of hav
ing the of the Senate expressed upon them and
he had intended to offer amendments in relation TO
them. He thought all the suggestions Of the Board
Of Trade well worthy Of the attention Of the Senate
| Mr. WEBSTER referred to the observations of Mr..
Cuthbcrt with approval; but he Mr. w had, in his
remarks particular reference insolvencies which
had grown out of existing State Insolvent Laws In
New York and Massachusetts, the greater portion of
the debtors discharged But they were not dis
charged ifthey went abroad. This was the respect
in which Mr.. w thought il important to consider
how far, and in what cases the consent of the major
portion of the creditors should be necessary the dis
charge Of the debtors
The memorial was then laid on the table and ordered
to be printed
DUTY ON IMPORTED SILK.
1 Mr. CLAY presented petition from Tiopa coun-
~, Ohio, asking for the imposition OF protective duty
on silk
| Mr. CLAY said that bill OF the character asked
for, must originate in the House of Representatives,
as il would be a revenue bill He hoped that such
measure would be passed there and receive the con-
currence OF the Senate Laid the table and order
ed TO be printed
/ HEIRS FULTON.
/ The report of the Committee on Claims, in refer
cnco to the claims of Fulton's heirs taken up
and Mr. Merrck made able speech favor Of their
claims
The Senate then resumed the consideration of the
| UNIFORM BANKRUPT BILL: and after various amend
mcnts to the substitute of Mr. Wall had been dis
cusscd
| Mr.. CLAY, of Alabama, moved TO strike out the
words including banks within its operation
| Mr.. CALHOUN then took the floor and on his
motion the Senate adjourned
II understood Mr.. Calhoun will speak the sub
Ject tomorrow; and advocate the exclusion of banks
| from the operation of the bill