Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1840-06-18
Correspondence Of The Charleston COuriir.
MAsHINGroN. June ..

Nu liupoliult lIloNcllleNt mas Decn nnue
in the Senate, on The subject of the bank
rupt law. Indications are very strong
That the southern administration Senators
will generally oppose the 18th section of
Mr.. Wallis bill, by which the banks are IN
cludcd. Mr.. Calhoun expressed uwish
10 speak on The subject of this amendments.
which hesaid was vital to the bill. and the
hour being late, the Senate adjourned.-
He will speak To-day. Ii is certain that
several other southern administration SEN
ators have determined upon that course.
They are unwilling TO give New York, the
great financial aud commercial ahvan-
lancs which will result to her from the
pros,raion of the southern banks. The
New Yorkers, without party distinctions,
are in favor ofincluding the banks, believ-
ing that they can stand the shock.
In the Hot,se. Nj Waddy Thompson
moved that the bill reported from the COM
miIiee on military affairs, for raising an
additional force Of sixteen hundred men
for the putection,of Florida be taken up,
and h. submitted sundry. communications
from the Secretary ofWar, showing that
the Indians were in greater force, and more
mischievuus than ever. Mr.. hthertop
urged the necessity of tlisposins Of,he s'lb-
treasury bill, before any other business
was taken up. Mr.. Coles informed The
House thai there would be opposition 10
to The bill referred 10 by Mr.. Thompson,
aud that it would moi pass without much
debate. The mo,iuu was los, as itrequir.
cd two thirds.
As the.ruIes were, it would require a
vote Of lwo-lhirtls, on Mondays, Fridays
and Saturdays, 10 take up the Sub-Treasu-
ry. The committee orways and means
and the majority Of Tie House, favorable
to the passage Of the Sub-Trcasury bill,
were determined 10 push it through, if
possible, .hcibre any other business was at.
tended to. The Wings, on The other'hand
were equally Y resolue in preventing It.
In the evening session, at i O'Clock. the
states were called for resolutions, and Mr..
Smith of Me-, who first gothic floor, offer
cd Mir. Atherton's resolution to chauge'the
the rule 1t so happens that, this being
resolution day. the motion rcon!d 'be made
without the assent ol'lwo- thirds. i it was
not adopted il .woul; go over for a fortnight.
Mr.. Smith accompanied his motion by a
demand for the prcvinns question. Tre-
mendous excitementfolnwed. The Wings
denounced Ihc procedure as unfair, un-
parliamentary, destructive of the rights of
lbe minority, Sc. Befnre the sitting was
over, so high was the excitement that all
order AID decorum were lost. and The au
tl,ori,y ofthe Speaker was utterly disre,
gar!ed. The lie passed hack and forth,
between members, on several occasions,
and everything like decencv Of behaviour
was outraged. The House was very ncar
breaking up in confusion, and would have
been, Elbows had been struck, which, at
one time, seemed inevitable.
The resolution .passcd-yeas I19, 'nays
81.
June 3.
Mr.. Calhoun spoke about an hour, yes
erday, OIL The suhjcc, Of The Bankrupt bill
He did moi protesso 60 fully into the sub
ject, which, he said, embraced grear va
riety oflopics, aud he minated thai he
might have another opporrunily',o treat tie
question more III large. But he very dis
tinctly defined his position in regard TO the
matter. lie opposed the bill, as reported
from the committee, as unconstitutional,
because it was nothing but an insovcnt
law. lie pointed out The difference be-
tween Hi insoIverI and e bankrupt law
The former being intended To relieve deb
tcrs, and The latter to regulate tIa,Io. lie
would noi vote for mere insolvent Law,
such as the voluntary bill proposed.
But opposed as he was TO The bill, he
was still more hostile 10 The substitute of
Mr.. Wall, that embraced wha, was called
the voluntary system and was liable, on
that account, to the same objection which
I've urged against the bill. 1t also, cmhra-
cei wha, was'euolninae'l The compulsory
system, which in his opinion, was the on
ly constitutional feature in The scheme
Bu this compulsory process, which for
med bankrupt law, in the meaning Of
the constitution, was too oppressive and
tyrannicial for adoption in his country
1t had once been tried by the law of 800,
which was limited to five years, but aban-
doned after an experiment Of two years.
Under this provision, any trader, owing
debt of 500 dollars would lie liable 10 have
his business arrested. his properly put
in commission, aud sacrificed. lie would
be crushed. at once, whereas, if allowed
time, he would he ahle to work through,
successfully aud honorably. The nuctua-
tions oflhe currency 10 which we are ex-
posed, from our banking system, rendered
such law peculiarly unsuitable to this
country. BY sudden contraction of the
currency. a person with ample means is
unable To NEE, his debts. lie might, al
Ter while, pay all, and have a largo
surplus, hut this law ruins and DESTROYS
him at once. There would be muck more
propriely in granting a stay law for his
relief, than in thus interposine to hasten
aud complete his ruin. Ee did no, believe
that a single Semater would vote for his
compulsory law, standing by itself; hui