The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-06-25
SPEECH OF MIR. DIXON,
OF RHODE ISLAND,
ON THE BANKRUPT BILL
In sgNArE, MAY 20. $50.

Mr.. PREsDENr: The honorable Senator from
Michigan, Mr.. Noryell, who was entitled 10
the floor, having signifed his pleasure of Weld
ing the privilege to any one disposed 10 address
the Senate, will avail myself Of the opportuni-
~ 10 submit few remarks on the important
subject before US. This will do, sir. notwth-
standing the able manner in which the subject
has already been discussed, and notwithstand-
ing the expectation that many learned and ex-
perieneed Senators are vet to speak, who will
doubtless lfnpat all the information which the
debate is calculated 10 elicit. For, sir, this sub
| ject brings with il peculiar claims for general
and thorough discussion; and not being identi-
fed with any Of the party divisions of our coun-
Try, lis destiny is not likely 10 be controlled by
any OF their relations. IL seems 10 depend more
ON the frank development and comparison of
views OF those who come from different sections
of the country, and who have taken pains TO
consider the probable, general, and relative eff
fleets OF a uniform system Of bankruptcy through
ont the country should one be established. Ii
therefore becomes all who have voice in Con
gressional Legislation 10 mngle in this inter-
change Of views, that those throughout our ex-
tended country who now watch the progress of
this measure with such intense anxiety may be
enabled 10 decide whether hope on this subject
is entirely extinguished, or only deferred whe-
ther il will be worth their while, in case the pre-
sent effort fails, 10 invoke the future for more
propitious result; or whether, under the innu-
ence OF blighted hopes, 10 yield in silent despair
TO the pressure of their misfortunes, that Con
gress may no longer be annoyed by the lamenta-
tons OF distress, or haunted by The fallen vic
Tins of adventurous enterprise.
More than half century has rolled away
since the Constitution of the Federal Govern
ment delegated 10 Congress the power of es-
tablishing uniform laws on the subject of bank
ruptcies throughout the United States. That
power has been exercised but in a solitary in
stance and IN that instance but for short pc
Rod Of time. For nearly forty years il has sum-
bered on the cold page that records il. These
facts naturally present two questions to the
mind
lst. What was the object of that delegation
Of power2 and
I'd. What has caused this forbearance of its
exercise2
The object, sir, was the relief of the unfortu-
nate, the virtuous, the industrious, and the pru-
dent, who might be reduced by misfortune TO
insolvency. Such power, sir, must exist
somewhere in every Government for the re-
dempton of the sons Of adversely for those
who thus by misfortune are overwhelmed with
debts beyond their means of payment. The
exerton of this power admit is among the
highest exercises of sovereignty II should be
delegated with caution, and exercised with sound
discretion. But there are necessities which de-
mand It's exercise, and without il a country
would often be disgraced by its own scenes Of
oppression Where could such power be vest
ed in this great country so safe and 50 available
10 all its contemplated purposes as in the Con-
gress of the United States-as with the Repre-
sentatives of the whole People, who legislate
for the common welfare Of the whole country,
and who alone can give uniformity TO measures
Of general interest?
II was at once seen by those who formed the
Constitution that this great and over-ruling pow
err which impairs or dissolves at will the solemn
obligations OF men, could have no other safe and
useful depository The local jurisdiction Of
State Governments would be inadequate TO It's
general purposes. Hence it was Withdrawn
from them, while Congress, from its general
powers, as well as its universal relations and
sympathies with the general Contederacy could
much better administer 10 It's occasions, and
hence the power was conferred upon it,
This power, sir, is, and always has BEEN
among the incidents of sovereignty. II has al
ways been exercised by sovereignty, and al
ways will be, whether that sovereignty resides
in the will of the King, or in the People.
The trainers of the Constitution, while they
contemplated the splendid results Of commerce,
were not unmindfu that adversely and disaster
sometimes minole in its tram; that while II
might advance national prosperity, and confer
the splendor of opulence on thousands, it might
not be without its victims that while II might
raise some to the lofty heights Of independence,
il might sink others to the depths OF poverty
that not only those Immediately engaged III the
great operations of trade, but many indirectly
connected, might be involved in a common fate.
Hence il was deemed but equal justice that all
meritorous individuals, who Were overtaken by
the adversities Of life, even in the shade of re-
tirement as well as those who suffer disaster in
the course of business, should on surrendering
their property to their creditors, be allowed the
same refuge, without regard 10 profession or
calling. II is true that trade is Of all the avoca-
tons Of life the most likely to need the interpo-
stion Of this extraordinary power. Il is in its Vi
cissitudes the most powerful agent in making its
yotaries rich or poor. But in country like this,
! where men 50 unfortunately apply themselves
to physical and mental labor, and where traffic
and trade seem 10 be the incidents OF ALL ii
would be difficult TO classify, and unjust TO dis
eliminate between the occupations OF men, IN
| extending the benefits Of a bankrupt law. II
cannot be denied, however, that prominent
and leading object of that delegation Of power
was the relief OF fallen adventures in trade,
who, on becoming insovent would surrender
their property 10 their creditors, for the purpose
! Of being discharged. Yet no inference is war
ranted that the same relief could not be extend
ed to other classes of men. All the limitations
and restrictions of that power are 10 be found IN
the eighth section Of the frst article oil the lon-
stituton lis own words afford lis best eXposI-
ton and nasmuch as we there find one limila-
ton expressed, il is reasonable to infer that no
others were intended Its exercise Is there
limited and defined, as far as was deemed neces-
sary. The laws on the subject Of bankruptcies
are TO be uniform throughout the United States
But who are TO be embraced in those laws, and
what are to be their provisions, depends entirely
on the will of Congress, provided due regard be
had to the uniformity prescribed. No other
limitations are expressed, and if any are implied
N AZ 4 Il -.