The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-02-25

/ L. lhdt the cifcuInSlanceSoi The country require
that Congress should exercise its constitutional pow
er OF establishing uniform system oi bankruptcy
4 throughout The United States
That IL should be made applicable 10 all per-
sons-whaever, nwing debts not less In amount Than
dollars who shall avow their insolvency, and by
Psuion 70 the proper tribunals pray for the beneht
o. ,he act. These shall be deemed voluntary bank
g. That II sboo,a ann,v comnn,sorv n merchants
ana traders whose debts TO creditors
snail amount 10 sum not less than dollars,
ana VINO nave, or shall fill in business, or be appa-
fenuy innocent, or unable 10 pay their debts; such
/ persons 10 be deemed involuntary b1nkrups, and
10 De subject 10 The provisions Of the aci, upon the
peon OF any creditor or creditors, whose debs, to-
| gether exceed the sum OF dollars
| A. No voluntary or involuntary bankrupt to be
entitled TO discharge, whoshall, il contemplation
OF bankruptcy, and intending 10 lake the benefit Of
the act knowingly give any preference, by any pay
ment, or transfer Of property to any one or more OF
his creditors, TO The exclusion Of his creditors gene
rally.
s. Every brankrupt, snrrenderng all his property
ana rights OF property Tor The beneht.oi his cfed-
tors and CONFIRMING TO ailotber acquisitions OF the
act shall be entitled 10 full discharge from all his
deb'S; and shall receive certificate OF discharge
from the proper tribunal But If he is gully OF any
irand or eoncealment in respect 10 his properly he
shall not be entitled TO any certificate .or, II granted
u snail be avoided on proof Of such fraud.
o All creditorscoming in and proving their debts
under The bankruptcy, TO be bone fde debts TO share
The oankrns Properly and effects pre- rsa' with
ou9 any preference or priority, except debs 10 The
! United States, which are first To be paid
! 7: The District and Circuit Courts to have con-
current jurisdiction, in all matters Of bankrnpcyto
be exercised suinmaily and for this purpose, the
said Courts TO e'deemed always open.
| 3. One commissioner ouly to be appointed in any
one case 70 act N bankruptcy, on The proof Of debts
&c; and one assignee only TO collect and admins
ter the bankrupts effects the commissioner and
assignee 10 be appointed in each case, by the court
and subject al all times 10 is orders, in all things
touching their duties and the sale and distribution of
The effects
| .. The proceedings in each case 10 be finally
closed within TWO years from the time of the bank
| rupicY, except as TO matters which may be there
pending, IN law or equity but the tendency Of any
such suits in law or equysis TO suspend the ge-
neral proceedings IN the case postpone disribu-
ton and settlement, so far as they can BY made.
~, An suits by, against, or concerning bankrppts
10 DE- brought within Two Years after the bankruptcy
4 and not afterwards; except in causes Of action,
which shall moi have arisen BuI all debts no, pay
| able I'LL uure day, may be proved in the bank
iup ey, and paid pro rata with proper abatement. for
| interest or discount.
IL. Any person proceeded against as an involun-
tary bankrupt TO be entitled al his election 10 trial
BY Jury, 10 ascertain the fact Of such bankruptcy.
| u NO person 10 be entitled to discharge, who
| shall be proved to have lost within years be-
fore hls. binkruptcy, by any gaming, waging bet
| ting OF any kind whether at one more times the
sum Of dollars.
! Is The Circuit Court in each District to establish
rate OF fees, for the officers OF the Circni, Court
and District Court, in all cases in bankruptcy; and
/ these rates 10 be published.
IA. The act 10 continue in force FIVE years, and
uni the then next session OF Congress.
/ Alter reading these propositions 10 the Senate, Mr..
WEBSTER suggested the proprely of having the sub
Ject referred 10 select committee; and though he
ara not coyel the labor preparing bill, he would
cheeriully give every effort 10 satisfy the wishes and
| expectations OF the country. He would act with
| others; or follow them IN maturing an adequate and
efficient measure. As the other petitions on the sub
Ject had been referred to the COMMITTEE on the Judi.
cary, he would move that those he presented should
have the same direction and he hoped report
would soon be brought in relating to them.
Mr. BUCHANAN took occasion TO say that he wasin
| the House Of Representatives when n Bill for esta-
bshing uniform system Of Bankruptcy was intro
duccd there Al first he was in favor Of it;-but had
been convinced by the arguments used by its oppo-
nents TO ia other views, and made speech against
i LIS principal adversary was Mr.. Lowndes of S.
Carolina, man who, in Mr. BIS. opinion possessed
more political wisdom and sagacty, than any one he
ever knew. The objection OF that Industrious states
man was not to a Bankrupt Law-but to the
chinery by which ii was TO be carried into execution
lie thought that 10 confer on the courts in this coun-
try The jurisdiction of the matters, after The practice
! in England, il would throw mass Of the business
OF society into their hands, much to the dsaavan-
tage and annoyance OF the people, in consequence Of
The courts being SO scattered over the country; and
in many cases, far distant from the residence Of
the debtors and creditors Mr., Lowndes proposed
instead, Bankrupt Law, founded eessio bono
rum, according 10 The principles OF the civil law;
which would execute itself
! Mr. BUCHANAN said in conclusion, that he was
still open 10 conviction, and if persuaded, would
I hold himself al liberty to vote for Bankrupt Law
although he had made speech against the passage
| OF one before
! Mr. WEBSTER said in reply, tina, there was I'M
doubleday much weight in the objection Of Mr..
Lowndes; and with a view To- obviate it, he had
ayailed himself, while drawing up the above out
line, of all the lights which the practice and expe-
rience OF countries where the principle of the civil
law-'he eessio demorsm-prevailed. Under the
scheme he proposed, the practical operation would
| be his: Those who wish 10 axe the benefits Of the
Act, will petition the Court having jurisdiction in
proper form. The matter would then be settled by
The proper officers on the spot without drawing the
parties from their residences. He thought. the
weighy objections OF Mr.. Lowndes might be tho
roughly removed BY the committee in preparing the
details Of the Bill.
Mr. TALLMADoE presented several memorials for
fthe same object add took the opportunity TO ex-
press his hearty concurrence in the views and sug-
| gesllons Of Mr.. Webster. He~spoke with much
| earneSness on the importance Of measure of the
kind, and hoped that select committee would be
appointed TO take charge OF the subject.
! Mr. WALL, chairman Of the Committee on the
Judiciary, said the subject had been for time.
under consideration in the committee; and they
1 would probably report in favor OF the appointment
| Of a seleci committee. He thanked Mr.. Webster
| for his remarks, and expressed his belief that with
the assistance OF that distinguished Senator,
sure satisfactory 10 the country might be prepared
The memorials were then referred 10 the Judiciary
/ Commttee
4 BLooDHouNDs IN FLORIDA.
Mr. CLAYTON presented several memorials re-
monsuating against the employment OF bloodhounds
in the war against the Indians in Florida. Laid ON
| the table.
CONGRESS NATIONS EoR PRESERVING PEACE.
i Mr.. DAVIS presented petition praying Congress
10 give counenance and encouragement 10 the Peace
| Societies. for preventing wars between nations and
the establishment Of Congress for the settlement Of
National disputes. Referred TO the Committee on
Foreign Affairs.
i