The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-05-30
xmsmtp- zfrth congress.
UNITED STATES SENATE.
THURSDAY, May %, 1870

sysrEM or BANKRUPTCY.
The Senate resumed the consideration Of the bill 10
establish uniform system Of bankruptcy throughout
the u. States. The question being on Mr. Strange
first amendment, making Mr. Walls substitute ex-
tend expressly TO all classes Of persons
Mr.. WALL understood 10 modify his substi-
tute, by changing the words engaged IN trading 10
the words engaged In buying or selling He also
remarked tina, he regarded the proposed amendment as
fatal 10 the substitute.
Messrs. WALL, STRANGE, WALKER and
WEBSTER renewed and long continued the debate
ofyesterday traders trading and other technical
ties critical and uncritical distinctions, SC and
sonethng on the history and nature ofhe law ofbank
ruptey.
Mr.. SrRANeE's first amendment, extending the sub
situte expressly TO all classes of persons whether
ders or not was agreed to by yeas and Maya, as fol
YEAS-Messrs. Allen, Anderson, Benton Brown
Buchanan, Clay, of Alabama, Clayton Cnttenden
Cuthber, Davis, Dixon, Fulton, Grundy Henderson,
King, knight, Linn, Lumpkin, Merrick, Mouton
Nicholas, Norvel, Porter, Preston Roane, Robinson
SEWER, Smith, Of Connecticut, Smith, Of Indiana,
Southland, Strange Sturgeon, Tallmadge Tappan
Walker, Webster, Wright37
NAYS-Messrs. Hubbard, Wall Williams.
Mr. STRANGE offered his second amendment
which was strike from the substitute all preferences
in the payment of the debts of bankrupt except the
long customary preference in favor of the United
States
Mr. Southland said he would like to know on
Mr. STRANGE said the substitute, as proposed to
be amended would leave the United States just where
they
Mr.. WEBSTER expressed his willingness that
this preference should cease but he assigned a
for it, that nearly all the debts the nted States
custom-house bonds, the sureties for which
had signed them under the expectation that the claims
of the United States the debtor would have pre-
ference But if this expectation We're of as to all
future bonds, it would merely make the sureties
cautious in signing without doing either party any in
justice.
Mr. BUCHANAN added as another reason that
some preferences would, in spite OF law, be usually
made by the debtor and the United States would be
made by him the last of ALL unless by their own act
they should make themselves the first.
Mr.. WALKER remarked that the Withdrawing of
this preference without qualification from the United
States might dissolve the obligation Of all bonds here
tofore given to the United States, and would be
Just
Mr.. WRIGHT insisted on this preference to the
United States indispensable, and was understood
also to argue in favor Of extending to the respective
States.
Mr.. SMITH, of Indiana argued in favor of strik-
ing out all preferences odous and unjust.
Mr.. MERRICK Of the opinion that if the
spectiye States striker out, then the u States
should be also.
Mr., DAVIS spoke against all preferences odious
and suggested the propety of striking out that to the
United States at the time making provision TO
past debts to the United States that were in
CURED under the expectation Of this preference
Mr.. MOUTON said it would have given him great
pleasure to vote against this in every form
had he not been instructed by his Legislature to vote
for such measure But If this amendment prevailed
he could not vote for the measure and he proceeded
show in what particulars it would be injurious to the
interests of his State.
After few remarks by Mr.. WEBSTER and Mr.
STRANGE, to obviate these difficulties supposed by
Mr. Mouton,
Mr. STa .Nor,s second apen r;v;n
alone to the United States, was agreed to without
division.
On motion of Mr.. STRANGE, the Senate adj
journed.