Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-05-12
BANkRUPE LAWS

We call Intention 20 the annexed communi-
cation. which states strongly, though brioay,
important objections to two provisions con-
tcmplaled TO be introduced into tic Bankrupt
Laws now before the Senntc--ihe one, the
extension Of such law 10 corpprations. ilBs
other, tue combining II 10 voluntary bankfupts.
Both would be signally injurious and both
propositions may, we hope, be rejected.
[rrom the New York Americana
Mr. Editor; wish to draw very briefly
your attention TO the singular position Of af-
iairs at Washing ton, III regard TO the General
Bankrupt Law. Tie people atan earlyper,od
OF the session peii'oncd & their pettionsrcpo-
sed until within Il very few days, within tho
iratcrna embrace Of MIR. Wall Of New Jersey.
At last Mr., Wall reports lis till--ii embraces
corporations. Mr.. Wall well knows, that
perhaps not thirty men in Congress win vote
for it with that provision--hui then, admira-
ble politician. lie thinks he will force tho
Wings 10 vote against tho bin and ii there be
any odium to proceed from this course, he will
try TO iaslcn II on them. III: ..sea 81 inclu-
ding corporations is supposed to have origi-
faei with the late Attorney General Butler,
and at his suggestion 10 have been inserted
in one Of Mr.. Van Buren's Messages II was
part Of the war agains, credit, which this adj
minis'ratJn have SO feariully wagcd, and
was designed to place our State Banks at tie
mercy of Executive power, and 10 swell tho
triumph of party domination and corruption.
II appears 10 me that Congress have 10 pow
CT 10 pass such an act. The idea OF inclu-
ding artificial persons in bankrupt law Is
certainly novel, and believe eniirly unknown
II forms no portion OF that general under
standing, which the terms of the Constitution
granting Ills power to Congress, necessarily
impau Indeed, il caunot lie Supposed for
~. q
any thing but a rigorous grant Of limited
powers under the new Constitution, such an
invasion Of State Sovereignty as making all
corporations subject to tic General Govern
mert, should not have met with a prompt
and decided negative II wocld We singular
too, Mr. Editor, If any thing could be strange
I in politics. that Mr. Van Buren, Himself oaGo
/ entertained these opinions-ior, ~ "a speech
| in the Senate Of the United States. 10 1871,
hc says:
"And in including Ills subject Of corpora
iions in tie bin NOW before he Senate. IL viii
tctiren entirely from lie States, aud sub
leried 70 tic power Of ih' bankrupt system.
This was neSer done, and never attempted in
any country on the face Of the Globe Ia
England such provision was Leyer dreamed
Of, nor did be believe HAT, when the Consti.
ton was famed, such an attribute was I'M.
agined by those who authorized the osiab-
ishmeni 81 bankrupt system. lie did not
acceo1io The opirioniliai TIC system bad pow
er over all chartered Institutions by tho
very nature Of their associaiion, they were.
IN some respects, exempted from lis ooera.
lion. and no such, power was ever couiempia.
ted, OF WIS, az this moment, undef .lis most
extended construction, enjoyed BY the Gene
raj Government"
Yet, after all, find Mr., Van Buren, and his
party recommending tnts oGiouz and uBcalled
for, and, Ia my judgment, Unconstitutional at-
tack upon the hitherto admitted jurisdiction
and control Of tho States Let the Wings in
Congross-lei honest men Of al parties hero
fear not 10 do ihcif duty boldly 10 the face of
The country look 20 IL for support
le, them fear all compromises, which IN
volye 20 any degree, that allegiance which
they owe 90 the fOnsiituiI0n
Otber hills, each containing provisions Er
voluntary bankrup,s have also Teen reported
IN tire Senate Mr. Editor, / afn and have
been strongly in favor Of General DankIuPt