The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-06-04

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ipoef;il. GOOD. but may produce tram o. es. ~
which NAV afiict the country Tor csn'"'''s "
Again the most prominent and distinguishes
features Of Bankrupt law do not anu ann" ~.
apply to corporations. have sno o. ~ ~
neople and the States apply todCongress, pc
rause the States have Invested themselves OF 'he
mower 10 relieve debtors from their contracts
and conferred il upon the Federal Government
Corporations do not seek 10 be discharged from
their debts, and require no exemption from nm
prisonment. They cannot travel from one STARE
10 another, and therefore, conflicting State re-
qislation does not affect them. In short, all tins
over anxiety to curtai the powers OF the States
is virtual usurpation Of authority, and not
countenanced by any call OF necessity, or expc-
diency, connected with sound legislation.
Il has been strongly urged by the Senator from
New Jersey (Mr. Wall) that we must coniine our
legislation to the acts Of the British Parliament
as they are to be found prior 10 TO the auop'ion
Of the Federal Constitution. II his argument
is worth any thing when applied TO the persons
enumerated in those acts, 4 wlli also Apply WIN
the same force 10 corporations. Is the oeha,o
aware that corporations were expressly eIciuded
from the action of the bankrupt law OF Great
Britain Al the end Of the 18th section OF the
proposed amendment, find a proviso, which al
lows the States to exempt their Incorporated
companies from the operation OF this act. This
eXccpliOn Is unuouUtcuiy uheouShtutohs'i ~
cause il permits the States 10 destroy that UNI
formity which is an essential feature in every
bankrupt law. This point has been so clearly
demonstrated by gentlemen who have preceded
me that it appears to be generally conceded.
Sir, put il to the honorable chairman TO say,
who asks for this extraordinary exercise OF pow
err Do the States, who are the legitimate re-
representatives. Of this power, call upon you to IN
terfere in their local affairs What State has
sent its memorial here What warrant have
Won for wishing to wrest from the States the
control over their own affairs and assume TO dis
pose OF the creatures oftheir WILL pleasure?
Sir, the State OF New York has asked for no
such interference. Her Legislature have called
upon Congress 10 grant relief 10 the unfortunate;
but she has expressly repudlated any attempt TO
interfere with banking institutions.
This attempt to control the moneyed nsttli-
tons of the States has met with very little coun-
tenance heretofore In 1927 this subject was
before Congress, and Mr.. Van Buren,, then
Senator from New York, expressed his disap-
probation in the following words:
had been said formerly and on various occasions,
that the States had no right grant bank charters
and that the banking privilege belonged exclusively
to the Federal Government. Nodirect attempt, how
ever had hitherto been made TO deprive the States OF
that power which they had long exercised unmolesed
But the attempt to be made Il not in an open
and uncquiyocal manner at least in an indirect way
to strip the States of the power Of chartering banks
At any rate if il intended that the provision did
not 90 so far il could not be denied that it intcrered
in the regulation which State Governments might
have adopted for the government Of those institutions
which an odous exercise of power mot granted by
the Constitution In England such a provision
never dreamed of-nor did he believe that when the
Constitution framed such attribute was ina
gned by those who authorized the establishment of
Bankrupt system"
In 1887 at the extra session of Congress, Mr.
Van Buren, President of the United States, re-
commended 10 Congress the enactment Of
Bankrupt law e.rclusireiy applicable to banks.
The honorable Senator from Tennessee (Mr
Grundy) then Chairman Of the Judiciary Com
mittee, prevailed upon the Senate to refer that
portion of the message TO that Committee. He
retained the subject in his hands until the Sc
nate was about to adjourn, and then moved to
discharge the Committee from the'further con
sideration Of it. All with whom eonversed,
commended his good sense and sound discretion,
and think very few would have consented to
the passage Of the law recommended
have heard no reason assigned here now
that did not exist then, and | shall, therefore,
vote to exclude those questions from the bill.
But, sir, while feel this great repugnance TO
this act, shall acquiesce in the decision of the
majority. | go, sir, all lengths for the relief Of
that unfortunate class, who can get no relief ex-
cept from Congress. And now publicly pro-
claim, that after full and deliberate consultation
with many friends, have resolved to vote for
any bill for the relief of voluntary bankrupts, al
though it may include involuntary and corpora
tons. ] shall have discharged my duty by en-
deavorlng, in every stage of its progress through
the Senate, to exclude the State institutions from
the bill-but if, Notwithstanding all this, ma
lorlty shall include them, will vote for the bill,
and leave the responsibility where il properly
belongs
Sir, ! am rejoiced to perceive, that during this
discussion thus far, no party considerations have
obrtuded themselves upon ] trust we shall
continue to be exempted from them. The sub
ject is too sacred, the ground on which we
stand is too holy, to be polluted by such unbid-
den footsteps. Let us, then, soar above the foul
atmosphere of party, and breathe the pure air Of
Justice and humanity. Thousands and thou
sands are now watching, with the most
anxious solictude, the result of your deli
berations. Upon your action is suspended
the fate of hundreds of thousands of your
fellow citizens including every age, sex, and
condition. II is not the business man alone,
that has felt the desoatng fury of the storm,
which has swept like tornado over our once
happy land. The old and young have also shared
its whitening influence; and now, from lisping
infancy TO totterng age, an appeal is made TO
your humanity, enough TO penetrate even hearts
of stone. Shall il go unanswered VIII YOU
permit the unWelcoine memory OF the past, and
the bIighted hopes of the future to hurry their
victims to despair? Many have already gone
beyond your sympathy. Frustrated, ruined,
broken-hearted, desperate from ''hope deferred"
they have reached
"The undiscovered country, from whose bourne
No traveller returns"
But you have it in your power to minister con
ISOLATION to those that still survive. Save, then
theseech you, save the energetic, the enterprz-
tnc w, o.,-. IL ., nj u,tlt
sitions, depends the support of aged parents and
of tender otfsnrinu. / lei him nnf he r.,,n,,.llo