, 1840-07-04
WHOLE NUMBER $50.

to all within the Constitution, and all with
out it; look any where or every where, and
you will see one and the same purpose, q
and the same meaning; and that meaning
cannot be more clearly expressed than the
words Of the clause themselves express it,
that laws to be established by Congress on
the subject Of bankruptcies shaHbe uniform
throughout the UniLed States.
Now, sir, the g%entleman's bill is not uni
form. 1t proposes that there may be one
law in Massachusetts,, and another in New
Jersey. The gentleman's bill includes eof-
porations; but then it gives each state a pow
er to exempt its own corporations, or any o.
them, from the operation Of the law, if it
shall so choose. Itdecides which shall be. in
the case of banks. an act Of bankruptcy; but
then it provides that any state may say, new
or any of them, this shall not be an act Of
bankruptcy.
Here is the provision:
"Provided, h~oUerer, That nothing herein
contained shall apply to, or in anywise affect
any corporation or association of persons, in
corporated or acting under a law of any
state OF the union, or any territory of the
United States, where such corporation or
association shall be authorized by their char
ter, or any express law Of such state or ter
ritory, to do or commit the act herein declar-
ed TO be an act Of bankruptcy, or where, by
any such law Of any such state or territory, the
said corporation or association of persons
shall or may be exempted from the provisions
OF this act"
Pray, sir, what sort of uniformity is thist
A uniformity which consists in the authorized
multiplication of varieties. Who will UNDER
take to defend legislation Of this kind, under
our power to establish uniform laws on the
subject Of bankruptcies throughout the Unit
ed States? Not only is it in direct violation
of the plain text Of the constitution, but it
lets in the very evils, every one Of them, which
the constitutional provision intended TO shut
out. The constitution says that congress
may establish uniform laws; the gentleman's
bill says that congress may propose a law,
at least so far as corporations are concerned
but that still each state may take what il
likes, and reject the rest; and this he con.
tends, is establishing a uniform law.
| pray, sir, where is this power Of exemp-
ton to stopl If we may authorize states
to exempt their corporations, may we not,
with equal propriety, authorize them to ex.
empl all their ~citizensi May we not say
that each state may decide for itself wheth-
er it will have any thing to do with the law,
when we have passed it, or what parts it
will adopt, and what parts it will refuse to
adopt
But, sir, | must wait till some attempt is
made to defend this part Of the gentleman's
bill. | must see some show OF propriety,
some plausibiIity, before | reason against it
further. In the view | at present have of il,
1t appears to me utterly repugnant to the
plain requirements Of the constitution, desti-
tute not only of all argument for its support,
but of all apology also. i sec nothing in it
but naked unconstitutionality.
But, Mr.. President, if these provisions
were constitutional, they would still be in
the highest degree unjust, inexpedient and
inadmissible. What is the object Of bring
ing the banks into the bill at ALI Certainly
there can be no just object, other than to en-
sure the constant and p~unctual discharge of
Their duties, by always paying their notes on
presentment;-Clearly there can be no OBJ
ject but to prevent their suspensions of pay
ment. And it might Re said that this object
peremptory, inlexible, and applying to all
oanhs. Dut WHICH, sou give uS PoWoi ~
exemption TO the states, you sanction the
very evil which you propose to remedy
You profess to prescribe a general rule, and
yet authorize and justify its violation. Do
not the states now exempt, and is not that
the very evil from which we sufferl is not
suspension under the authority Of State ex.
emption, the topic, the discussion Of which
everyday nearly stuns us by its reverberation
from the walls Of this chamberl The
charters Of the banks are, in general, well
enough. They require punctual specie
payments, under severe penalties, and, in
some cases, under the penalty Of forfeiture.
But, under the pressure of circumstances,
and from a real or supposed necessity, tho
states relieve the banks from these penalties,
and forebear to enforce the forfeitures. And
will they not, most assuredly, also relieve
the banks in the same manner, and for the
same reasons, if they have the power, from
the penalties Of our bankrupt lawi State
permission, state indulgence, state exemp-
ton, is the very ground on which suspen-
sion now stands, apd on which it is justified.
All "a - nnw nroDocad th,f cnnnraSs ehall