The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-07
TO THE MEMBERS OF CONGRESS

~ l he MEMBERS OF CONGRESS-.
A autographed letter, purporting TO bear the
names OF several brokers and importers Of New
York city, has been sent To each member of the
House of Representatives to obtain an alteration
in the Bankrupt Bill
The letter asks for two amendments first
10 permit the creditors TO select an assignee. 70
this we do not object Second, "that at least
one-hdJia amount Of the creditors shall be ne
cessary to petition for debtors discharge
To this we do object and we are more anxious
to De heard on this point because creditors have
nor withdrawn all other objections TO our peti-
ton variety OF reasons are assigned in the
letter that appear 10 recognize a community and
unity of rights among creditors Surely IA ma
jority OF creditors have no right TO dispose of
the interests Of the minority. Suppose broker
in Wall street shall purchase 50, 600 Of the notes
Of a firm whose debts amount to only ten thou
sand dollars--aH the other creditors have no
power. These debtors can never obtain a re-
lease unless this broker is satisfied. The rights
of the debtor and the other creditors are in the
hands OF the broker, and he must be conciiiated
We ask, is this right, is il reasonable or expedi-
en2 Is il not better TO leave the debtor and
creditors in the hands Of disinferesfed Judge
and jury, than in the power Of man who
deals in broken merchants paper2
This letter objects to court and jury be-
cause they may be neighbors and friends Of the
debtor!!! This is a strange objection. II also
makes an assertion in reference TO the provision
a tha m, fan IpI
not believe these men have read the bin.
It says Of the debtor: "Hs previous conduct
is not 10 be inquired into, he may hare been
guilty ~ ne greatest jrdud, but all this forms
no ground for refusing a release
So far from this being true-,he fourth sec
ton Of the bill is full and serere upon this sub
ject II declares, that il any bankrupt shall be
guilty of any fraud, or wiltal concealment Of
any of his property, or if he shall fail 10 obey
the orders of the court or admit fictitious debt,
or shall not have kept proper books, or on hisex-
aminalions shall swear falsely, or refuse 10 an
swer all questions touching his bankruptcy, he
shall not be entitled 10 a certificate. And that,
all false swearing shall be perjury.
The debtor is also required to give sufficient
notice of his application to the creditor person
ally, or by letter, under the direction OF the
court and if the debtor shall be found dishon-
.h,lau 49,; ...;eo,a - .;..h....a
The honest, unfortunate debtor asks no other
| test.
| There are many formidable reasons why an
honest unfortunate man cannot obtain release
from his creditors, and surely this opposition on
the part of brokers and importers, TO a tidiby
jury, is strong proof Of the necessity of our app-
cation.
| we VIII however, s'a'e Jo" o'hei u'i'cui''es
'ha' PreVehtH
FIRST. Some men take pleasure IN con
trolling the rights and liberty OF others, and con
sequently will not release debtor whether he
| Is honest or otherwise. DO you not know men
OF ms character!
Second. MANY persons will not release an
unfortunate man because they think il possible
to draw sometime out Of his relations or friends
/ BY accidem or sunipathu Particularly if the
debtor is honest and industrious. DO you not
know men Of This character?
Third. There are men who hold large num-
Der OF claims upon lnsolvcnt men, and who sus-
tain credit by exhibiting them TO those who
are ignorant of their value. TINS class OF men
abound i'll cities.
FourM. The objection we shall now state
operates extensively in all commercial cities,
and we wish to call particular attention 10 il.
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ev;s,s n ,r,d;na con,nn;,,os ond NAN, ~,
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