The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-06-16
BANKRUPT LAW.

All that Is required by the exigencies Of the times is
law which will set every debtor free upon full exhi
bition of his insolvency We want II much for
the benefit Of creditors debtors-or the whole
munity The disasters which have reduced five hun
drcd thousand men to hopeless bankruptcy have in
troduced new distinctions into society. This number
OF men in bondage, incapable of doing any thing
for themselves, for the country, those they
More debts would be paid by giving them their free
dom, than by holding them in slavery whilst the pur-
suits Of industry and business would be stimulated in
comparaby more by their reunion with the interests of
the world But should they be held in scryitude by
their relentless creditors Spartacus would not be
long in discovering them the Of their potici
power, and in inviting them TO effort for the re-
covery of their liberties II is for the manifest
rty of the holders of property that these lost child
rcn of the desert should be released from their liza.
bities and restored TO their forfeited condition in the
State, where they would find it conformabc to their
interests to uphold the structures Of society rather
than be forced into position of hostility its esa-
blished institutions The proposition TO require the
assent of the creditors to the discharge of his debtor
would defeat the universally lied for and
expected If creditors willing discharge their
debtors there is no law now to prevent them We
hope the memorial of the Board Of Trade, in which
the Chamber Of Commerce, il appears, is about to
unite will receive all the consideration il deservesf
il does it will be speedily thrown under the table 1t
would be singular, indeed if all the petitions and pub
lie expressions in favor of uniform law of bank
ruptcy should be defeated by the obstrusivc inter-
poitan councils.
p, s. Since the above was prepared for the press,
we see il stated in the New York Times that the ac-
ton Of the Board of Trade in this matter has been in
stigated by Mr.. Silas Wright, Jr,, who wrote TO
Messrs Jaffray and Boyd members of the Board OF
Trade and suggested the grounds Of remonstance,
it was afterwards presented We observe, also, that
Mr.. Wright has been making a speech, in which he
now intimates his opposition to the whole scheme. We
very much doubt any bill will succeed under the
sh.t~
of reform, SO loudly demanded by the pco-
pie, be accomplished before the coming revolution
shall have paved the way for the introduction of
order of men and things Western State Journal.
The Board of Trade of the city of New y ork
have held another meeting, and BY unanimous
rote, have repudiated and rescinded the memo
rial referred to above, which, it now appears,
was passed when II members only were present
out of 240. The Board then passed the follow
ing, among other resolutions:
g Resoired That the Board of Trade is fully i'm
pressed with the Importance and necessity of Bank
rupt Law which shall relieve the debtor from his liza
bes, upon the faithful and honest surrender of all
his effects.
This great, wise just, and humane measure
appears to meet with the universal appreciation
Of our honest and intelligent countrymen. 1t is
gratifying to find that there is but one opinion
among debtors and creditors, rich and poor, be-
yond the walls of the Senate Chamber
ID We learn with great satisfaction, that true TO
their own principles, all our Democratic Repub-
lican friends in the Senate, will support the bill,
and we regret to hear that the Federal Loco-fo-
cos, true TO the destructive character that has
marked their course, will, with very few excep-
tons, vote against it.
This conduct is characteristic of those men.
They have destroyed the currency, reduced the
value, Of property and the wages of labor, and to
be consistent they must continue 10 war against
the poor man, who has been beggared by their
persecution, until they drive him TO desperation
and crime.
We say to all honest, unfortunate men, |" be of
good cheer, your day Of deverance draweth
nigh" The days of this Administration are num-
bered. The signs of the times cannot be mis-
taken. The air is filled with the deafening
shout of the immense multitudes that are hast
enng 10 the rescue of our beloved Constitution
and country from the hand Of the spoiler
The gathering clouds are portentous, the roll
of the distant thunder gives evidence of the APP
preaching tornado, which in November next
will sweep over this land, and drive these I'M
faithful servants, like falling leaves Of autumn
to that obscurity to which they belong,