The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-05-14
UNITED STATES SENATE,
TUESDAY, Nav 10 1874

SYSTEM or BANKRUPTCY.
The Senate proceeded to consider the bill to estab-
lish uniform system Of bankruptcy throughout the
United States.
The question being prospectively on a substitute
moved at the conclusion of his remarks, by Mr.
WALL, for the original bill,
Mr.. WALL, in sustaining his substitute, insisted
that the original bill from the committee was partial
unconstitutional contrary to the wishes of petitioners
and OF the country, solemn mockery to bankrupts
and could not, under any circumstances be sanction
ed by majority Of either House of Congress He
rected History of the origin and progress of the
law of bankruptcy, particularly with view to show
that its operation usually confined TO Traders but
that the Legislative power used its discretion 10 de-
clare who should be considered traders He went
into particular explanation of his substitute urging
collateraily the proprety, expedency and impartial
ty OF its provisions He especially argued in favor of
extending the operation Of the law to State corpora
tons, and to States themselves 30 far as connected
with such corporations.
provisions and principles Of the substitute, directed
his opposition only to that part of il which to
corporations He argued that ii was evidently one of
the numerous measures heretofore attempted for the
purpose either Of overriding controlling and using
the banks as political instruments or otherwise Of
crushing and destroying them, and that the bill might
be made powerful means of checting one or the
other of these objects Banks he insisted were the
creatures of the States with which Congress had no
right in any way to interfere nor was interference
expcdent for, if once begun there could be nothing
to prevent its progress to the destruction of those
institutions He proceeded TO show the present and
past liability of almost every bank in the country to
have tins very substitute brought against the
inevitable means either Of their destruction GREAT
ing almost universal distress by forcing the sudden
payment OF debts, not only to the banks but TO all
individuals whose business might be or less re-
motely connected with such debts to the banks He
insisted that the community at large desired no such
interference of Congress in their behalf and would
not thank them for il.
Mr. Z. commented on apparent inconsistency in
the bill by first extending its operations to all persons
m the United States and afterwards limiting its ope
ration to traders alone which difficulty was to be got
over by every person declaring himself a trader He
characterized the substitute AZ a system not Of uni
forny but variety, and declared that there only
one contingency in which it could possibly become
uniform, which was, that, the substitute in effect
provided for its repeal by any of the States its repeal
by all the States would make it uniform
Mr.. CRITTENDEN having indicated his design
to speak tomorrow,
The Senate after an Executive session. adjourned
During the morning hour, the following report was
made to the Senate:
BY Mr.. PRESTON, from the Committee on Mill
tary Affairs; bill to authorize experiments to be
made IN the application Of steam power to harbor de
On motion of Mr. TALLMADGE.
ffesofred, That the Committee on Military Affairs
DC instructed to inquire into the expediency of making
grant Oh money or land to the State of New York
TO assist IN the construction of railroad between the
waters OF Lakes Ontario and Champlan and parallel
with the ST. Lawrence river. And also TO ascertain
how far the said road will facilitate the TRANSPORTATION
OF the mails, public stores, troops and munitions Of
war, and how far il will superaede the necessity Of
forts and other military defence along the ST. Law
renee frontier.
On motion Of Mr.. BENTON, il was
Hesofred That the Committee on the Library in
qu're into the expeency Of appropriating $500 10 BIO
expended under the direction of the Secretaries of
War and Navy, for preserving and arranging for in
sPec'ion the mineral and geological specimens in their
Departments.
Inc following bills were sevcray considered in
Committee OF the Whole, and ordered TO be cngross-
ed:
bull authorizing the granting Of letters tesla
mcntary and OF administration TO aliens in the Dis
trict of Columbia
bill in relation 10 donations Of land to certain
persons in the State Of Arkansas.