The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-01-21
BANKRUPT LAW.
CRY or WASHINGTON, Jan. IS, 1871


al bankrup, law On this, as on other subjects
of national policy, am free TO express my senti-
ments. While IL is necessary Tor the general
prosperity that each State should regulate It's
own affairs, so far as regards It's own local policy
and the special interests OF It's citizens, there are
matters in which their relations are SO lnterwo-
ven, aud their interests so identified that uni
form system is essential To their harmonious nc
ton and welfare. In the formation OF our Fed
eral Constitution, il was intended that these
points should be specified. aud their regulations
contded To the General Government Among
these is the subject Of bankruptcy Ia the first
article, eighth section, fourth clause OF the Con-
stitouon, IL provides that Congress shall have
power TO establish n uniform rule OF natural,za-
ton, and uniform laws ON the subject OF bank
rup,cies, throughout tho United States. Il was
seen hy the trainers OF that instrument, that the
relations between the citizens Of different States
and especially between the trading communities
of the different towns and eities, would render
uniform system OF bankruptcy highly important
TO their Interests, In this grant Of power, the
pa,rarchs of our independence evidently eonsld-
cred II the discharge at a sacred duty and " -
difficult Tor me TO assign any good cause why
this provision has not been carried into rilect,
unless Il has been prevented by clashing sent
ments upon its details, MS II cannot he coutfo-
verted by any that bankmpts, Innocent uniortu-
nate bankrupts have always existed, upon which
such law would operate aud, IN my opinion,
| the law should be permanent, and net temporary,
We are commercial, an agricultural, and
manufacturing nation, extending from the cold
| regions OF the North TO the Capcs of Florida,
| near the torrid zone and from the Atlantic ocean
| To the sources of the waters OF the Pacific.
4 Through this vast domain, and with their vari-
4 Gus pursuits, bankruptcies must always exist; ,
and il is the duty of the Government TO make
| such provision as will be calculated 10 give the
taf fhofr h,,
tcntly with the principles of justice. Congress
| alone has power to do this, and on them the
work deyolves, not only as constitutional right,
but as solemn duty. Both in private and pub
| lie life have ever regarded il as paramount
duty To relieve the distressed from every burden,
as far as possible, and especially TO break that
4 yoke by which none can be benefited, and TO
soothe, rather than break, the heart already rent
with the anguish of misfortune.
| Ii is repugnant to every principle OF justice to
regard bankruptcy as presumption OF guilt. In
| the fluctuations OF trade the most honorable men
are often its victims and to hold the person of
the debtor subject TO his creditor, and to put his
| future liberty or acquisitions beyond his own
| control, when he has surrendered all, is to in
| fiict punishment where there is no crime, nor
criminal tribunal TO investigate crime, or to
prescribe punishment
Credit in trade is based upon confidence in
the success of him who obtains il, and ought
not in any degree 10 depend upon contingent
| right which the creditor may claim on the liber
~ or the future independence of the debtor
i If he chance to be unsuccessful, all that they
can claim is faithful surrender of his remain
ing eff cts Let him give these and begin the
world again. What is the effect of subjecting
his future acquisitions TO the seizure of his Gre
dtors Ii is to stihe in him all spirit of enter
prise, and to bind him and his family down to
perpetual poverty, without the remotest pros
pect of benefit to his creditors or to society. A
punishment like this, without the conviction Of
guilt is too revolving to my feelings to give it
my sanctions and it never ought 10 exist in a
free or civilized country. 1t is said that disho-
| nest persons will sometimes avail themselves
Of the benefit Of a bankrupt law. So unfaith-
full men may sometimes be elected to legislative
bodies and crimes may sometimes be perpe-
trated under the cloak Of religion. But would
not refuse relief TO the unfortunate, nor destroy
legislative bodies, nor strive TO abolish Chris
TRAN churches, on account of abuses to which
they are all subject for the same principle is
equally applicable TO all.
This power in the Constitution is joined with
that Of naturalization, and with the same bene-
VIOLENT object. Upon that of naturalization,
Congress has acted and, in doing so, has pro-
vided for the oppressed of all nations, in this
| land of refuge the blessings of liberty and
safety, the protection our laws and it was just
" expected that bankrupt law would also be
passed, extending protection from oppression to
the unfortunate OF our own citizens, and TO
those Of all other nations who might choose to
| come and reside among US. This wish to see
done. NY opinion is that it vii, rebound TO the
honor Of our country. II will relieve the bank
rupt, and, by leaving him unshackled III his en-
! terprise, he will often accumulate the means
| both of providing for himself and of liquidating
his debts, which honest men frequently do I'M
der the influence Of moral obligations.
The interest of the debtor, the interest of the
CREDITOR the interest of society, and the glory of
our country all conspre to sanction the measure.
The object of Government ought always to be
the mitigation of human misery, and the adj
vancement of human happiness, as far as posi-
bic. If can light up the smile of gladness, even
| in one solitary bosom, where the tear of sorrow
was flowing, | enjoy III the act qualification
which my feeble language cannot describe
i With these sentiments, have ever been the ad-
vocate for relief to the war-worn soldier and to
the widows and orphans of those who suffered
or persisted in their country defence; and with
| the views which have expressed upon this sub
ject have exerted all my feeble powers in ia
vor of the abolition Of Imprisonment for debt
When am satisfied that the object of a consti-
tutional measure is good, can never abandon it
on account of difficulties which present them
selves in making il perfect in all its details. 81
miar difficulties may be urged with equal plau-
sibility against free government; against univer-
sal suffrage; against popular elections; and in
deed against all of our institutions. 1t is not
good TO be impracticabe. No man ought to put
himself up as a standard TO which all must come;
how ever great he NAV be, he will be dsappont-
cd in thc end and perhaps his usefulness in some
measure lost. We should provide a uniform
system Of bankruptcy upon as liberal principles
as justice will warrant; and as experience shall
show It's imperiections, we should give il such
consideration and amendment as will be found