The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-31
Tmemtp= sebemth Congress.
IN SENATE,
FIRST SESSION.

..,.,. s, FIRST SESSION .rl+ -u.s
. n" .
s" s". at"".a IN SENATE, jH@ m"a
....t .a,.ag SATURDAY, July "a, IS4I.
e. Mr. TALLMADGE presented bundle Of memo
rials asking the enactment ofa Bankrupt law. They
from cities and other portions of the interior of the
States of New York and Pennsy lvania. ID .tr..5
The two resolutions submitted yesterday by Mr..
PHELPS, calling fol information in relation to our
mercal intercourse with Sardinia and other countries
were taken up and adopted. al aas.-F..s.a. ",
'"@." THE BANKRUPT BILL. s'a8'
This bill was then read third time, and on the
question, "Shall this bill pass % .., -. s,.
Mr. TALLMADGE spoke for upwards of an hour
in favor Of the passage ofthe bill ..s..sJ
Mr.. BUCHANAN followed at some considerable
length against the principles Of the bill and its details
He said not expecting il be brought this extra
at home, and entirely without ammunition for the
contest He contended that he had as much sympa-
thy for the unfortunate debtor any could have,
but he thought that to enact this bill would be to in
evils rather than them. The facility with
which debtors could wipe out their obligations might
make them less careful in the contraction of debts for
the future. The besetng sin of this country was a
universal love of money, disposition to speculate and
grow rich in day. instead Of by long and patient in
dustry. The rein needed in this case, not the
spur. Here was bill to rub out and begin again
and he would venture predict that before years
sxpred il would be repealed with the unanimity
that the Bankrupt law of Pennsylvania had been in
1903 "a, ~. ~.
Mr.. WALKER followed in reply, contending with
great earnestness for the principles of the bill and its
details Mr. w. pointed to the Bankrupt law Of
Pennsylvania, the great complaint against which
tn at was compulsory and partial in its bearing and
that the reason why had been repealed He de-
MED that the passage Of this bill could have tenden-
cy to expand credit but the contrary, would have
reverse action. He thanked the Senator for the
sympathy he had expressed for unfortunate debtors,
but hn wou rafh have had his han lie
patty, and he should have respected that sympathy
much more, if the Senator had not made the powerful
speech he did against them. If this law passed.
the thousands of unfortunate debtors in this country
would either have to wear the chains of the slave, or
become exiles from their native land.
Mr.. BERRIEN replied at length to the arguments
of Mr.. Buchanan, defending with much zeal the prn
cipes and details of the bill He spoke Of that feature
which took from the creditor the consent to release
and placed the debtor under the majesty of the law
If said Mr. b. the debtor be free from STAIN and has
made an honest surrender of all his effects, he is
placed under unbiased arbter, the representative
Of the Law, which he thought great improve
ment over all prior measures of the kind. " '''."
Mr.. PRENTISS said as the bill involved very i'm
portan principles he would that the question be
taken by yeas and nays. ''..." '.."
The yeas and nays having been ordered on the
passage Of the bill, the vote stood as follows
YEAS-Messrs. Barrow, Bates, Berrien, Choate
Clay, Of Kentucky, Clayton, Dixon, Evans, Hender-
son, Huntington, Kerr, Merrick, Miller, Morehead
Mouton, Phelps, Porter, Simmons, Smith, Of Indiana
s %aS Talmadgs s. Walker, White, Williams
NAYS MessTs Allen, Archer, Bayard, Benton.
Buchanan, Calhoun, Clay, of Alabama, Cuthbert
Fulton, Graham, King, Linn, McRoberts Nicholson
PIERCE Prentiss, Rives, Sewer, Smith, of Conn,
Sturgeon Tappan, Woodbury., Wright-23. 4@
FISCAL BANK BILL. Peas .1rs- b..
Mr.. CLAY then moved to take up the Bank BILL
and requested that the question agreeing with the
th,s
ken separately on each. 4 81. ...... -" ..,
This motion having been agreed to, the question
was taken, and several of the amendments
CURED in.
read, viz:
Provided no assignment or transfer of stock shall
at any time be made to others than citizens Oft the Uni
ted States, corporations companies Of the several
Sites of the pited States or Territories thereof
and, if otherwise made, the shall be void and
the stock unlawulIy transferred shall be forfeited
and accrue to the surplus fund Of the Bank" .a.n
Mr.. CLAY said he could not on full reflection agree
to that amendment. II was putting restriction on
the holder, which would impair the value of his pro-
perty. lie thought the other provisions which for
bid foreigners and foreign corporations from taking
any stock, were amply sufficient without the insertion
of this provso. The bill already contained almost
every possible restriction and yet threats of had
been made on it from the other side. He hoped this
amendment would not be agreed to. ..
Mr.. WALKER declared that to confne the taking
of stock to citizens Of the United States would be
rendered entirely nugatory this provision aban-
duned What difference did il make if stock was al
lowed TO be sold by owners TO foreigners and what
guard would the other proviso be il American owners
could sell TO them at pleasure None whatever. And
this clause put in expressly for the purpose of for
bidding such sale. The Senator from Kentucky had
made allusion threats Of war on the Bank and
he could tell that Senator that If il is to be made il
would be much more likely, and there would be much
stronger ground for it, If the Bank should be in pos.
session OF British stockholders and in that event il
would be more east vanqushed.
Mr.. HUNTINGTON made some observations
Mr.. CLAY, of Alabama, demanded the yeas and
nays on the proposition.
The question stood for striking out "a, agains,
il %.
The following amendment TO the eth section hav.
ing been read ..a.. ..s.. 81. ..-r.e.rn ..E
Giving to any number Of stockholders of said
Bank not less than Ten, and to their agents or ator
neys in fact the privilege in such examination to in
spect any and all private and individual accounts deal
ings and accommodations with said Bank and its Sc
veTal offices Of discount and deposit" er
Mr. CLAYTON hoped the amendment would no,
be concurred in, and pointed out the effects likely
ensue from its adoption. f.a ,lha
Mr.. WALKER said this amendment was made or
his motion, and had been concurred in by the Wins
side Of the Senate II there any one subject OF
which the Wings were more united than another