The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-08-12

went at large into the constitutional argument and
concluded by demonstrating the practical advantages
resulting not only To debtors but creditors and all
classes, by the passage of the law.
Mr.. LINN addressed the committee in defence Of
the principle Of certain amendments which he intend
ed To propose at the proper time
Mr.. PENDLETON advocated the bill, and replied
TO various objections which had been made TO H. He
took the same ground with MIR Fessenden that though
the bill might not meet his views in all its details he
would nevertheless support il for the general amount
of good which the country would derive ION IT,
Mr.. TRUMBULL said be would not have spoken
upon the subject, had be not been one of the com
mtlee that reported the bill He was opposed TO the
bill in its present condition Many of his objections
had been anticipated by those who had preceded him
IN opposition TO tire bill From one Of the objections
Of gentleman from New York, (Mr. Roosevelt, y
that The bill did not include corporations,-he dissent
ed. The power of the States create banks (Which
had been recently denied) had been too long
sened 10, TO be successfully contested 1t was nep
question. That power being then in the States-if
when The States exercised il to-day, the General Gov
eminent might (by such law suspend 1t tomorrow
the power was nugatory.
lie occupied the hour with remarkably clear plain
and forcibe exposition OF the Bankrupt system. He
showed that the trainers of the Constitution must have
had N view1he English Bankrupt law, then the only
one in existence. That law neither included corpo-
ratlon-, nor contained +" the VOLUNTARY principle y
What would the sages of 1877 or 1889 have said to
| a voluntary bankrupt What would Chief Justice
Ellsworth have said TO such thing ~ This term,
voluntary bankrupt" had been much used lately
without definition. He himself had not understood
II at hrst in It's present implied sense Of " fraudulent
bankrupt"
Mr.. +. went into full and effective exhibition of
the practical economical and moral effects of the law.
he insisted that though the power in the Constitution
might be indisputabe, and though all existing con
tracts might be considered made in view of that
power existing in the Constitution yet became Con
gress 10 consider the deeterous of the
enactment now proposed
He concluded with reference to the press wishes
and sentiments OF his constuen this subject
Out OF VI 5O0000O due from portion of the coun-
try to the other So 0000 900 81 900 900 We're due
his district Though opposed to the bill in its present
FORM he would not say that he should vote against
1t. II they would propose such Bankrupt law az
that OF 1900, he would for it, with all his heart
but for law like the present including the voluntary
| principle he could vote.
| Mr.. L. spoke with great earnestness; and when
the subject permitted, was eloquent He was listened
to with great interest by unusually large assembag
of the committee.
| THE SPEAKER took the Chair for few moments
and Mr.. p. g. GooDE, of Ohio, from the Committee
on Enrolled Bills, reported 10 the House that that Com
mttee had examined the enrolled bill from the Senate
No |, for the repeal of the subT reasury and had
| found il correct. The Speaker then signed the bill
and it 10 the President of the u S. for his
| signature
| The CHAIRMAN again took his place, and the
Committee resumed
Mr.. UNDERWOOD followed in explanation OF
! some amendments, which he intended to propose II
they were not adopted, he should vote against the
bill.
AT ten minutes before three the committee rose and
the House adjourned