The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-27

ush, thus caused by The limitation itself would rem
der the unpopular and half century might eapse
before there would be an attempt to thy the expert
meni again Whereas, were the law unlimited thou
sands would probably, work their way through their
endorsements rather than take the benefit Of a
Bankrupt law Its popularity, therefore, as well as
lis utility, depends on It's being the permanen, law Of
the land.
conform 10 IL credits would be given and debts
ted in reference 10 il. Nothing would tend so much
10 repress lnordinate credit as such law. The
dt0T would look not only 10 the means but 10 the
character integrity, moral and industrious habits Of
his debtor, al the time the credit gwen and would
rely that combined capital for eventual payment Of
the debt, instead Of the vague underlined and deu-
slse idea Of recovering his demand by holding his
debtor in eternal bondage And the debtor, ii be
found himself from unforeseen causes in embarrassed
and failing circumstances beyond his ability
cate himself would forthwith surrender all his pro-
perry for the benefit Of his creditors land whilst he
thus relieved himself from embarrassment, would give
TO them dividend beyond any thing they could ex-
pect from keeping him in perpetual state OF sassa
lage. II - IN VAIN TO expect payment where the
means 70 pay do not exist Il Il equally vain TO anti
cpate Il from the earnings Of debtor where the abb
hty 10 earn Is taken away from him. A master might
well shacke the limbs Of his slave that hecoud
neither walk nor work and then bid him labor and
bring him the fruits If thai labor
Such law, though il be permanent, would still be
defective. Any law We can pass on tins suhjec VIII
have defects and probably great defects. Il results
from the very nature OF our II stItutons-iron our
complicated system Of Government But this should
not deter from making the experiment. EIpai-
ment did | say II is only an experiment IN refer
ence TO the form Of system. IL il no experiment
so far as II relates 10 Us commercial and business
community. The experience Of the civilized world
has Justified and sanctioned every where else as IS
sentia to It's prosperity and well being. We should
not, therefore, cavil about the details of bill he
great object pass the law and Afterwards cure IT.
defects by subsequent legislation experience shall
point them out This is the only way to perfect the
system. But If the law is 10 expire by It's own lima.
ZION, encounter all the evils OF defective law and
unpopular, perhaps, because defective without an OBJ
Ject or an effort 10 amend It. The non Imprisonment
law IN my own State encountered the same preJudices
and the difficulties Ii very defective when
j, first passed Those defects cured, from time
10 time, BY subsequent legislation, until the system
has become what It's best friends could desire and has
received such evidence of popular APPRECIATION that no
public man would be found bold enough to attempt It's
repeal. Such would be the operation OF Bankrupt
Law on the principles ! have indcaed-and such
would be the manifestation of public sentiment IN Its
favor
Mi. President, Imagination can hardly delct the
salulary effects of the passage of Bankrupt Law at
the present session of Congress We may talk OF
other great measures Of relief 10 the country and II
We succeed IN passing them they will be incomplete,
unsatisfactory and to a large portion of our fellow
citizens, UNJUST without this, to them the greatest oil
d
are now IN prosperous circumstances to increase then
prosperity, whist those in adversely you are add
ing 10 their burdens already greyous to be borne
the weight OF a cheerless hopeless, endless nsosen-
cy by Bankrupt Law you at once give to The
country the full benefit of the intelligence and enter
pflse Of HALF MILLION OF its citzens-and you re-
liese from distress and absolute want at least NIL
LION AND 4 HALF more of those who dependent on
them Tor support. To enlightened patriotic, and hui
name Legislators, is this con Iteration worthy ot
az xplI naff l@uI
county and the lrtoie country, deeply Interested IN
tins great question As mere question Of political
economy, It strongly appeals 10 our judgments,
as well as TO our sense OF justice. w bo VIII UNI
derake TO estimate the loss the nation OF the ina
blty OF 500 600 of its citizens obtain by their labor
competent support for themselves and families ! An
inability produced by OF the credto execution
being suspended their heads and rady TO take
from the hepIessness of infancy and the tecepude OF
age the very suslsnance which has been provided Tor
their support Under such crcum,tan men have
no courage, no ambition to labor They soon sink In
10 state OF incidence, if lntemperance and even
tusly to hopeless dependency. They can earn no
hing for themselves, nothing for their families, mo-
thing for their creditors and add nothing TO the
general stock of productive industry which makes up
the wealth OF nation. Allowing the unemployed
labor OF the estimated number OF bankrups in the
ned States 10 be worth the smallest compensation,
there would be daily loss to the nation that stares
the imagin aiion. But this is not all. When freed
from the shacklcs that bind them Their labor IS not 10
Ne estimated by the ordinary standard oil day labor
As class, they the most intelligent and cnerpris
ing in the community. They the men that give
employ to labor-that pioneer in the enterprises
OF com ncrce and manufactures well a. IN mechan
cal and agricultural pursuits, In this view heir en-
erprse and their labor, when free to act cannot be
measured by the ordinary s,andaid. You can only es
innate It by the increase of the sails which wait or oil
the steam which propels your commerce to distant
sores-by the private and public edlfices which adorn
your cities and villages throughout the country-hy
the growth of your manufacturing establishments
which furnish home market, far surprising any To-
reign market, for the products of your so-by your
internal Improvements, your canals which bear your
domestic commerce their bosom, and your railroads.
which carry with almost the celebrity Of thought your
citizens TO the most distant points Yes, MI Pres-
dent, these are the to whose enterprise you are
asked TO give scope-whose talent you requested to
release from the bondage under which II labors, that
they may once more bound into light and lie, ana re-
PAIR, by their activity and unieered energy the less
OF fortunes well the loss of frlends-that they
may have the opportunity add TO the stock OF our
national industry and consequently 10 our national
glory. They have been overwhelmed by the calani-
tous state oil the times without fault on Their partly
the operation of causes, against which no prudence
could guard, and no foresight provide The whole
nation Is interested In their release The interests Of
every portion of the country reciprocal. Ken
lucky and Virginia with no affirmative feeling IN Ia
vor OF Bankrupt law, nevertheless Indirectly be-
nefitlcd by It's operation IN Mississippi and New ORR
where II Is nceded-and so of every State IN the mon
shotherits operation within it's borders would be
particularly felt or not Above all, we are bound TO
listen to the cries tagged parents and othepess omen
and children, which borne to US every breeze
implorng US To grant relief to those who are nearer
and dearer To them than life and whom then susie
nance and support, and perhaps their lives, depend
Do not drive these from their families, and
lies. from their country. Thousands have already
gone to the young Republic borders, with the
hope OF providing for the families which they have left
I benl % " RIO of al
they could make provision here. IL is forced and
involuntary exile As they left, they longing
lingering look behind, and are anxious to return
again to their native land This il fancy sketch