Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-08-14


take the benefit of Bankrupt law. Its
popularity, therefore, as well as its utility.
depends on its being the permanent law of
the land.
Under such a law, the transactions of
society would conform to it; credits would
be given and debts created in reference to
it. Nothing would tend somuch to repress
inordinate credit as such law. The cred
itor would look not only to the means, but
character integrity, moral and industrious
habits of his debtor, at the time credit is
given, and would rely on that combined
capital for eventual payment of the debt,
instead of the vague, underlined, and delu-
sive idea of recovering his demand by
holding his debtor in eternal bondage
And the debtor, if he found himself from
unforeseen causes, in embarrassed and fail
ing circumstances, beyond his ability to ex-
trcate himself, would forthwith surrender
all his property for the benefit of his cred
itors-and whilst he thus relieved himself
from embarrassment, would give to them a
dividend beyond any thing they could ex-
pect from keeping him in a perpetual state
of vassalage. 1t is in vain to expect pay
ment where the means to pay do not exist.
1t is equally vain to anticipate it from the
earnings of debtor, where the ability to
earn is taken away from him. A master
light as well shackle the limbs of his slave
so that he could neither walk nor work.
and then bid him labor, and bring him the
fruits of that labor.
Such law. though it be permanent,
would still be defective. ANY law we can
pass on this subject will have defects. and
probably great defects. 1t results from
the very nature of our institutions-from
our complicated system of Government
But this should not deter US from making
the experiment. Experiment did | say
1t is only an experiment in reference to the
form Of our system. 1t is no experiment
SO far as it relates TO us as a commercial
and business community. The experience
of civilized world has justified and sane
toned it every where else as essential to its
prosperity and well being We should not.
therefore, cavil about the details of a
bill. The great object is to pass the law.
and afterwards cure its defects, by subse-
quent legislation, as experience shall point
them out. This is the only way to protect
the system. But if the law is to expire BY
its own limitation, we encounter all the
evils of defective law. and Unpopular. per-
haps, because defective, without an object
or an effort to amend it. The non impris-
onment law in my own State encountered
the same prejudices and the same difficulties
1t was very defective when it first passed.
Those defects were cured, from time to
time, by subsequent legislation, until the
system has become what its best friends
could desire, and has received such evil
dence of popular appreciation, that no pub,
lie man would be bold enough to attempt
its repeal Such would be the operation
of Bankrupt law on the principles | have
indicated-and such would be the NANTES
tation of public sentiment in its favor.
Mr.. President. Imagination can hardly
depict the salutary effects of the passage OF
a Bankrupt law at the present session Of
Congress. We may talk of other grea
measures of relief to the country; and j.
we succeed in passing them, they will be
incomplete, unsatisfactory, and to large
portion of our fellow citizens. unjust. with
out this, to them, the greatest of all. b.
TIC OlllSI IiNtlSuItS' NCI tlIolblC ll!bSC W ~
are now in prosperous circumstances to in.
crease their prosperity, whilst to those il
adversely, you are adding to their burdens
already too grievous to be borne, the
weight of a cherries, hopeless. endless in
solyency. By Bankrupt law. you at once
give to the country the full benefit of the
intelligence and enterprise of HALF MILL
ION Of its citzens-and you relieve from
distress and absolute want, at least A MI.
LION AND HALF more of those who are de
pendent on them for support. To cnlight
cned, patriotic, and humane legislators, il
not this consideration worthy of thci
sympathy, as well as their patriotism! The
country, and the 'chOie country, is deeply
interested in this great question. As mer,
question Of political economy. it strongly
appeals to our iud gments, as well as to oul
sense of Justice. Who will undertake tC
estimate the loss to the nation of the inabil
ity of 100000 of its citizens to obtain, by
their labor, competent support for them
selves and families! An inability produced
by reason of the creditors execution being
suspended over their heads, and ready t(
take from the helplcssness of infancy anC
the decrepitude of age the very sustenanc,
which has been provided for their support
Under such circumstances, men have n,
courage, no ambition to labor They sool
sink into a state of Incidence, if not intern
perance, and eventually to hopeless despon
,dency. They can earn nothing for them
selves. nothing for their families, nothin!
for their creditors, and can add nothing Il
the general stock of productive industry
which makes up the wealth of a naton.-
Allowing the unemployed labor of the es
tablished number of bankrupts in the Uni