The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-20
BANKRUPT LAW.

We trust that this measure will receive prompt
and efficient action at the hands Of Wing Congress
None they can adopt will give more relief to the
country than this and though il may suit for
elgn and domestic capitalists, TO retain not only their
power the property, but the labor of their debt
ors, we think that their money gives them sufficient
ascendancy their fellows, without pledging for
to their control the muscle and snew the blood
and flesh, Of the unfortunate debtor.
| We take this ground that while under our Gov
eminent almost all classes of are cared for in
| some shape other, and have the benefit Of laws
which tend to ameliorate the condition Of the weak
the helpless and even the criminal, that Of debtors
alone is neglected, and Tor no crime whalever-oiten
without any fault of their own frequently from the
wanon and mercIless measures Of the Government or
the sudden curtailment of Banks, brought about by
wor HESS cashiers and directors TO benefit themselves
they deprived Of their means their business and
/ their very character.
| Bankrupt laws nre indispensable in a civilized Go.
vernment. The doctrine Of forgiving debts is a ART
of the religion of the Old Testament Debtors were
absolutely discharged from their liabilities stated pc
RODS God himself proclaimed this law for his pee u.
liar and avoate people, and Saviour embodied in
his universal PRAYER this spirit principle which
alone we could ourselves expect or final discharge
! We contend LIST, That in every contract Tor the
payment of money, there is taken into account the
possibility OF non payment. This Is risk, which
| If not guarded against lay the creditor, by demand
for security, is Of trhch he cannot complain
It's results. The whole principle Of security is based
on this probable or possible risk and the creditor
always Judge for himself before he parts with his
| property, and this risk is always contemplated in
some shape other, it is NO IMPAiRINo
or CONTRACTS to recognize the contingency the
| part OF and for the benefit of the debtor.
| ID. In this country, which requires extraordinary
enterprise 10 make up for the deficiency of capital ti
proper 10 encourage this spirit in national point Of
| view. What would the West have been, ii every
man had been prevented from going there, who had
net ample means before him for the payment of his
new debts 7 Besides, after reyerses in trade or
binary bu mess, most men who compromise with
Their Creditors, gain experience enough TO become
successful in the next attempt Look at some of
the wealthiest men in New York, who have overcome
an second career, those obstacles insumountable
the first.
3. But the effect of Bankrupt Law will be bene
fetal to trade in this particular il will proven, in
discriminate credits, so much complained Of hy cap-
tasts, iocofocos and hard money men. II il is their
real desire To cut down speculation let them agree TO
Bankrupt Law, and then no one will be trusted
unless he can furnish security in property or char
acter This will be the inevitable result with all
those dealers, who guard their money boards al
must with the sword of cherubim, turning every
way.
A. There is a vast number Of people in this country
who are now prevented from providing for their own
support or that Of their families in consequence of
the hopeessness of their insolvency, The results
are
l. The country is deprived Of productive annual la
Dor TO vast amount,
3 To despair succeeds crime, and our aims houses,
ails and prisons, filled with those for whom ere
ditors have no pity, and for whom life has no hope.
g. Families are broken up and demorazcd, and chill.
den deprived Of the refuge ofthe family altar and
the example Of vrtuous and successful industry
Now we ask whether enlightened administration,
sustained it is by the Constitution shall overlook
all these mighty principles for the sake Of pleasing
body of rich men, and giving them an unlimited con-
troll the borrowers and the laborng Glasses ofthis
country impossible. Nature religion, law, neces-
sity, all plead for this benign and indispensable mea
sure. We trust that the merchants Of New York
viii take high and elevated stand on this subject,
and sustain the presses and the philanthropy which
advocate il, Above all, let public opinion at once
enforce its mighty energies and demand at the hand
of Congress that relief for the unfortunate which
great crisis and unexamped distress have brought
the American people