The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-08-14
HOUSE OF REPRESENTATIVES,
TUESDAY, August 10, lS4l

After the reading of the journal, Mr. WISE asked
leave to record his vote in faror Of the bill which
passed yesterday to repeal the ub-Treasury, having
been absent at the time of its passage Leave was re-
fused
MI. BARNARD moved that the House resolve it.
self into Committee of the hole with view to take
up the Bankrupt bill.
Mr.. WISE asked Mr., B. to withdraw the motion
to permit him to report from the Committee on Naval
Affairs the bill providing for the payment of Navy
pensioners which had been returned from the Senate
with amendments. AS Mr.. WISE, however,
pressed wish to have it acted this time, Mr. BAR
NARD declined
The House (ayes II, noes 81 resolved itself into
Committee of the Whole, Mr.. TILLINGHAST in
the Chair, and took up the
BANKRUPT BILL.
The BILL having here ofore been read through, was
now taken up by sections.
And the first section having been read, and the
question being agreeing thereto
Mr.. BARNRKD chairman of the Committee on
the Judiciary opened the debate in speech in which
he gave concise sketch Of the history Of the present
bill. He explained its provisions and commented
the nature Of the obstacles hitherto presented its
passage, and concluded with impressive description
Of the embarrassment and distress prevailing through
out the country amongst that unfortunate class whom
this bill could alone relieve.
Mr.. NISBET spoke in favor of the BILL
Mr. GORDON spoke hour against the bill
He maintained that Congress had no power TO pass
retroactive Bankrupt Law.
Mr.. ROOSEVELT made able speech in favor
Of the bill He called attention to the very high charac
ter of Of the petitioners for law, many of whom
such as VIM. b Astor, and others ofsmiar standng)
would be suspected Of direct personal interest IN
it from any probability Of their having occasion
avail themselves of its provisions in their own cases
| The reason why such persons put their names to
memorial for Bankrupt law might be presumed to be,
that large body of their personal friends or connex-
ions had from the misortunes OF the times, ana un-
der the MINERAL deuson which spread like sort OF
mental cholera in 1885 and 1886 been Frustrated in
| the general crash of the succeeding year. In the
wide snread ruin of 1887 good and bad, firm and in
| 6rm nrudent and imp, udent, had alike been swept
| ,w,v az nv whrwnd and, had the preceding de-
Ius;on continued six months longer there would have
heen commercially speaking, scarce sane man left in
Tho whole trading community. In behalf of the vic
Tins or this general business madness, many men,
whose fortune and credit remained beyond the reach
Of doubt or danger, had now kindly interested them
selves in manner which did honor at once to their
heads and hearts. And although among those who
would share in the results Of their inerpositIon there
might be some not worthy of it, still their mercy would
fall like that of heaven which often spared the Hide
serving that the innocent might be shielded from the
effects of their punishment. Another cause of the
part such persons took in memorials for a Bankrupt
law might be an enlarged and enlightened regard to
their own true interest. Much apprehension was felt
by some of these very that they might lose many
debts otherwise desperate but their calculation
still was that they might probably gain by trade
with the restored debtors than they would lose by dis
charging them from their previous obligations. twas
Continued on the fourth page.