Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-01-19
THE BANKRUPT LAW.


following memorial of the whg merchants
of that city, to include corporations in
the bankrupt law. What say the leaders
Of whiggery now. These merchants Gd'
NIT that they heretofore opposed ,Dhgt
they belieued was right, for PARTY
PURPOSES!! These hum'liatlng ad-
missions do full justice to the honest
democracy of tho land, The Post asks:
"EIow was this matter mixed up with par
" poIiiicsG Why, MrVan Buren, rec
commended that trading corporations
should be brought within such law, aud
the democratic party supported it. The
whig morch ants Of New York, although
convinced that the measure was greatly
for their own benefit. and for the welfare
of the community. withheld their support
because It was prOposed by the democrat
| ic party" :,
They did wrong because Mr.. Van
Buren, had done right, and TO do right
would have been supporting hm'--OhiO
Statesman.
MEMORIAL. ..
| To the Honorable the Senate and the
House of Representatives Of the Uni
ted States of America, in Congress as
sembled.
This memorial Of the undersigned Man
utacmrers, Merchants, Mechanics, anC
Others of the city Of New York,
Respectfully represNnt-- ..
That we have already addressed me
mortal to your honorable bodies, spec
fying thirteen sipulalions, which we be
: lieve TO be essential tOa good bankrup
law. In the memorial, however, w
purposely omitted any aIlusiOn 10 banks
= aud other trading corporatons,as that sub
!, iect had been most improperly mixed vi
y with party politics, It is, however, o
such paramount importance, that we dar'
not be silent respecting it; aud we now
: therefore, express our full conviction
= thai the national welfare requires lha
: all such institutions should be subjected
= to bankrupt law, under sPecial provls
: ions. II is indeed questionable, how ia
I any bill could be made advantageous
! without including them. In a ch0ice q
! difficulties, we would prefer bill whlc
should apply TO them alone, 10 one sue
as is now proposed, excluding then
aud operating on the rest OF the CON
muniiy.
: II is falIacy to assert thai they ar
. state institutions, and, therefore, amen
: able only to state laws. TO regulate III
i currency is confded TO Congress exclu
sively, but TO do this is impossible, with
: Out controlling the state banks, on whic
Q unfortunately, the condition OF the cOur
ICY virtually depends; and which have
= BY their incredible misconduct, twice
ls little more than a year, caused universe
= derangement and severe loss, aud mad
= US the Opprobrium ofthe cOmmeFcil
|" world. II is evident that the stale les
Y islauTes ara either unable or unwlllin
10 coerce them, and they now feel thi
they may at any time sOp p,yment wit
impuni,y. "Nolhing but bankrupt Ia
rs can prevent continual suspensions, TO III
,n ruin alike Of internal and foreign trade,
a. Congress 10 also expressly empOwere
" 10 regulate commerce between the state
d. But there is scarcely one bank ia Il
&. union, thai does moi discount drafts |
i. nersons in one state, on persons in al
e. olhsl state. Indeed this is regular pa
- OE their business, and on this groHn
il. likewise, Congress has right 10 inte
us pose.
on A bankrupt law i also required to pr
OF. tect solvent aud well managed bank
On against the riinOus competition Of
10 multitude Of ignorant and Overuadil
nd rivals.
n, What mysterious virtue is there II ban
- that they should be exempted from Ful
as that bind all other classes! What q