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

or creditor. by holding him In bondage On the con-
rary the interests of both promoted by his dis
charge Creditors are beginning 10 understand ms
principle Hence il is, thai you find amongst the Pc
itioners for Bankrupt law some OF the "eai'hiest
and largest creditors. This Is true To great extent
in the city Of New York. II is almost universally
true in The good old town Of Boston, regret
that the creditor portion Of New York j. not equally
unanimous. We have from that Commercial En-
porium" a few remonstrances In sagseity, ~ the
ability TO perceive their true interests our Eastern
brethren free 10 confess, more keen and lar
sighted than some Of good citizens Of New York
The former do not look over their musty bundle oil
~bills receivable and hug it, the miser does ms
gold whether IL be valuable worthless IKE prac-
teal men and sound political economists, they inquire
what can be made available out Of IL What are the
assets IN the hands of their debtors, which can De APP
piled 10 their demands And If they cannot get the
whole; they prefer 10 take part, and discharge ue
debtor rather than hold him Ia yassaiage tii ms
means all exhausted. understand Una, y = as
certained, with very considerable accuracy ual -'as
sachuses Is creditor OF the south and southwest
10 the amount Of FIFTEEN MILLIONS OF DOLLARS anu
still you can scarcely find man there VINO Is oPposeu
TO a Bankrupt law. There is not oppositon enough
10 produce ripple the broad and reslsess euIteh.
OF nnbllc opinion whichs setting In It's faSof why
Because they know that the application Of the assets
Of their debtors under such law, would pay por-
ton at least Of their demands, and that without y,
those means will be exhausted and they receive noih
ing But above ALL they prefer to retain their cus'o-
mers and To realise from the profits Of Their future
trade under revival Of business, which this and
other Of relief will BRING enough to make up
10 them ten and one hundred fold the losses which
they will temporarily sustain. This ls true economy,
as well practical wisdom. New YORK - prooapisi
creditor ST ate 10 still larger amount. And IN my
Judgment il better for those creditors To sponge
out the whole debt rather than hold their debtors IN
durance vile, under the vain hope OF reaiising any
thing beyond the assets which would come TO them
under Bankrupt law Whilst few thus re-
monstranp against the law Boston is pushing in its
favor thereby promoting Der own interest, and secu-
ring the good will Of thousands whose trade she has
never before enjossd
Mr.. President | would not be understood, as
speaking with any intentional severity OF creditors
As class they do not deserve it. There ale excep-
lions amongst them as in all other classes But those
exceptions are generally BY reason Of old peJudces
and antiquated notions OF business ~hlch require
time 10 or and patience TO bear with whilst they
remain On the part OF debtors there are many cases
Of peculiar hardships growing out of the unantcpa-
ted revuson in trade and the sudden depreciation IN
the value of property. There thousands and
thousands of where he purchase OF real estate
quarter or half of the purchase money, say ten or
twenty thousand dollars more or less has been PAID N
cash and a mortgage given for The balance, and
where that mortgage has been foreclosed, and the
property bought in by the mortgage for nominal
for the want of competition al the sale, and the
balance, being the greater portion OF tue purchase
money held as an existing debt against the mort
gapor In other words, the original owner has pock-
cited his 10 10000 dollars IN eash-has got back
all his property and is opposed to Bankrupt law lest
should impair the obligation OF his debtors contract
TO pay the balance
Mr. President | said on former occasion, that the
question of Bankrupt Law had an essen tsl iniiu-
ence on the late Presidential election. General Har-
rison was known TO be in favor OF lt-and It was
equally known that Mr. Van Buren, was opposed to
ii. Whilst in the Senate of the United States IN 1877
each had given his opinion on the subject Extracts
from their speeches published, which showed the
friendship OF the one and the hostility of the other TO
this great principle of human freedom. Many OF
those interested in the subject gave then support TO
him whom they knew they could rely TO carry out
this great measure of rehef, They are now looking
10 this Congress for that reliefand for the consum-
nation Of all their hopes If the relief demanded is
not granted, the question will hereafter be carried
down to the polls. And man for any pubic sta
ton from the President OF the United States down to
member Of State Legislature, will be supported tor
any office unless he Is in favor OF this great principle
of constitutional freedom.
This is the only way in which they assert their
rights the only mole in which they can be heard
Their petitions heretofore have been disregarded and
they will now adopt the only plan OF operation left TO
them, namely 10 carry the question 10 the polls
applaud them for it. | approve their determine
lion. And | eIhou them, laying aside all other
differences of opinion, that they meet on this
broad and common ground OF union, and new
abandon 1t, I'll the great work Is fully accom-
plished And ! would say TO them, let no tor
mer asperites or ealouses mar your deliberations
Let union and harmony characterize your proceed
ings, and above all let your watchword be action,
action, action You have it in your power TO re-
dress your own grievances. Be not deceived by the
professions Of candidates for your favor. BE sure
they are sound the great and leading principle for
which YOU contend That principle Is the passage OF
Bankrupt law, which shall discharge an honest
debtor. the surrender Of all his property Tor the
benefit of his creditors The object OF 1t Is, that he
shall be released from imprisonment II imprisoned
that he shall be discharged from all liability on his
contract and that his future acquisitions may go TO
the support of himself and family BE not deceived,
then, entreat you, By the deluslve hope OF such
law, If corporations are included. There are lnhe-
rent difficulties in the of it, Many OF the friends
Of those who propose it VIII against it, You
entitled TO stand in Bankrupt bill by yourselves, as
bankrupts have stood IN all other countries You are
men with souls, well as with wives and children,
which corporations have not, Why, then, should
you be tied to them, the tyrant, Mezentius, tied
the living man TO the putrid carcass exhibition
of the most refined cruelty. There Is no more rea-
son in the than IN the other. Stuck to your
principles then and YOU will find enough to stand by
YOU For myself, whether in public or private life,
am devoted to this cause and will never abandon
it, till the free citizens of this country are placed on
equal footing in this respect with the subjects OF
foreign powers.
lfCongress shall fail discharge its constitutional
duty 10y the passage of Bankrupt law, the States will
be driven the exercise of their powers so far ashley
have retained them, over the subjest of debtor and
creditor They will resort to system OF exemptions
They will exempt the future earnings of the debtor
from execution, when he has honestly and IN good
faith given up all his property for the benefit OF his
creditors There is doubt that the State Leg'sa-
have the power make such exemptions they
deem proper The principle has been fully recognised
by the Supreme Court of the United States and prae-
tsed upon greater less extent, by every State
in the Union. These exemptions do not impair the
obligation of contracts, which the States cannot do
under the Constitution They only 90 TO the remedy,