Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-27
Saturdays Proceedings.

Mr. Tslm,dpe argued at much length in favor Of the
bankrupt law. He stated the number OF banSrupts 70
be probably 500 000 with about three dependents each
This made the numerical force Of the bankrupt interest
to two millions Mr.. Tallmadge SAID that TINS
body would without regard to present parties II os-
appointed in the deverance expected at the present
session from the measure before the Senate, make an
organization with view TO accomplish 1t by acting on
future elections and he pledged his devoted efforts IN
the furthersnce Of their object
MIR. Buchanan, with all his sympathes in favor OF
the unfortunate, regretted that he could not support
the bill in its present form. Mr. B. thought the num-
Der Of bankrupts exaggerated lie said there not
more than three millions of voters and could any man
say that every sixth seventh voter bankrupt
Ii decided that the State nsoiyent laws discharge
debtors from all oblgaons incurred subsequently TO
the passage of such laws between citizens Of the
State When the debt is due TO the citizen of another
State, the State bankrupt law cannot discharge the
liability unless the creditor voluntarily takes his share
of the dividends Of the debtors estate, made under
the local law. Mr. g. suggested, as worth consldera-
on the idea that Congress might adopt and give va
ldty to this State legislation as to make 1t eter-
tua to release fully those who were entitled to derive
their benefit within any State. He objected TO the bill
before the Senate voluntary bankrupt lac from 6e.
ginning end and retrospective in its operation on all
obligations He referred to the result under former ex'
periments of such laws and gave the history of the
bankrupt law of 1900 twas passed for limited peri
3D. Before it's term had half run out, it was repealed
10y vote of 90 to Is in the House-in the Senate by
IL 10 H. In fennsyIVana, an nsoiVent law hau pass
ed in the nature Of bankrupt act, and it was unan-
mously repealed the next year The calamtes of l5l9-
90 produced another attempt to establish bankrupt
system The objections which he then urged against
the proposed aw, in conjunction with MIR. Lowndes,
was that the machinery the General Government was
incompetent to such system over so wide Jursdic.
ton as that of the Union. The objections then urged
were applicable to the present measure 1t was
impossible 10 carry it into effect without multiplying
the courts of the U. S. very great extent There
must be ten times the present judicial force There
must be sort of judicial consolidation throughout the
Union-As it regards remote debtors situated IN dis.
tant States the mpractcability of the attendance OF
their creditors would make this law sponge Of all la
Glies, without the possibility of guarding against
frauds, of protecting in any way the interests OF Gre
di,ors.
Mr.. Buchanan willing TO have a bankrupt law
which would execute itself: composition authoris'ng
the courts to discharge debtors their getting The con-
sent of the majority in number and value of their ere
ditos and upon the surrender of u the means OF the
debtor for the benefit of the whole Of his creditors.
Mr. Buchanan said he would prophesy that this
Bankrupt bill would produce the greatest excitement
ever witnessed in the country. 1t would be repealed
IN as short time that of 1900. In the meantime,
there would lie rush upon the courts that would
whem those tribunals with business and clog them
as 10 The execution of their ordinary functions
MIR, Walker briefly replied to MIR. Buchanan. The
argument that the law could not be executed was an ar
gumen, against the Constitution Of the U. S. There
was difficulty whatever in the execution of the law