Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-08-14
Speech of Wr. TalImadge,
OF NEW YORK,
ON THE BANKRUPT BILL.
OF NEW YORK,
Delivered in the Senate ofhe .. S. July "a,
lS4l.

Mr.. President: | trouble you SO seldom
that deem no apology necessary for the
short time l intend to occupy on the final
passage of this bill. Gentlemen on the
other side tell US they will vote for the bill
if banking corporations are included. The
vote of yesterday, of more than two to
one, rejecting such a proposition, must,
think, satisfy them that there is no chance
that it can prevail. | hope, then, that
those gentlemen who are willing to 60 for
the bill with banking corporations, that
provision having failed, will now 90 for it
for the sake of those for whose relief it is
intended. am aware that their votes are
not necessary to the passage of the bill
but | would like to see the moral influence
on the country of united vote on this
important measure.
In my Judgment, it is idle to talk of in
Guiding corporations in Bankrupt law,
and every effort to embrace them will only
aid to defeat the measure itself If it is
desirable that Banks and other corpora
tons should be subjected to Bankrupt
law, why not introduce bill exclusively
for them? Why cucumber bill for the
relief of individuals with the controverted
question of corporations Many are OPP
posed, on principle, to including corpora
tons in a General Bankrupt law. The
honorable Senator from South Carolina,
(Mr. Calhoun,) with others, deems it IN
constitutional to include them. No one
doubts the constiutionality of Bankrupt
law for individuals. Why, then, shall indi-
uiduals be deprived of their constitutional
rights, because corporations cannot be
brought into an unconstitutional subsection
to the provisions of Bankrupt law? Let
these two classes of natural and artificial
persons rest on their own respective mer
its. Those who are in favor of including
corporations should submit to the will of
the majority, and 90 for the relief of indi-
viduals, if corporations are not included
1t will be no satisfactory answer to that
large and distressed portion of the COM
munity to say, we go against giving you
any relief, because the constitutional and
other scruples of gentlemen will not permit
them to include corporations in the same
law.
Mr.. President, corporations ought not
to be included. They were never included
in Bankrupt law in any commercial COM
munity on the face of the earth. From
the very nature of their creation and their
being, they do not come within the reasons
upon which a Bankrupt law is founded.
The principal design of such law, SO far as
the debtor is concerned, is first, to release
the individual if in prison, from imprison-
ment. Second, to discharge the obligation
of his contract Third, to exempt from
execution his future acquisitions, and to
protect them for the future sustenance and
support of himself and family. These
objects have no relation to corporations
They cannot be imprisoned; the laws Of
the several States give to creditors ample
remedies against them, and after the appli-
cation of their assets towards the payment
of their debts, corporations can have no
cause for the balance of an outstanding
obligation. They can have no future ac-
QUESTIONS or families to provide for; there
fore, the reasons for the law, as applicable
to individuals, have no application to cor
porations.
Aside from this, consider that such a
law, applied to the banking institutions of
the country, would be most disastrous in its
consequences. 1t would, in the first place,
conflict with the proper control of the sew
eral States over Institutions of their own
creation, and under their exclusive juris-
diction. These institutions are deemed, by
many, an emanation of State sovereignty
many of which are owned by the States,
and over which the General Government
can exercise no control, and with which il
can in no shape interfere. In the second
place, it would be putting into the hands
of courts and commissioners of the Gen.
eral Government dangerous power, by
reason of the enormous amount of the
assets of our banking institutions, which
would be subjected to such law on the
e