The Yazoo Whig and political register. (Yazoo City, Miss.) 1840-1842, 1841-02-19
BANKRUPT Law.


CITY OF WASHINGTON, Jan. IS i841.
DIAN SIN: Your favor has beenreceivsd, inou;.
mig Of me whether am N favor Of 3 general
bankruptlaW On this, as on other subjecfsof ma
tlonal policy am free 20 express my sentiments.
Winnie { g necessary for the general prosperity
snek each STATE should regulate its own affairs so
Tar 90 regards lts own local policy and the special
interest Of lts citizens, there are matters in which
their relations are 90 interviewer, and their inter-
ekt5so identified, that uniform system IS essen
tlal % their harmonious action and welfare n
the formation Of our Federal Constitution, il was
intended that these points should he specified and
equations cOnided 20 The General Govern
ment. Among these is the subject Of bankrupt-
cy. In the frst article, eighth section. fourth
clause, 1.-THE Constitution, e provides that Con-
gless nave power @ establish uniform rule
OF ne falizatl0n, and uniform laws On The subject
Of bankruptcies, throughout the United sfafes. Il
was seen BY the trainers Of that instrument, that
the relations between the citizens of different
States, and especially between the trading com
munlties q the different towns and cities, would
render uniform system Of bankruptcy highly
important 80 their interests In this Ofan Of pot-
ers BE pa.riaFchs of our independence evidently.
considered 4 the discharge at d sacred dnfYs and
q g difficult tor ne 90 assIQn any rood cause why
THIS provision has not been carried into effect,
les e has been prevented By clashing sentiments
upon Us details, as &c cannot Be contropeEfed By
any MAJ many benkrnptss inn0cents unfortn-.
nate bankrnpts, have N ways existed, upon which
such i law would operate; and, Is nv opinion.
the law should Be permanent and not fsnnDorafy
We ere commercial, agricultural, and nlanil-|
lactDIing nations extending from tie cold regions
q the North 10 the Capea 81 Florida near the tor
rio zone; and from the Atlantic Ocean "a the
sources Of the waters Of the Pacific. Through
this Tust domain, and with their various pursuits
bankruptcies must always exist and II IS the due
o. Of the Government % make such provision a
viii Pc calculated @ give lhe greatest possible re-
lief that can be given consstentlH with the prin.
ciple1 81 justice Congress alone has power Is do
this. a1a De them tho work devolVes, not only a
8 conssit1lional light, but asa solemn duty. Both
% private and public lie have ever regarded i
ns paramount duly 81 relieve the distressed from
every burden. lag 81 possible, aud especially
50 break that woke 81 which none can Sc benefits
ted, and % sooEae, rather than breaks the henrfl
already rent with the neuish Of misfortune
Is IS Teprgnant % every principle Of justice 10
regard Bankruptcy 81 presumption ol guilt. IN I
the fluctuations 0f tEndes The most honorable men
e. often IT, victims and g hold the person of the
debtor subject g s CREDITOR and @ pnt his future
liberty or acq usion5 ond hIs own control. when
be has surrendered aii, IS % infict punishment
where there Is no crime, nor criminal tribunal lo
investigate crime, or % prescribe punishment
Credit in trade IS bneed upon confidence u the
lnceess ol him who Obtains &. and onebt not IN
ny degree q depend upon contingent ughtl
which the creditor maQ.elsiIs an f & 8eftt ORD
utaka Independence of Che debtor. IL he chance
b unsuccessful All that they can elain isal
aifafal surrender Of hir femaining effects Let
III 4tfA tA--s atA tt q t5le tti4 gam NsNAk
8 the cAeei ot enbjecline hIs future acquisitions