The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-08-12

consideration as was satisfactory to him
self; his debtor has fallen into hopeless in
solyency, and his demand, or some part Of
1t, has sunk with him. He has nothing
to complain Of. By the very act of lend
ing the debtor his property, without exact,
ing security, he consented to take his
share with other creditors in the risk Of
loss and sacrifice TO which the debtors
business necessarily exposed their proper
~ in his hands, and he took or stipulated
beforehand for his pay for that very risk.
he enterprise has turned out an unIuclv
one, and he must bear his loss. The law
has stepped in, as he knew it would, or as
he knew II might and ought, by the terms
Of the Constitution of the country, to make
an equitable adjustment of profit and loss
between him aud his partners in the enter
prise, the other creditors and having done
this, it has done all thar the nature Of the
case admitted Of for has aid and benefit
And now comes the case Of The debtor, and
the interest which society has in his res.
toraiion.
1t is undoubtedly true, that to interfere
10 the slightest degrees to impair the obi.
CATION Of contracts between Individuals is
an exercise Of high trauscendenta power
on rthe part of the Government. This
Government docs, when it undertakes TO re-
lease party from the performance of any
part Of lis contract. This power is ex.
pressly prohibited TO the States by the
Constitutions and il is believed that it be-
longs as little to this Government as to
the States, except 50 far as il may be includ.
cd in the power expressly given to estab-
llsh laws on the subject o bankruptcies
Within the legitimate range Of such laws,
The power undoubtedly exists; and it had
,ong been part Of the policy of such laws,
before the adoption Of the Constitution, to
discharge the honost bankrupt from the re
mainder Of his debts after his entire estate
lad bsen applied ratably towards the pay
mcnt of them.
1t is believed that power like this ex-
lists, Of necessity, IN every country, where
capital and credit are extensively employ
ed, in the prosecution of business and en-
tcrprse. III our country, it has been ex-
pressly confded to the General Govern
ment, and II can be exercised, with full eli.
feet, by no other authority. The duty Of
this Government then, is as PLAIN as its
power, and il is believed to be matter Of
Iust reproach that it has been SO long ne
elected. After the law has compelled the
debtor to the performance of his contracts
as far as all his means will 20, and when II
has, on mature deiberation, pronounced
It's solemn Judgment, that further perform.
ance at the present time, or any time, has
through unavoidable misfortune, become
morally impossible, while the ordinary Ie.
gal power OF lis creditors remains, then
the release Of the debtor from any further
legal liability on his contracts, becomes
the indispensable duty of the governing
power. Let the moral obligation remain,
as it will, as strong as ever; il is the legal
liability only, which is touched. II affects
the remedy rather than the oJhgation.--
Government does not tear the contract, or
order it to be delivered up TO be cancel.
led. 1t leaves to the creditor the evidence
Of his debt 10 fall possession, and it docs
not relieve the debtor, in the least degree,
from the full moral force of his promises
aud undertakings, whenever he may have
the ability to perform them. II does moth
nv more than withhold from the creditor
the aid and power of the courts, after it
has judcially ascertained that further per-
Torrance has become impossible. The
duty Of civil society TO supply 10 creditors
the means Of coercion and remedy. through
It's courts, in case G! a breach Of contract,
IS one OF indispensable obligation but
Government must decide when this duty
mas been faithfully performed, and when it
has gone far enough for the ends of SUBJ
stantlal Justice. Il must have the right to
Judge, in the first place what modes and
forms of remedy 1t will give, and then, how
far such remedy shall be pursued and car
RED. When il has been pushed as far as
il is safe for human power to go-as far as
it can go, without unmltigated evil-thcn
Il is time to withhold It.
On the general principles which have
now been stated, the main provisions Of
this bill rest. No distinction is here at
tempted 10 be setup between an insolyent
system ana DduhIupl sNSleHl' All per-
sons, whatever may be their occupation,
who are unable to meet their debts and
are insolvents. And if they
so declare themselves, they are deemed
These are voluntary bank
rupts,
1t is in regard to the mercantile classy
only, or those whose business renders them
directly liable to the peculiar hazards
which attended mercantile operations; it
is in regard to debtors in these classes on
u, and where their indebtedness amounts
10 certain sum, that the right is given to
creditors, under limitations, and on the
OF certain events, TO cause such
debtors 10 be declared bankrupt, aud have
heir estates seized for their behoof.---
These are then Involuntary bankrupts.---
And this the only distinction made in the
bill in regard to the various classes of IN
solvent debtors in the community, to whom
such bill is deemed at all applicable.
The bill proceeds upon the principle