Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-08-14


economy, as well as practical wisdom. n.
York is, probably, creditor State to still
larger amount. And in my Judgment, it
were better for those creditors to sponge
out the whole debt, rather than hold their
debtors in "durance vile," under the vain
hope of realizing any thing beyond the as
sets which would come to them under
Bankrupt law Whilst few arc thus re-
monstrating against the law, Boston is push
ing on in its favor, thereby promoting her
own interest, and securing the good will of
thousands whose trade she has never before
enjoyed.
Nh President, | would not he understood, rs
speaking with any intentional severity Of credi.
tors. As a class they do not deserve it. There
are exceptions amongst them as in all other class.
es But those exceptions are, generally, by rea.
son Of old pre- udces and antiquaed notions Of
business which require time to wear off. and pa
tlence TO bear with whilst they remain. On the
part Of debtors, there are many cases OF peculiar
karishi3s, growing out OF the unantjcpated revuI-
son in trade, and the sudden depreciation in the
value Of property. There are thousands and
thousands of cases where, in the purchase OF real
estate, a quarter or half OF the purchase money,
say ten or twenty thousand dollars, more or less,
has been paid in cash, aud a mortgage given for
the balance and where that mortgage has been
force osed, and the property bought n by the mort
gagce for nominal sum for the want OF complt.
ton at the sale, and the balance, being the great.
fr portion Of the purchase money, held as an cx.
sting debt against the mortgagor. In Other
words the original owner has pockcted his 10
or 10000 dolla;s in casif-has got back all his
property. and is opposed to Bankrupt law, lest
it should impair the obligation OF his debtor con.
tract to pay the balance!
Mr.. President, | said on Il former OCCASION
that the question OF a Bankrupt Law had an es
sential influence on the late Presidential election.
General Harrison was known to be in favor OF 1t
and it was equally known that Mr.. Van Buren,
was opposed to it, Wills! in the Senate oi the
CInred States ia 1927 each had given his opinion
or the subject. Extracts from their speeches were
ruhlished. Which showed the friendship o. tie one
and the hostility OF the other to this great principle
uf human freedom. Many Of those interested IN
the subject gave their support to hIrl O" whom
they knew they could rely TO carry out this great
measure OF relief They are now looking 10 this
Congress. rcr that ralief-and for the consunIa.
ton o. all :teir hopes. /: the relief demanded is
rot granted, the question will hereafter De carried
down 10 the polls. And no man tor any pubic
station, from the President OF the United States
down 10 a rGembel OF State Legislature, will be
supported for any office unless he is IN favor Of
this great principle OF constitutional freedom.
THIS is the only way in which they can assert
thcir rights--,he only mode in which they can be
Heard. Their petitions, heretofore have been dis
regarded and they will now adopt the only plan
Of operation Lett 10 them, namely, 10 carry the
question 10 the polls. ! applaud them Tor It. |
;'nproye their determination. And exhor
them, LAYING aside all other differences OF opinion
tia, tnev meet on this broad and common ground
al union, and never abandon il, ill the great
work is fully accomplished. And would say TO
shrm, let 40 former asperities OF jeaIous!es mar
your deliberations. l,rt union and harmony
chnrac,erile yorr proceedings, and above all, let
your watchword be faction, action, action.
You have it in your power TO redress your own
Grievances. Be not deceived by the professions
nf candidates Tor your iavor. lie sure they are
sound on ,he great Hud Lending principle Ion
galch YOU Go0,cud That principle is the pas.
sagc Of Bankrupt law, which shall discharge
an honest debtor, on the surrender OF all his
ptoDtr,y Tor he benefit Of his creditors. The
object OF il is, tina. he shall be released from
impr!sonrau,, If Imprisoned that he shall be
discharged from al, liability on his contact, and
ina. his future acquisitions may 20 10 he support
of himself and family. Be not deceived, then,
eotreat you, by the decisive hope Of such .
law, il corporations ate included There are
.nh-rcnt difficulties ia the way Of it. Many OF
ne friends OF those who propose It viii vote
against it, You are entitled % stand IN Bank
rupl bill by yourselves, as bankrupIs have stood
IN all other countries. You ere men with souls
rs well as with wives aud children, which cor.
poratons have not. Why, then, should you be
lied 70 them as the tyrant, MeIentus, tied the
living man 10 the putrd carcass, as IN exhibition
of the most refined cruelty. There is no more
reason in the one case than ia the other. Stick
TO yout principles, then, and you will find
enough to stand by you. For myself, whether
ia public or private life, | am devoted to this
cause; and | viii never abandon it, till the free
citizens OF this country placed on on equal
footing, ia this respect, with The subjects OF for.
eign powers.
II Congress shall tail to discharge its coustu,
ional duty by the passage OF Bankrupt law,
the States will be driven TO the exercise Of their
powers, so FAR as they have retained them, over
the subject ol debtor and creditor. They will
rosor, to a svatem Of exemptions. They Will ex-
t.npt The future earnings OF the debtor from exc.
euton, when he has honestly and in good faith
given up all his property for the benefit Of his
credito,s. There IS no aouJ; dat the State
legislatures Irave the power to make such ey.
ernptious as they deem proper The principle
mas heen fslIy recognized by the SuPremc Court
of the United S.oIes, and practlSed upon, TO a
grsater or less extent by every State in the
Union. Theae exemptions do not impar the %.
legation OF contracts. which the States cannot do
uuoe, The ('cggltu;lOn They only 90 10 the