Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-12-23
To rus Ep,ross or I'm, w,,a.

''0' having TOT It's OBJECT, the repeal OF the Bank
rupi Law.
IL the generous and patriotic men Of the South
could witness the heartrendng disresses which tn,
last lew years reverses in business have occasion
cd IN the South western, Northern aud Midi,
states, distres'cs from which there is and can be
no relief, but such as the Bankrupt Law constitu-
t'onaiy can give, they would pause ere they sough
to Perpeiuatc them, by seekins its repeal. IL III,
evi's oi mercantile and other pecuniary embarrass
ment were endured by those only who are the caus.
OF them, 1t would I've a different thing-but wher
innocent wives and children are humbled to the
dust, and plunged utter ret il is no, To
he doubted that the mothers wives sons and daush
'ers OF the Republic should at length share in some
OF the advantages OF benign legislation.
Almost all the States have local Bankrup; acts
thus establishing the general fee ing of their niece,
siy. Buiss they are not CO extensive in their eC
ieet WITH the whole Union, they are, to a ctea, de-
gree, imperative, and the citizens of one State nd
they have not the rights and immuni,es OF citizen.
OF the other States. sencrs law like that of the
Extra Session squalises the principle, and permit.
the unfortunate man OF business to seek, by change
OF scene or occupation, o. by emgrsuon to The
west or SOUTH soaie mitigation of the Ills Of life "a
which he has become Liable. Let us look at the
subject little more mcthoucally
! l. Bankrup: Law is certainly Constitutional
\ No one can deny that.
2. IL violates contract in its spirit, for the,
never was any human engagement. which he II,
very essence OF mutsbhty and accident, did no,
contemplate possible non performance, and The laws
i'sefadm;s this principle in many ca.es, such as in
that 81 bonds for the Performance Of an impossible
condl'ion, which are ip,o taeio void. This srsu-
ment IS adducei solely for he bench, or thos, who
IN III. abstract view ot a contract forget there nre
abstrac! aud transferable views on the other sid.
J. The example Of Humane reg ulitions for the re-
lief OF debtors is IN the famous Ia MS Of the Jews
and IN The more recent and practical system of En-
gland. In the former case, mercy and forgiveness,
were enirined uron the individuals of a nation.
whose whole career was marked by the mercy ard
forgiveness ola higher power ami in the latter case
profound policy has dictated the necessity Of keep
ing up the amoion and industry Of a Commercial
people, Always exposed 10 r"Serses AID TO failures
J. In our own coun ry, 'tssc changes have been
most distressing and numerous Sore, II not most of
them, have been brought n,olt Ivy the financial
policy oithe Government: frs, by tne ind mon of
the local currency aided Toy the revenues of tho Go
vernmeni, and the recommendation of A form e. So
cretary Of the Treasury; then ivy a direct blow M
inc system, anu an etlenp' 10 the Wctth
labar and indnsiry OF the country by a contrac Cd
and insufficient standard Of value the ncrsistips in
which would have utterly annlha;ed the value of
every article pro luccd Ivy libor and pl,ccd the
capitalist IN iuI possession Of the products OF indus
uv, az his own prce.
This process has been going on and its efr,r.s
are still seen IN the daily deprec ,nn of every thn,
We have hitherto considered stable and permanent
Even the General Government finds itsef AZ the
mercy of us crtduOrS end finds its own re-
sources, measured by the new standard small md
inadequate TO lis wants.
Now, then, is 1t just that those who have been
brought low by acts not their own. should have
no reef, no escape, no hope for the future7 Where
is the Nlrsinian who can enswer this inquiry IN the
negsve7
S. In the cases OF bankruptcy BROUGHT IN hv,
speculation there is even stronger reason for re-
el. In most OF these, the debtors never received
any valid consideration for their promises to pay;
moonshine would have oitencr been more substan
nal. In other cases, more was paid down than the
ptorerty was worth; the seller has received i, TACK
again, and yet holds judgments and decree, for arg.
amounts over the head of the purchaser who asks
fnr mercy in vain In the State Of New York. this
is tie principal cause Of lndeh edness this moment
and II IS utterly impossible for debtor TO live there
and support himself because the Court OF Ch,pcrrv
by rs enormous power can seize the crust OF bread
from the lips oi STRIVING child ard hand II over TO
the creditor OF The father. Such debts are neither
legal nor equitable in the true sense of the words.
perno'uae such i stare OF misery rs th.s2
But Is escectlned that he ordinary reverses of
business, prove the necessity OF n Binkrupt Law
Five hundred houses broke down after the great FIRE
IN New Sofk. Out Of every hundred mercantile
hrms, II IS ascertalned thai only forr survive the
usual business duration. OF all the Bank Direc,or,
that stood high and unimneaChed in credit twenty
years ago, IN Boston and New York, but handful
remain. Philadelphia has not escaped with her
steady habits and indeed, Il some relief Is not sf-
iordcd by the speedy application Of the law. n vast
msJprty OF the people Of this country will be bank.
rupts, and will swell The "countess caravan of the
wretched and desperate. Every day adds its hosts
10 those who have gone before.
7. But there are other views Is il exreden, is i,
Just, that such an immense number of Individual
with their families, should be prevented from exer.
cisins their caiings, and adding TO the products of
the nation, by keeping them in hopeless state Of
penuTyf
Is it for the greatest good Of the creates, number
that creditors should be the only Parties for whom
there offered "life. liberty, and the nur,ut Of
happiness" Is the law Of the almighty dollar" 10
pTeVaii over the gen'Ial interests OF humanity, JUS
t"c and the real good Of s1c'e'yl
3. The proscn; position OF Insolvency Is Of the mos,
demordzirg kind. IL Is tie honest man who now
chiefly suffers. He II unfortunate; he gives up s and
yet ms creditors will rot release him. being sure that
he will never conceal his future enTninss hnWcvsr
small, nor put them beyond the reach Of the INV
But the rogue fills and gives M nnthirg--be bids
the CREDITOR dshnnce; nnd, perhaps rolls in secret
wealth. The Blnkrup' Law puts this all right
IL affords no protection 10 fraud. IL reaches con.
c6sled property al! the United States: and ma
rogue can safely take the benefit of the a- for
lie will hnve to give up his gains or otherwise he Is
unable 10 Obtain his cerhra;e and the certificate is
imperative on the discovery of fraud The honest
man gives all, and begins the world ar,in sober
ed by adversary, and improved by experience
have hut briefly looked ut the subjects. bu,
may perhaps have induced some of your readers Ia
think, even 10y the mere exhibition Of an outline
know we'll the prtJudces which the stapl. rro.
ducing States feel towards merely commercial com
munites- Ihey seem 10 say, we work hard Tor our
living, and will not he cheated by the merchants
Dht this 10 not the true view Of the subject DO vou
Ind the merchant more dishonoabie Than any OF er
class oi osoHts3 Is your property necessarily 10 I've
exempt from Tho risks which business eaies7-
WITHOUT commerce, and without merchants, your
staples would rot IN your fields and warehouses;
You must look at sl the interests ri society az
as your Own-and val you deny To your unfortu-
nate brethren OF other States any mitigation Of their
dsttesses, bee you consider your local interests
paramount This ~ not an argument for M gnnni
nous Virginia This is not the spirit IN wbl,h she
STOOD side 10y side With the North in glorious struq
gle Tor frccJom-ths = not the tone of her Henrys
her Wiri's, ard her Le'sh's-t il not the creed of
nose IN whose sacred coil repose the ashes OF the
Father Of his country.
One more view Of the subject and have done.
Every hour shows Us the possibility Of war with
England, and when that hour comes, the Southern
states are 70 be mensced with an INVASION which IL
TO reach every IRE side and every bosom. In that
hour, when the naughty power of England shall
SEEK, ~ means no less Infamous than dreadful tho
rum OF your institutions and the destruction of your
property, the merchant OF the North will not fail 10
stand bY the Planters Of the South, allied by the