Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-12-31
TIE BANKRUPT LAW

THE BANKRUPT LAW.
Mr. BENTON said, ugreeably to the notice he
had given on Wednesday asst, he would ask leave 10
bring "a ball to postpone the operation olihc Bank.
rupt Law.
Mr. Benton said that he held that Congress had
no right TO pass any such act rs !; had passed. L.
was nothing but law for the general abolition nj
debts al the will Of! the debtor. Il was one Of the
acts OF the extra session, and carried through this
Chamber upon the hi-h-pressure principle. Notar
was allowed IN be dotted, nor 4 20 be crossed
without the consent Of the friends OF the measure
IL was a had measure in itself passed in a b,d vay
and carried a bad measure along with il, The &C,
would never stand one summers operation; the feel
ing IN the bosom of the country was adverse to the
measure, ard rs soon IS II was understood the
voice of the People would repeal il. * would re-
ceivc lis destruction from the judiciary or the voice
of the People. The act was not q bankrupt sys-
tenn, within the meani1g Of the Constitution The
design OF bankrupt system is to enable creditors
to save something out ola debtcr's estate while
something IS there 10 be saved. There Is not bank.
rupt system in the world which docs not reouire
the consent Of the creditors, either in the whole or
the great majority, 10 sign certificate cansenting
70 the hnal discharge OF the debtor. The bill OF
Congress reversed every proposition belonsiny To n
proper bankrupt bill. By the mere on.ration of
law, and the decision Of the court the debtor OBJ
tanned his discharge. |. was not therefore such a
law as Congress had right to pass, within the
meaning Of the Constitution Of the United States.
lhw, for great reasons-whal should be the proyi-
slons OF the bill. In other countries every bank was
included which was not specially excepted by sta
tuie, and he apDrehenjed there were not more than
dozen exceptions in seven eight hundred ns,i
tutons The extent OF the operation of the Jill in
Guiding It d foreigners and all Others he REGARDED
as one OF the great objections to the bill. Under
our act the debtor was the plaintiff and proceeded
agans; the creditor. Ii he did appear and prove
II up, he lost his debt; and II he did in the end he
| he
| Of final discharge. Another thing 70 which he
objected was, that the debtor had an opportunity
to select his Time. In England. a man who lived
! ioohshly,a stock-Jobber s,ock-gamJIer, and ono
who did not live according 10 his circumstances,
! could not obtain the benefits Of the bankrupt law
The net Of 1900, in the Un'cd States. contained
similar provisions, which we're no. included in the
| bill Of the extra session. The kind Of properly
which might be surrendered was also a matter OBJ.
tonaI with the debtor; and here the '1w was dsad
vhningeouslY unlike the law OF Greit Britain.
! There would 10 an army Of nssiy~ees, end every
thing conceivable was 20 90 in'o their hands. The
| expenses would cat up the profits OF the editors.
The expenses being IN the Federal courts must bs
| enormous, and the debtor paid nothing OF them.
| The debtor was the hOnored character throughout
the DILL In order also 20 help the debtor, and 10
make general debt delivery, il was prescribed tina,
the act should be as promp; and simple as possible
! Again, oil pre5umpuOns under tho act were 10 be
regarded favorable 10 the debtor and against III o
CREDITOR whatever he said was 20 be reglrded as
! true, until objections were filed and proved The
notices OF the nc were so regarded as most ohiec-
ionn0ie. The press and the newspaper were to be
the agents Oi the debtor, and letter and neyvFD7.
per paragraph, II not attended 10 by tho creditor
though at the untipodes, was valid and binding. and
. liberated the debtor.
When the matter came 70 the final certificate
the till was particularly Objectionable and unlk,
al. bankrupt bills in other countries.
Mr. BF"r1s said, also, that he had no. csd that
every one who came here TO procure the passage OF
bankrupt acc, wished 70 be d.scnurged from hrt
Ieni, and 10 ENJOY the oii,tn digHiiaie of an Of.
fee 1T tho same time.
Under the bill Itself, the Federal Courts were n
petpeiua.y stand open TO the debtor Like m,
gates OF hell, they were 10 be open forever The
banks could be benefited as flr as the bankrupt DILL
EXTENDED benefits, and were subjected TO none o.
the sXlctlOns OF the bill
When the trainers Of the Constitution authorize
the passage Of n bankrupt bill, they had IN view
the bankrupt system Of all countries, and parti.u
] iery OF Gfctt Britain. They did not mean tho
such bi. should Oo passed, in oil the leading fe 4
, lures Of the measure. They meant TINT the bunk
. rupt system should be the model. The bill was
4 mere ihInG, and M more a bankrupt system, with
: m the meaning Of the Constitution, than 10 was
OIL ologucuure twas, IN its bcs. aspect, proper
. " aw such property law ~ no Stale in lhi. Unlo
ever had, or ever would adopt Property laws ha
. been regarded ns immoral, and been pronounced ur
constitutional by the Judiciary but no State had ev,
a conceived Of such law as this Ofthe Fcdet1 Cover
4 NlbN~ " WIS an ln7OIVent law, to OIL InteutH
purpose, and wo had no right to pass ineolvcr
1 Avs. The States bod that power but the Gener
4, Go'ernment had not The bill for this reason WI
= unconstitutional; and another reaton was, that
was mere property law, and rot % binkrupt Iav
b. u invaded the rights Of the States by e1pungin
y State laws.
= twas unconstitutional, too, because il took fro
- the State Courts laws which belonged to them. ar
~ no. 70 the Federal Court- to execute
The system was called a voluntary svsteno
~ bankruptcy. lie denied H.. The oct was drau
up three Or four years ago. and when u was
- there we're ave hundred thousand people in The
vi states who would receive tho benchts OF the bi
- Never since The world tegan was the vounta,
- sysiom Of bankruptcy known before. lie had 81
~ died the bill 10 the interval between the cx,r, ar
- the regular sessions Of Congress, ard had studied
!. the time Of is passage in the summer Ills r.
convictions now were that the bill was urc,Dsti,i
uonil' The brl itself was as much worse than If
act OF 1900 as old Federalism was worse than m
dern Whggofy. The act Of 1910 vas passed I
isi year Of ancient Federalism, and rene aled 4
first year Of the Democracy. This act Yves p,s,
the hrst year Of modern Federalism and would
repealed the first yearof the Democracy fle d
Va not believe that any bankrupt law was necessary
our age. The tendency OF the acc was the OH
way. He was against the system in the gener
and utterly against It in the detail.
OF 10 conclusion, Mr. Benton said If Congress VOL