The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-17

ina Bankrupt law. have heretofore given my view
ON that subject, and may give them more at larg
when the Bankrupt bill shall be regularly before thu
Senate All wish to say now is, that in my judgmen
no bill can become law that includes them, and L
Indicate TO those who feel deep interest in THU
question that their safety depends upon their standing
on their own merits and not suffering themselves b.
borne down by the burden of corporations which il
attempted to be cast upon them.
Sir in the article which have read from the Globe
We are told that the Bankrupt law, at the last Presi-
Dental election worth 100000 votes to the Fede-
raj party was not before that that party had
derived any particular support on that occasion from
the agitation of that question. Their leader was
known to be opposed to it, whilst the candidate of the
Democratic Republican party, to which belong, was
known to be in favor oft This statement, therefore
judging from the uniform accuracy and verify of that
/ paper, must be terror of the press" | have no
doubt that the Democratic Republican party, with
General Harrison at its head, did receive much sup
port from a knowledge of his views in favor Of a
Bankrupt law. The views of General Harrison and
Mr.. Van Buren, on this ubject were well known to
the whole country They were together in the Senate
of the United States in 1927, when Bankrupt bill
was under discussion General Harrison on that oc.
cason, took strong ground in favor and Mr. Van Bu-
rem equally strong ground against IT, Extracts from
their speeches extensively circulated during the
last canvass, and il well known their respective
! friends in this Senate, with few exceptions, when
the Bankrupt bill was under discussion in 1889 and
S4O ranged themselves for and against it, according to
their political predictions have doubt there
FORE that the question exercised an important influence
the late Presidential election But did not exercise
then such an influence it will exercise at elections
hereafter The other questions involved together with
the reluctance to separate from old political associates,
prevented many of the other side from supporting
Gen. Harrison, notwithstanding their anxiety for a
bankrupt law. The discipline party too restla aimed
with all its severity is passed. Since that event
full PERIOD men breathe deeper and frecr They
resolved to think and act for themselves They will
no longer surrender their own rights at the dictaon
of party leader They have determined that the in
functions Of the Constitution shall be obeyed-that a
power which is exercised by every civilized nation,
which was conferred upon Congress for the sake OF
uniformity, shall no longer lie dormant. This deter
mination is confined to particular party-it per-
vades all parties. Every other consideration is
dairy to this great question of emancipation from legal
bondage. On this common, this neutral ground, men
of all parties have taken their position, and sworn to
stand shoulder to shoulder in all future contests, till
victory shall perch their standard.
| Sir, will not detan the Senate by any further
remarks except to say that deem Bankrupt law
of the most important of relief to the
try which will before Congress the present
sion And if no other Senator does it, | will move
that the Bankrupt bill, after the Bank bill under
discussion has been disposed Of be next taken up for
Mr.. WALKER had intended offering a resolution
to proceed to the consideration of Bankrupt bill,
Immediately after defnitive action had been had on
the Bank bill and he pleased to see that there
was strong probability of aid from the other side of
| the Senate. This was a measure infinitely more inn
portant to his constituents than any measure now
pending before either House. There was nothing on
which the public mind was so decided as on includ-
| ing Banks. :. He believed the time was near when
| there would be vast majority in both Houses OF
Congress and throughout the country in favor of q
Bankrupt Law applicable to Banks. He should vote
for the bill, whether it applicable to Banks Oh
not, and he believed it was demanded by the popular
voice. and at the present session.
MIR. LINN regretted very much that he could no
have had this morning to address the Senate ano
Their subject, but he might as well speak on this
on any He had petition on this subject which b
should present. Every man whose heart was il
the right place would see that it was right to lib
crate the debtor, upon giving up his property
But it was different TO make law which should &C
compish this and not do infinitely more harm to thu
mass of the community than benefit. He sympathizet
with those who were in distress; but called to
else an important duty here he compelled to lool
only to the interests of his constituents but to tn.
benefit of the whole country, and whether the opera
ton of the law would be injury to the great
mass than of benefit to individuals. He would vote
for prospective bankrupt law, but not for one that
did not embrace corporations.
MIR. MOREHEAD said, although the People of his
State had peculiar interest in this subject, they
held il as great national measure which would ex-
ert healing influence the distress Of the country,
and as more especially component part of the great
system of reform with which the Wing party was
pledged to the Union. The course of his colleague,
(Mr. Cay,) and of his predecessor (Mr. Crittenden
who had at last session reported and ably defended
bill for this purpose, he genuinely concurred in and
should support bill of this character, when brought
| before them.
The petition was then laid on the tables as also pc
ttons Of the same character presented by Messrs.
WHITE, LINN, PIERCE, SOUTHARD and
WALKER
Mr.. SMITH, Of Indiana, from the Committee on
the Public Lands, reported the Presumption and Dis
tributon bill, from the House, with two amendments;
which were ordered to be printed.
| MIR. TAPPAN presented a memorial of citizens of
Ohio, containing remonstrance against the charter
of National Bank, the Distribution of the proceeds
OF the Public Lands, protective tariff and the as
sumption of State debts Which was laid on the ia
BILE and ordered to be printed.
The special ORDER the bill to incorporate the sub
scrbers to the Fiscal Bank of the United States,
then taken up.
Mr.. WRIGHT offered an amendment to strike out
that portion of the bill authorizing the subscription of
onethird Of the stock by Government and req urng it
all to be taken by individuals and corporations.
He sad in the discussion he had not heard but three
reasons for making the Government interested in the
bank. The fist was that this will be profitable fs-
cal operation for the Govern men and that the Trea-
sury will make money. While they knew that the
United States has cash capital to invest, would it
be wise and expedient to involve the country in the
contract of permanent debt for the sake of this
culation The operation was decidedly bad in in
dividual, and must be bad in Government as a mere
| financial operation.
Another was, was it likely that this speculation
would be realIed2 He had not examined that docu-
ment, but had statement from the Senator from
Pennsylvania, (Mr. Buchanan that the old bank d.
vded five and quarter per cent, and there were not
near as many banks throughout the country; and
what could they persuade themselves would be
the per centage2 The probability was, that it would
be less Was it wise and expedent in its financial
operatons3 It seemed to him, on this ground that it
was indefensible.
Another ground on which this provision might be
considered desirable to many citizens of the country,
was the presumption that investment of onethird
was necessary as an inducement to private capital
lists to take the balance. This, he had doubt,
a good reason to private capitalists but was no in
ducement to the Government to create Bank.
There was another reason, he knew not that it had
been urged, but it was the strongest and most pow
erful with the friends of this BILL who were COM
posed of the business, trading portion Of the commu
In mfr