, 1841-03-06
BANKRUPT LAW.

BANKRUPT LAW.
We have not anticipated any decisive ac-
ton on this subject at the present session OF
congress, nor do we believe a General Bank
rupt Law can c framed which viii receive the
~SlHc'i"n OF tn" two Houses at the called SEE
s!cn vhIrh - been resolved on. We doubt
whether MesssS. Clay. Webster & Co.,will be
insane enough TO pass what may be strictly
regarded 4 relief MC-we mean simply an
act To- enable embarrassed men 10 surrender
their property. or make arrangements TO suit
themselves. and be finally relieved from the
payment of their debts. Under such j law,
scenes would immediately occur that could
not fan - he disgusting TO nine tenths OF the
community. We are not, like England, es-
s~cntially Il commercial and manufacturing
people. No bankrupt law can DC enacted
in this country TO affect the great mass Of men
Of property-for although we choose to call
ourselves a commercial people, we are an ag-
rlcuItural and planting people. The c%ultiva.
tors OF the soil possess at least six seventies
CT the wealth Of the country, and will never
consent TO be brought under the operation
Of i law which is only necessary TO the pros
pcrlty and security of the trading classes.
The main difficulty 10 be overcome by the
advocates OF a bankrupt law is, 10 satisfy the
farmers and p~Ianters-men not generally in
debt, and therefore opposed to any other than
4 law which will strictly guard the rights OF
creditors. while it permits the honest but un-
fortunate debtor TO 90 free. and renew his
efforts 10 support himself or family. Men M
embarrassed will never sanction n law solely
for the benefit of debtors, honest or dishon-
cSt-a law which would not only reach all
classes Of traders, but all business CORPORA
tons, except banks. Gamblers in trade NAV
desire Tor themselves something more than
taecd0m-a guaranty that they can, by be-
coming tankruptS, cast off at any time all
the consequences of daSling and ov%ertrading
and they may wish the manufactures OF
paper money to be rs free and as PERFECTLY
secure Is themselves. Swindlers nay pan,
for 4 law under which they can "cut and
come ag~ain"--hut planters and farmers, and
men of business, desire no law bv
which injustice may be wrought TO creditors.
They would conSirain the banker TO be as
prompt ana rs honest as the merchant, and
their wishes will not be d~isregarded by
who have no selfish or sinister
TO accomplish.
The bankrupt bill which heretofore passed
the Senate is merely Il relief measure-un-
guarded. partial, and glaringly unjust. Il
excluded poor men from its operation, but
proposed 10 relieve dashers. 1t provided no
penalties for the commission of
or perjury. 1t stripped creditors of all
rights, by denying them the privilege
Ii appointing the Commissioners. and autho-
i'm The final DISCHARGE of a debtor. without
10 ihe wishes of a majority of his
creditors; and. last, though not least, it ex-
bankers, the very class that should DO
o%unctual, above all others.
The Federal Constitution does not author
ze the passage of any such relief law as we
ave described. Il authorizes a uniform
".'Lsarf tt"-'" 70 'ch and relieve traders,
l. ..t, rt.ludisr, &c. For such a
"a" pr''niIng Tor Tie security of creditors,
.nd punishment for frauds, we would vote
lut we never can sanction 4 mere relief lar.
which would operate to the injury of almost
very man of business in the country. Mer.
Whn petition for such an act. are re-
lily PraNinI Congress to release MANY Of
heir debtors from the obligations thew are
under 10 pay.- Louisville Adr.
James Watson Webb, is a candidate for
he New York post Office. The Wings
ught TO give 1t TO him or GlenitoOrh. They
ave been serviceable ~rascals in the Whir
ause. The difference in their peculiar mer-
: Is that one bribed OthcrS-the other was
rloed himself. for the good Of the party.
I"riSriNc Ar.