The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1841-12-28

great the depres ion and ghlness of the money
market al this time, that properly would be thrown
into market TO such extent mus Inevitably cause
great sacrifice Of He also aed that The me
moral was signed by the presidents OF five several
banks.
Petitions were presented by Mcssrs SMITH
OF Indiana, ARCHER, BUCHANAN, EVANS,
and SEW TER.
INTRODUCTION OF BILLS.
Mr. KING introduced bill for The relief OF Jesse
Carpenter, and Ii for the relief OF he Plum Island
Bntge and TuIn ike Company.
Mr.. HENDERSON introduced bill 10 confirm
surveys of lands in the State of Mississippi
east OF pen ryer and south Of the thirty first degree
Of north latitude.
MIR LINN introduced bill TO authorize the issuing
Of patent TO the heirs Of the legal representatives. o
Francis Rivard deceased and bill for the relief 81
Captain j Throckmorton.
Mr.. YOU NC introduced bill to amend the act
distributing the proceeds of the public lands among
the States and To grant presumption rghts; aud hili
granting the Suite Of Illinois additional quantity
OF land Tor the completion Of the Illinois and Mchi-
gan canal.
The abovenamcd bills were seyeIally read first
ond second time, and appropriately referred
THE BANKRUPT LAW
Mr. BENTON remarked that he wished 10 ask
leave, Of which intention he had already given notice,
to bring in bill to suspend the operation of the
Bankrupt act until the first day of July next for the
purpose of giving them time to make real Bankrupt
law, instead of such law that which was passed
at the eXra session He said that he held that act
to be no Bankrupt law, and that Congress had no
right pass such an act and he would give his
sons for such opinion In the first place, he be-
eyed chat act to be nothing in the world but in
solvent law, and law for the abolition of debts II
passed atthe extra session, and was one Of those
bills which were brought forward in the dog-days,
and, under hot incubation, hatched into law; and
it was one Of those acts which were carried through
on the hgh-pressurc principle, whyery little dlcus-
sion in this chamber, for they too much pressed
with early meetings and late tournaments to give
attention To every subject which brought before
them. 1t was passed according to the tactics of the
extra session. fixed out Of doors and brought into the
House, not AMI allowed to be dotted to be
crossed, or All amendment to be made, unless it came
from the friends Of the And in this way it
was got through, and hardly got through, by being
connected with another measure. 1t was not one of
the measures, however, which were TO be acted OH
at tho past session, yet it forced itself upon the
Senate and was brought ahead Of the measures
which introduced before it. 1t, therefore
passed itselt and IT was well known to the body that
unless it had passed, the Fiscal Bank bill could not
have been passed. But ii was sufficient for him to
pay attention TO this measure and he would express
his opinion that this act would stand the test u
ring one summers operation Tor he believed that the
people ofthe United States unacquainted with il
al the present time and that they had had discus
sion calculated to make them acq TAINTED with it.
There feeling in the bosom of the country hos.
tile TO IT, and the people would repeal it, the Com
mittee on the Judiciary did not nullty il and it
the policy OF the friends of the measure COT which he
did profess be one) to remodel the law as they
had 1t in their power to do So to il from destruc-
ton. His leading opposition to It from
amongst other important considerations; and that was,
that il was not bankrupt system vithin the meaning
Of the Constitution Of the United States and was moi
such intended Ivy the trainers of that instru.
ment, and this he could prove from the Madison Pa
pers and the conemporuncous history OF tie times.
Aitir examining, in detail the provisions OF the
Bankrupt law, aud The luxurious effects which IN his
opinion, must result IRON lis operation to the present
and TO the fu'ure gene alton, he sigmazrd The act
as an electoneerng measure, by which the support of
five hundr,d thousand bankrupts secured to the
present patty in power Hrihen aske leave to IN
trodlce his bill, which, he said was simply ropos
ton give lime to the friends of easute 10 bring
in real Bankrupt bll. 1t mon,y,d corporations
should be included, he would 20 tor il II not, he
would 90 against H. lie would prefer a repeal o the
law at once that one might be framed applicable la
moneycd competitions alone bn the Iu6ilc nind wa,
not rIlotu this. II was ri rning however and ouId
soon he ripe fer such assure
Mr.. HEN DERSON hfh fly rcpIiedtothc Senator
rom Mis-, UNI aud he remarked lnot, tr from the
bill ha>ing lis origin Ii tiuencng die recent cleo
ifons 1t wa, lntf,ucrd several year, atn nv friend
of the Senator, Mr.. Noyeil) and although the Iii
underwent many modlicntiuls whae, er honor wa.
attached tuthe MEASURE belonged To The Senator rui
Michigan. But the Senator from Missouri did MOI
feel himself uhng To alb de the cision OF he coun.
try, ana TOR THIS lie prepared to ntrdu e
real back lupl bill and while INSISTED that THIS
did not rorrfs, ond with the English system OF
bankruptcy, lie thought thai he country would lie |
sati. 4 ~"honc Nhcitnpplcd to bank aono Now !
The law winch was sscd e the last included
bankers ~ he f. gilsh law, and in tho sane Ian
guage. ltaPpicd ur persons whe acted ba, kers-
There no difference he tnr,U and the So !
nttpr ould search find IN The Emg ISL bank
rup i'@ clause applicable To ca poatuns L he Sc
nnl5t had placed hlmseh IN posi- ion here adyo.
cde the IT. hts oi creditors in Europe set no one was
more anXi' ns than he was, on occasions, TO
show how litle Those creditors were entitled TO.
Mr. BEN TON denitd The assertlo D. out and out
Mr.. llEN DERSON asked, on which pornt2 lie
understood The Senator arguing hat The Bankrupt
law would operate oppreSsNely and unjustly on c,e
ditors abroad and he thought that the Senator uccu
pred different ground when he denounced English |
creditors in this country.
Mr.. BENTON again denied the a syrion and
called for specifications
Mr. HENDERSON would make no particular
specification but he would remark that on different
oceas'ons the Sena'cr had denounced their system
OF legislation lie alprhrndcd hN, The Senator
would soon be found on the side OF the banking
porltl ne, who were asking Conglcss to repeal
ths>av Many of the banks wouj ofpo$r this Inv,
for Wou'l socn expose Tie rotten condition If thcir
aiairs, and their small assets without real funla-
lion fuf their issues. He therefore expo ed to see
many OF TIE moncycd corporations Of the country OPP
posing tins law, and asking for IFS repeal rhey bad
already seen such ~ trpicoon this morning in the
piitlon presented Ivy the Senator from New lotk,
(Mr Wnghti) and that too under no her guisc or
specification than thM asacrice of property must en-
sue from the operations OF the law Tie effects
whc must 20 nt lrs lvency, would, no doab', he
great and he itltconid,n thh dishonest man had Z
no more To gain under ibis law than un honest man
hpd notwithstanding thc senator from Missouri
had maintained position To the contrary. lie was
not now prepared 10 answer the labored arguments
Of the Senator; but, when the hill came up he
would, fno other gentleman should feel dispo ed to