The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-27
Cmentp=SeOfnth Congress.
FIRST SESSION.
IN SENATE,

SATTRDAY July "a, 1871.
Mr. TALLMADGE presented bundle Of memo
rails asking the enactment of Bankrupt law. They
from cities and other portions of the interior of the
States of New York and Pennsylvania.
The two resolutions submitted yesterday hy Mr.
PHELPS, calling fol- information in relation our com
meTcal intercourse with Sardinia and other countries
were taken up and adopted
THE BANKRUPT BILL
This bill was then read third time and on the
question, Shall this bill pass 7"
Mr. TALLMADGE spoke for upwards of an hour
in favor of the passage Of the bill His remarks will
be found in another column Nn. .~E
Mr. BUCHANAN followed at some considerable
length against the principles Of the bill and It's details
lie said, not expecting TO be brought up this extra
session he had left the very copious he had made
at home, and was entirely without ammunition for the
contest He contended that he had as much sympa
thy for the unfortunate debtor any man could have
but he thought that to enact this bill would be to in
crease evils rather than them. The facility with
which debtors could wipe out their obligations might
make them less careful in the contraction of debts for
the future The besetting sin of this country was a
universal love OF money disposition to speculate and
grow rich IN day, instead of by long and patient
dustry. The rein needed in this case not the
spur. Here was bill TO rub out and begin again :;
and he would venture to predict that before years
sxpred IL would be repealed with the unanmity
that the Bankrupt law OF Pennsylvania had been in
1903
Mr.. WALKER followed in re ply contending with
great earpestness for the principles OF the bill and lis
details. Mr.. w. pointed to The Bankrupt law of
Pennsylvania, the great complaint against which
tn al was compulsory and partial in its bearing; and
that was the reason why 1t had been repealed. lie de-
MED that the passage of this bill could have tenden-
cy TO expand credit but, the contrary, would have
reverse action. He thanked the Senator for the
sympathy he had expressed for unfortunate debtors,
but he would rather have had his than his sym
pathy, and he should have respected that sympathy
much more, If the Senator had made the pow eriu
speech he did against them. Ii this law passed,
the thousands OF unfortunate debtors in this country
would either have to wear the chains Of the slave, or
become exiles from their native land
Mr.. BERRlf.N replied at length to the arguments
of Mr.. Buchanan defending with much zeal the prn
ciples and details of the bill He spoke ofthat feature
which took from the creditor the consent to release
and placed the debtor under the iesty Of the law
IT, said Mr. b. the debtor be free from stain and has
made honest surrender of all his effects, he is
placed under an unbiased abter, the representative
of the law, which he thought great improve
ment over all prior measures of the kind.
Mr.. PREM TlSS said, as the bill involved very i'm
porant principles he would move that the question be
taken by yeas and nays. .,a.
The yeas and nays having been ordered on the
passage of the bill, the vote stood as follows:
YEAS Messrs Barrow Bates, Berrien Choatc,
Clay, of Kentucky, Clayton, Dixon, Evans, Hender-
son, Huntington, Kerr, Merrick Miller Morehead
Mouton, Phelps, Porter, Simmons, Smith, Of Indiana,
Southland, Iallmadge, Walker, White, Williams
Woodbury. Young-26.
NAYS Messrs. Allen, Archer, Bpyard Benton,
Buchanan, Calhoun, Clay, of Alabama, Culhber
Fulton, Graham, King Linn, McRoberts, Nicholson
Pierce, Prentiss Rivcs, Sewer Smith Of Conn
Sturgeon, IaPpan, Woodbury., Wright-23
FISCAL BANK BILL.
Mr.. CLAY then moved to take up the Bank bill
and requested that the question agreeing with the
Committee on the several amendments should be la
ken separately on each.
This motion having been agreed to, the question
was taken, and several of the amendments were con
CURED in
The amendment to the lllh section bavng been
| read, viz
=" Provided no assignment transfer of stock shall
at any time be made others than citizens of the Uni
States OF corporations or companies of the several
States, OF the nted States Territories thereof
and IT otherwise made, the same shall be void and
the stock unawiuy transferred shall be forfeited
and accrue to the surplus fund of the Bank"
MIR. CLAY said he could not full reflection agree
to that amendment. IL was putting restriction on
the holder which would impair the value of his pro-
perty. lie thought the other provisions, which for
bid foreigners and foreign corporations from taking
any stock were amply sufficient without the insertion
of this provso The bill already contained almost
every possible restriction, and yet threats of had
been made on il from the other side He hoped this
amendment would not be agreed To-.
Mr.. w ALKER declared that TO confne the taking
Of stock to citizens of the UnIed States would be
rendered entirely nugatory this provision aban-
doned What difference did II make If stock al
lowed 10 be sold by owners TO foreigners; and what
guard would the other proyiso he If American owners
could sell to them at pleasure None whatever. And
this clause put in expressly oI the purpose of for
bidding such sale. The Senator from Kentucky had
made allusion TO threats of on the Bank and
he could tell that Senator that ii is 10 be made
would be much more likely, and there would be much
stronger ground Tor It, IT the Bank should be in pos
session OF British stockholders, and in that it
would be more easi Y vanquished
Mr. HUNTINGTON made some observations;
when
Mr.. CLAY of Alabama, demanded the yeas and
nays on the proposition.
The question stood for striking out "a against
il o.
The following amendment TO the l 18th section hav-
ing been read
" Giving TO any number Of stockholders of said
Bank not less than Ten and to their agents or aitor
ney. in fact The privilege in such examination to in
spect any and all private and individual accounts deal
ings and accommodations with said Bank and its
veral offices OF discount and deposit"
Mr. CLAYTON hoped the amendment would not
be concured in, and pointed out the effects likely
ensue from its adoption.
Mr. WALKER said this amendment was made on
his notion and had been concurred in by the Wing
side of the Senate. Ii there was any one subject on
which the Wings we're more united than another,
IL onhs very provision. Could II he possible that
after all the abuses which experience had shown to
have sprung from the want OF such feature in char
ter il could now be voted down Unless gentlemen
intended that all the proceedings Of the Bank should
be yelled in secrecy and mystery they would not in
crcre with that proposition