Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-02-22

clslly when they aro tight and just and am not at
all predlsposed to indulge in new and untrcd the.
cries Mt their expense, or to look upon every
change as reform, Or every reform as an i'm
provcment am entirely and altogether conser-
v0tive in my principles, my habits OF thought, and
my feelings. have been educated, have been
taught by my professional reading, by my expe-
ence in judicial life, to respect the obligation OF
contractss and cannot readily weld to any new
doctrines growing out Of any luxty of public
opinion prevailing Any where in regard to their
obligation, or out OF my necessity supposed TO
exist in any quarter of the country for unwnrrant-
ably interfering with them
Sir, in this widely extended union, composed
Of tweny-six different states each having dis
'ihct government OF its own for all domestic pur
poses and tho regulation Of all internal concerns,
laws, well adapted 10 some states, may he insult
ed TO the wants, the habits, and the local condi"
tiou OF other States. In the State ! have the hon
or to representa- state venture to say, more
democratic in its institutions and form of govern
mcnt than any other in the Union credit is in
sound condition, aud the people in highly pros
porous circumstances Though principally cult
tators Of the soil the business OF The population
Is various and extensive, and they know aud feel
that The maintenance of sound state of law in
regard credit is essential give security to the
earnings Of industry and protection TO private
rights Their laws in relation to debtor and cred.
itor arc humane in their character, and yet well
ftted and efficient 10 maiutain souutl system ol
credit Tho debtor knowing and feeling that the
power to enforce The faithful execution of con-
tracts exists there is comparatively speaking little
need or occasion for its exercise {; and in that lies
the secret of more than half the benefit which the
laws confer. The knowledge of the existence of
ue law does more than the exercise OF the law
USeli. Look into that Stae-a Satc, where, as in
many others no law for dschargUg contracts hasrl
ever eSistcd-and say, where is the obligation OF
contracts more scrupuously observed where is
credit in sounder condition and attended with
less risk where more confidence mud safety in
the transaction ofbusiness; where better State of
morals and where more general prosperity, and
less ofindiyidual oppression?
However beneficial this bill may be to some
meritorous individuals, or however much their
condition may be deserving Of favor, there is, in
my opinion, no urgency or necessity, strong and
pressing enough, to Justify sudden and exraor.
binary act of legislation; legisIaiion think,
OF most hazardous description and which can.
not contemplate without alarm. ! profess to be
behind no one in feelings of true humanity; but ! |
cannot allow myself to forget or overlook the pin
cpes and claims of justice, or bring myself to
believe that measure so ful of general evil is |
called for by the xigences Of the country. Ii is
observable that most Of the petitions on this sub
Jcct have come from state, where an insolvent
law, similar in principle to this bill, though much
more secure TO creditors, has long existed, and
still exists, OF which any one may take the benefit
whenever he pleases. Besides, IN honest debtor
can seldom fail to obtain n composition Of his
debls fair surrender Of his property. in this
age, and especially in this country, creditors are
not so rigid as TO exact harsh and oppressive
terms Of their unfortunate debtors. infer this
from the knowledge possess of men, and from
the information have that the practice Of COM
position very generally prevails.
Sir, we have gone on for more than half u cen
lac. 81. A
tional bankrupt law, not only had very brief
existence, but was n very different law from this.
We have had periods of embarrassment and dis
tress equnlling in severity the embarrassment and
distress which now prevail. We have survived it
ALL and have advanced in wealth and prosperity |
beyond any other nation on the face of the earth
and am free TO say, nay, an compelled to say, |
that | am unwilling TO introduce a system so
broad and extensive as this, and SO likely to de-
sroy confidence and create general distrust. | am
afraid to try an experiment, at variance, rs il
seems to me, with every principle OF sound legs
lation, and which, | fear will work revolution
OF the worst kind both in the public morals and in
the credit and business Of the country.
Such, sir, are my sentiments on this interesting
and important subject Such is tie conclusion to
which i have come after full and very mature
consideration. may have greatly misjndS ed.-
Indeed the high respect | entertain for the opn- |
ions Of other gentlemen has led me, it should
90 al times 10 doubt whether was not III error.
can truly say that it is my hearts desire, in
ry Thing which concerns my public duty here,
and especially on Il question Of such transcendent
magnitude as this, TO act udicously TO act for the
best and lasting good of the conntry. | may
fail to do SO in the present instance, bat OF one
thing am assIred,--ihat however much may
err in judgment, slln at least act with honesty
and sincerity of purpose may he wrong, but
sincerely believe am right; and believing so, the
of uutv ia main. direct. lmDerQ.Iye.