, 1842-01-22

is a sacred thing, and should be but little in
terfered with by any Government. No man
becomes the debtor Of another without re-
ceiving something from him-money, labor,
property. or credit; or by enabling somebody
else to receive these things. He receives
something, and receives it by promising to
pay for it; and this promise becomes a sacred
obligation which morality sanctions, which
our Constitution forbids the State to impair,
and which Congress has no more right TO i'm.
pair than they have. 1t is a tremendous ex-
ertion OF power for any Government to can
Gel debts without payment, even upon the
surrender Of all the debtors present proper.
~. Property is not always the source OF
credit, nor the only means Of payment
Men are credited upon their character-up
on their profession-uPon their trade-uPon
their capacity for labor or for businrss-up
on their expectations-upon their st,tion in
society-from the office which they fll--np
on the prospect of future earnings or acqui-
sitions: men are credited upon all these CON-
sid%era'ions; and creditors have a right To re-
tam these chances in their hands, and look
out for future payment, If they cannot re-
.ceive it at present. 1t Is in vain TO talk of
the cruelty and the heardheadness Of cred
itors. There is but little of it in the times
IN which we live; and the State laws are
every where a barrier against oplre asion.--
The tendency Of The times is the other way.
in favor OF the relaxation instead the Nor
GUS enforcement of obligations. Few cred.
itor Cypress their debtor. Many debtors
defraud their creditors. We have nearly all
been practising lawyers; and doubtless every
senator who has been at the bar can say
wha, | can say, that of one creditor Cypress
ing his debtor, they have seen an hundred
debtors deirauding their creditors.
am no friend even to 4 bona fed bank-
rupt system. between man and man. such rs
prevails in England and other commercial!
countries; but as to this extra SESSION act Of
ours, the impious offspring of cle~ctioneering.
! detes, and abhor it! Ii is an insult and
outrage upon the 18th century. 1t is biz
with shame and ruin to the present age, and
with disastrous Influence upon prosperity
Million upon millions of debt must he spong-
ed by it. Thousands and tens of thou sands
nf fan''iirs AUST be IcduCed 10 want bv it,
Hundreds of banks must perish under il: eve.
ry one carving loss anc injury 10 the crm.
munity within its sphere. Tire rising gener-
must feel its baleful influence. Tn.
facility with which debts can be thrown of
will be an inducement to contract them, and
n license to spend in idleness or vice whit
should have gone to the creditor. Can such
a law stand without demoralizing posteritv!
without teaching the rising generations to
become sponithrifis and bankrup,s instead
Of becoming useful and respectable members
Of society," 10 mercy 10 pos.erity. if MT in
to ourselves. we should repeal this
We should not suffer the young and
flexible mind to say to itself. while contract
ing a debt, the I1w stands ready to release me
from IL DfeneUer choose TO Mrou ii domu.
| do my part now towards prevrntin,
these evils. by moving to postpone this &C,
until the:e is time to make another more
TO tie established systems Of
bankruptcy, and TO include the money deal.
NC and trading corporations. w"ulI pre-
direct repeal, and a simple act against
banks and trading corporations alone: but
lie pubic mind is not yet ripe for that great
MIR. B. then asked leave to bring in his
bill.