New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1842-12-22
The Late Haufiny en- board the Somers-
Eiii for the Repeal Of Bankrupt Law.
Correspondence OF The Tribrne.

Correspondence OF The Tribrne
WASHINGTON, December % 1872.
In SENATE, to-day, several petitions and private
bills considered and gave rise to somedeba
Bills were introduced, on leave, by the follow
ing Senators, and appropriately referred Mr..
LINN, to surrender to Alabama and Arkansas GER
tain sections ST the public land reported not worth
survey; also, for the settlement of Oregon Terri
torv-referr ed to a Select Committee Mr.. BATES,
fixing the compensation TO Pension Agents: also,
to continue the office of Commissioner OF Pensions;
MIR. FULTON, authorizing the sales of lands in Ar
kansas, Tennessee and Louisiana heretofore APP
propriated for the benefit of Schools.
The resolutions of Mr.. BENTON calling the
President for information with regard TO the GUM
tuple Treaty, after some remarks by Messrs. BEN
TON and ARCHER, were postponed I'LL Thursday
The bill authorizing the change of name OF the
vessel Westminster to the Atlantic was passed
The resolution from the House prohibiting the
sale of intoxicating liquors in the Capitol was laid
on the table, and after unimpertant business,
he Senate went into Executive Session.
In the HOUSE, Mr.. GwlN asked leave to offer
resolution calling on the President for any official
information he may have received relative to the
recent mHtny on beard the brig Somers, the num-
Der of executions, of what grade of officers, &C.
Objection being made, Mr. G. moved a suspension
of the rules for its reception, which meton was
rejected without division.
Mr. FILLMORE moved to go into Committee of
the Whole TO resume the consideration Of the APP
preparation bill.
Mr. EVERETT hoped the motion would not pre-
vail, but that the bill to repeal the Bankrupt act
(Which had been postponed till to-day would be
te ken up.
The House, having disagreed to Mr.. Fillmore's
motion by Yeas 80, Nays SO, took up the bill for
Itb. ot he Rank Law introduced. :
will be recolected, some days since by Mr. Ey-
EKE1T of VT.
AIR. EVERETT stated that he had voted for the
| Bankrupt Law when it passed, and against its re-
peal at the last Session. He glad that it had
been passed; it had had greater beneficial effect
in relieving the country from the load of bankrupt
Cyl uf ruin and distress that had been cast upon 1t,
(genol ally speaking, without the fault OF the bank
rupls themselves, but from the action OF the Gov
eminent, and from unavoidable mistortunes-amons
which he noticed the great fe IN Newly ork, pro-
ducing probable loss of $4,000, 000) than any
other measure which had been passed by Congress.
But he had never desired it TO be permanent
measures its beneficial effects be considered all
accomplished, and as a prospective act, particu-
larly in its voluntary provisions, he considered II
destructive Of ali confidence between man and
| man. He did not know but by retaining Its In
voluntary provisions, and limiting its operation to
mercantile transactions and TO debts of large
amount it ight be beneficial, but he preferred it
entire repeal and the bringing forward OF another
! plan, if expedent, It's merits. He had,
therefore, brought forward this bill, which he
though unnecessary to commit to committee.
| Mr.. BARNARD made an animated aad powerful
speech against the repeal. He spoke of the very
peculiar and bard fate of the 9th Congress, Of
the loss of the Wing party OF their President, and
| their subsequent misfortunes, and compared their
condition to that of the tabled Sisyphus. They
had been compelled to roll enormous burdens up
steep activity only TO find some fatal obstruc
ton at the summit by which their labors and
themselves after them were to be tumbIed down
again and again to the bottom.
But this had been their mis- fortune and not their
fault, and in the midst of all these difficulties they
had succeeded in accomplishing some good for the
country; how long any of their measures wouId
be permitted TO remain no man could tell. What
| an extraordinary spectacle was now presented to
the American people A proposition was brought
forward, and that from his friend, Mr.. Everett,)
who declared this of the best laws ever passed.
fer the repeal OF the law
Mr. B. commented on the disastrous conse-
quences of presenting such an example of unstable
legislation, referred to the resolutions passed by
the Legislature of Vermont in favor of repeal, Of
which he said this bill the first fruits, and de-
precated the results of being drtted about by every
wave of popular opinion and popular delusion-of
the Representatives in Congress being governed
by the will of the Representatives in the State
Legislatures.
Vermont he, said was creditor state and in COM
mon with other creditors did not like to see the
dead body of debt buried out of her sight, but
creditors were not buzzards, they could not live on
carcasses and twas not right that these carcasses
should be kept above ground for their qualification
until they tainted the whole atmosphere and poison
ed the health of the whole country.
He agreed that a temporary bankrupt law such
as referred to by MIR. Everett was not bankrupt
law which carries within the sphere of the Con-
stitutional powers of Congress "to establish uni
form laws on the subject of bankruptcy" and that
it was in fact law it laid dswn n rule of
law, but merely an exception to the existing rule
of law.
The most odious part of its effects only had yet
been seen n its retrospective operations and in it,
benefitting debtors, and ROW as its salutary eff
fecss and real usefulness, by its prospective pro-
visions in its advantages TO creditors by enabling
them TO limit the amount of credit to be given, to
compel their insoyent debtors to q liquidation of
their accounts &c. was about to be experienced, it
was proposed to be repealed The limits of the
letter do not allow u further notice of Mr.. BIS
cogent arguments.
He concluded by moving to refer the bill to the
Committee OF the judiciary.
Mr. c. I. IsGERsoLL moved an amendment of
instructions to the Committee 10 repor. Bank.