Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-15

zion of Mr. Jefferson. The act OF 1900 fairy and
IN good faith bankrupt act, confined 10 merchants,
traders bankers, brokers' aud money deaers and con-
forming all its features, and It's whole Design ana
object, 10 the recognized bankrupt systems Ut the
world We; il could moi sand. though a:ovedly an
experiment. and limited 10 FIVE duration, IT was
not permitted to live Out that term. Il was repealed in
three years passed III TIE las, year ct Federal
isu aud repealed III the FIRST year OF Democracy and
80 il will be with THIS act, which much worse than
that of Iooo as modern Whigsery is than an
cent Federalism 1t passed III the first year oi
Federalism revived-;t will b. repealed u, The first year
of Democracy restored.
| am no friend TO the bankrupt system and believe
there is but little ur such system IL the u
s. except FOR the banking and money dealing corpo-
raons. For the misconduct Of these institutions, IT IS
the prompt and sovereign remedy yet they are lett
on; Of the bill Lex out OF il Defendants but admit
ted plaintiffs, Tor they Ia haze all the benefit
of the act agains; individuals while exempted from It's
operation against themselves. Sach IS the absnrdiiy
of the act! The bankrupt process IS the proper remedy
for these institutions winch set all law, all government
all morals defiance and pi!age and piunde- te coun-
try as they please For them It is tie proper remedy
Between individuals, see great occasion tor IT.
There is but little occasion III eur age Tor Govern
interfere between debtor aud creditor, further
than is done by the State laws These have carried
relaxation and ndul renee Tar without tie aid OF a
general sponring law from the Federal Government
a debt is sacred thing and should be but little inter-
i.red with by any Government. No man becomes the
debtor OF another without receiving something from
hm-money, labor, property or credit or ny enabling
somebody else 10 receive these things lie receives
thing, and receives il by promising to pay Tor III
land this promise becomes sacred Obligation which
morality sanctions which Constitution torolds the
States 10 impair, and which Congress has more
right to impair than they have. 1t is tremendous
exerton of power any Government TO cancel debts
without payment upon the surrender OF all
the debtor prcsen, property. Property IS not al
ways the source Of credit, the only means Of pay
ments Men are credited upon their character-upon
their Professionalism their trade-upon their caPaci-
" for labor for busness-upon thei! expectations
upon their station in soclety-rom Inc ONCE whieh
they lupon the prospects Of iutIre earnings or &C.
qustions credited upon all these considera-
tons and creditors have right 10 retain these chances
their hands, and look ont Tor future pay meht iGe
cannot receive it al present II is IN vain 10 talk oil
Inc cruetes and the hard.heartedness OF creditors
There is but little OF it in tic tunes III winch we
live; and the State laws are everywhere n barrier
against oppression The tendency Of the times is the
other wayn favor Of the relaxation instead OF the r.
gorous enforcement Of obligations. Few creditors OPP
press their debtors Many debtors deraud their Gre
d,ors We have nearly all been practising lawyers,
and doubtless every Senator who has been at the bar
say what say, that for one creditor Cypress
ing his debtor, they have an hundred debtors de-
irauding thei. creditors
am no friend even to bona fide bankrupt system,
between man and man. such prevails IN England anG
other commercial countries but 10 this Extra Session
Of ours, the impious offspring .! ccconeernI, de-
test and abhor IT, Ii Is insult and outrage upon Inc
10Th century 1t biz with shame and run 10 the pre-
rent age, and Will! disastrous influence upon postey
Millions upon millions Of debt must b. sponged by H.
Thousands and ten Of thousands d! a,nes must be re-
duced to want BY H. Hundreds OF banks must PERISH IN
der H. every one carrying loss and INJURY 10 the COM
munty within lis sphere. The rising generator must
feel lis baleu influence The facility with which debts
can be thrown of viii be inducement TO contract
them, and licence to spend in dleness or vice what
should have gone 10 the creditor. Can such law
stand without demoralzng posteri,y: without teaching
lie rising generation 10 become spendhrts and bank
Iupts instead Of becoming useful and respectable mem
hers ofScce;y: ia mercy 10 pcscri,y, II not justice
ourselves, should repeal this law. We should
suffer the young and lsAite mind 10 say TO ITSELF
while contracting debt, tic ietc stands realty to release
me from it tchenertr eho0se toHToto IL do'rR.
do mg part towards preventing these evils, BY
moving 10 postpone this act until there is lime u make
another coniorIable 10 The established systems OF
bankruptcy, ana 10 includs the money dealing and trad
ing corporations would prefer direct repeal, and
simple agant banks and trading corporations alone
but the pubic mind not yet ripe Tor that great nea-
Mr. b. then asked leave 10 bring in his bill.