Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-03-17

universally of their lien. bv withdrawing from
it certain specified property of debtors
Again: Existing laws, laws existing at the
date OF the contract, have given to the credi,o,
a right TO enforce his judgment by the same
process OF execution against the goods and
cha'tels, and in some of the States against tho
lands and tenements of the debtor. Is the
right OF the Legislature to modify this remedial
process limited to suits founded upon contracts
entered into after the date of the amendino act;
May they not subject to the operation of the
ordinary process of feri facias, property which
1t could 70, forrerly reach, aud Withdraw
from It's operation certain species of property
which anterior laws had rendered liable to it
And what is it which the bankrupt law pro-
poses IN relation to the property OF the debtor?
AS the law now stands, each creditor may en-
force his chain by judgment and execution a.
gainst so much oIthe debtors property as will
be sufficient to satisfy 1t. The RICH, TO do this
docs not arise from the contract. but from the
law. 1t does not result from the obligation of
that contract, but from the exercise of the e-
glslailve power in providing the remedy for
its enforcement. The remedy is given by the
Government May it not bc modified by The
same authority The bankrupt law con;cr.-
plates nothing more. II does not propose to
Withdraw The property of the debtor from lis
liability 10 the claims OF his creditors. II SIM
ply modliies the process by which tina; labil-
ity is enforced. Instead of leaving it to be sa
crliiced in detail by the separate action of midi
vldual creditors, or appropriated in gross to
favored portion OF those creditors. il intcrposes
the constitutional authority of the Govern
meni, by the decree of its judicial officer, places
the whole property in cuSfodia hgis, and then
acting upon the principle that equality is
equity, provides for the ratable distribution of
II among the creditors. Yes, it does more.
When the property oi the debtor is thus ex-
hausted, is declares that the remedy of the
creditor is exhausted also All the property
OF the debtor must be applied in satisfaction
OF the claims OF his creditors the pound of
flesh, for this is in the bond hut not one droo
oil blood--his hopes, his expectations, his I'M
iettered energies are all his own These are
the gifts OF bountiiul Creator, and NAV not
be subjected to the graspng avarice of man.
The creditor has the fruits of his process a.
galnst the goods and chattels, lands and tanc-
ments o! the debtor, by having them all s,nnna-
rily subjected to his claim. When this is done.
no principle of equity, no rule of good faith,
no duty of the Government requires that il
should extend the remedy which it alone pro-
vides.-liaving stripped the unfortunate debt
or of all, having turned him Pennies unon
the world, ii is not bound to authorize lew
and sale of his hopes and expectations, or to
award against living man, to whom nothing
but lille is left, Judgment, payable out of assets
quandO acciderent.
But whence, said Mr.. BaRRIEN, this sacred.
ness which is ascribed to contracts, solely
with reference TO the time at which thew were
entered into +? The propriety of bankrupt
law, operating prospecuvelv, is admitted, or, if
not admitted, is denied with diminished zeal.
Whence this distinction Why is the contract
oil yesterday more mertorious, more sacred,
than that of to-day or tomorrow Gentle
men tell us that bankrupt law, operating pros
pcc:lvely, gives notice to those who enter into
contracts after lis date; that such contracts
are made with view 20 the law, which NAV
therefore be considered as forming part OF
them. This is to apply to the ample and I'M
lettered legislation of Congress, derived as i,
| is from ar express constitutional grant. the
principle which, by peculiar concurrence of
circumstances in the Supreme Court, has been
brough, to upheld the restricted legislation
of the States over this subject. But let it be
considered. A bankrupt law, operating pros
| pectively, would give notice to creditors; they
would contract with view to it, Sir, (sad
MIR. b. the Constitution of the United States
I is a law ii is the supreme law, of which all
are bound to take notice. IL contains on its
face an express grant of the power to establish
laws on the whole subject of bankruptcy. OF
this the creditor had notice when he entered
into his contract. He knew that Congress-
had ample authority TO enact, and might al any
moment enact, just such a law as that under
conslderation-liis contract was, therefore.
made with view to this supreme law. Ii en-
tered into and formed part of it, Did he
speculate upon the failure of Congress to exer-
else this power? Well, sir, his speculation
has been realized he has enjoyed the fruits
| OF it. Congress had for long time neglect
ed the performance of its duty. 1t has now
| performed it. OF ITS constitutional power 10
pass this law he had full knowledge when he
entered into his contract. He had no RIGHT 70
doubt the disposition Of Congress to fulfil its
constitutional duty. At any rate such Goub
cannot impart iuvioIability to his contract, or
absolve Us from the performance Of our whole
duty. Yes, sir. said Mr. b., | said our whole
duty.-This is not merely question between
debtor and creditor. II is one between the
Government and its citizens; one which in
wolves both lis rights and its dutiCs-its right
to the benefit Of the productive energies of lis
citizens-its reciprocal duty to extend to them
its protection. Its protective power is invok-
ed in behalf OF five hundred thousand Ameri-
can freemen. Its duty to them demanGs-its
| own interest requires its exercise. This duty
is rendered more imperative by the conceded
fact, that many of these unfortunates owe their