The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-02-03
Non2nu. IAN. IL.


the presentation OF great many uemori.
ais, all demonstrating against any repeal or
pos,poaement OF the bankrupt law. lie
would not trouble the Senate with having
them read. There were great many
from the State of New York two from the
State of Maryland; and one from the State
OF Pennsy wanna one from Newark, New
Jersey one from Boston, signed by hun.
dreds OF persons, city which, for lis NOR.
camille character, must be supposed TO have
knowledge on the subject, 10 which were
mingled the names of those both abe and
unable to pay their debts; also, three from
his own State, (keu;ucky;) one from the
capitol Of the State, IN which were the pro.
ceedings of meeting strongly remons.ra
ling against interference with the law, 90.
ing into arguments to show whv i. should
not be repealed or postponed. To this
there were 400 signatures, all of which the
secretaries OF the meeting Informed him
wero voluntarily made.
Mr.. Clay referred TO an opinion which
had been thrown out under the sanction Of
some high commercial authority 10 New
York, that tho bankrup, bill, if it should
become law, would operate to throw one
hundred millions worth Of property into the
market 10 be sacrificed. Such a remark,
coming from that source, might be likely
to have some weight, Blu, it must be re.
membered that the estimate of one hundred
millions was mere assumption and random
conjecture, for no man could tell. With any
thing like accuracy, what the amount would
be; 1t might Just as we'll have been sc,
down a. t~o hundred millions as at one
Bot, be the amount what il might, 10 esli
dating the weight Of the statement, as an
argument against the bill, it should be 10,
qulred, on hs other hand what would be
done with this property shooId the bill no,
20 INTO effect Would il be KEEP, out OF
the market? Not at all. On the contrary.
/. would be thrown into the market, 10 be
sold under the hammer by the sherifs and
other officers executing the process Of the
courts, and that without competition 10
raise the price. For, when the property
Of a debtor vas seized by one Of his credit
ors, what motive could bis other creditors
have to snhance lie avaIs, by competition
at the sale None IN the world 90 The
contrary, should the law remain undis.
turbed, what would be the course Of action
under Il According to his understanding
OF the act, il would produce distribution
of the goods Of the debtor among all his
creditors pre- rata; Of course, when his
property should BE set up TO sale, It would
be the interest Of them all TO make as much
out Of It as possible. They would bid i, /
up, instead of suffering il TO be sacrificed
for song. lie considered that, whatever
nigh, be the exact form Of legal proceed. ,
lngs IN carrying out the law, the result, in .
practice would be, that, under the benignan,
operation Of the act, there would be dis. /
'nbutIon Of the debtors effects, not only
among all his creditors, but at the highest
price they could be made 10 command.
Mr.. c. went on to say that il was not his /
purpose TO 60, at this time, into DISCUS.
lion Of the subject generally, fle bad
bought of the bankrupt act as a measure
"hlch came recommended 10 Congress not f.
,nly by all considerations Of justice, Of hu
nanIiy, and beneyolence, but recommended
10 less by the appaling existing condition
Il the country. IT, among all the other
listresses, dIsconienis. and disorders, which
very where prevailed TO 80 alarming an
'xlen,, the Legislature should now slam
he door IN the faces of those unfortunate
men who had at length hoped to be liberia.
ed from irtetrieyabe embarrassment by L
he beneiicent operation Of this law, il
would produce such state Of excitement,
distress, disorder, and despair, from one
md Of the LAM to tic other, that no man
ould foresee Or even conjecture tho conse
IneDces.
But he could not terminate the brief re I,
marks With which he had deemed il 9ropsr
0 accompany the presentation Of these
eritIons and memorials without adgertna,
Or moment, 10 a circumstance which
I'D personal relation 10 himself. The {