Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1842-02-25
CONGRESSIONAL.
SENATE, Jan. %, f042.

Mr.. Clay presented several remonstrances
on the subject 0f the Bankrupt law, and enl-
braced that opportunity, the only one which
would be afforded him before action on that
subject, 10 make some remarks against there
peal. He contended that the power to estab-
fish system Of bankruptcy was expressly
given TO the General Government In the Con-
s,itution, with one condition only-that was
that the law should be uniform. The motive
Of the States in making the grant Of that pow
er, and divesting themselves Of it, was that
uniformity should be preserved throughout the
whole country; that the debtors and creditors
of one Stale should be placed in like condition
Of those Of the other States. Such power, SO
possessed under the Constitution, may look
back as well as forward !; may be retrospective
as well as prospective. All laws, then, in favor
Of insolven,s and bankrup.s being anonymous,
could operate on the past as well as the future.
As this grant Of power was given tothe Gene
raj Government merely that uniformity might
be preserved il was then high obligation Of
duty on the part Of the Government TO perform
the duties which grow out Of it. The consent
Of the States would never have vested it in the
General Government, il they possessed it
would remain dead letter. II was just, aud
II was the imperative duty Of Congress pass
uniform laws upon the subject. The Consti-
tuition OF the United States was an aggregate
Of power, Of which the States stripped them
selves for the common good Of tho whole, and
in their parts. Some Of the powers conceded
TO the Federal Government in the e Constitution,
related only to sectional Understandable
interests in which very few Of the States par.
'icipated; We. there were other powers conce-
ded, the exercise Of which were Of vital impor-
lance 10 majority Of the States, and Of no in
ierest TO others. Those powers were then
yielded for the benefit Of the whole, though the
divesiure Of it by some Of the States might
have been sacrifice of the interests of such
States. For instance, The power CT bankrupt
cy was one in which onlya few Of the States
were interested-those engaged 10 commercial
pursuits. II was, then, the duty Of tho Gene
,al Government, in the exercise Of any Of its
powers. TO weigh the interests Of all the States
of the Union, and decide accordingly. II one
State had no interest, but the reverse, 10
slight degree, in the passage Of a bankrupt law.
and 1t was of most vital importance 10 the in-
icrests Of another. and it would be for the well
fare Of the States in the aggregate, the power
should be exercised.
lie said that we were family Of States, and
the interests Of the whole could only be pre-
served by mutual concession. If the exercise
of the power oyer bankruptcy, thar WAS i of
vital interest 10 one State. and did not infict
serious injury on others il was the duty o!
Congress TO legislatc upon it-weighing the
interests Of all--or give up the powers to the
States. 1t was their duty TO act, OF 70 unite
the hands of the States. 1t was their duty TO
ac, or to United the hands of the States. He,
twenty years ago, when in the other House,
expressed an opinion in favor Of law. tie
then took The ground Of the surrender OF the
power, ifit was not exercised. He, two years
ago, voted for the exercise of the power, not
because his State was interested in it, but be-
cause he believed 1t was for the interest OF
some Of The other States. He, at the last ses-
sion, on that principle, as it did not sacrifice
but remotely the interest Of some, and would
be vital to preserve the interests Of others, vo-
ted fer that law. He then adyerted to the
course Of Legislation Of the extra session. The
majority did no, then take up the questions of
reirenchment and reform, because they were
such as required care and investigation by the
Departments before action; but they, BY con-
cession, adopted a system Of measures which.
as whole, was for the interest Of all the
States; but. iftaken separately, would not have
been. This system of measures was, the bill
for The relief Of the Government from its elm.
barrassment by the imposition Of new duties,
which, though twas far short Of the extent 10
which his wishes would have carried, yet ii
was a measure affording some relief. The
next, the measures for the restoration of the
currency. The third, the bill o. Distribution,
10 relieve the States and the people, 10 save
the people from direct taxation, to pay off the
State debts, and TO supply the National Treas
ury by an easier and indirect taxation. The
fourth measure was the Bankrupt bill, the ne
cessity for which was In nine.tenths Of the ca
ses, superinduced by the erroneous course Of
policy ofthe Federal Government.
The last was the one for the relief If the
people Of this District. Thus an entire system
Of measures for the general relief was adopted,
by concession, and by compromise Of sections
al interest. They were adopted as a system
of measures-it was so understood at the time.
In regard 10 those measures if taken, separaie-
ly. they would have affected the interests Of
the different parts in different degrees. In theft
separate character, some Of them would have
been voted down because they might have been
considered injurious TO particular sections
Some gentlemen who v.ied for them did so be-
cause il was system of measures. Section
al interests were lost sight of. He, like 9TH
ers, voted for the Bankrupt law, because it was
part Of the system. In regard TO Kentucky,
he knew that she had no particular interest in
its passage; but he took it because 1t was a
part Of the system. Thus was the whole sys-
tenn. carried through, one depending upon the
other. They were now called upon 10 undo
one part Of that system. This was but an en-
tering wedge to retrace action upon the whole.
1t was but the first movement of those oppc-
sed to the measures 10 get rid Of them. He
did not complain Of it, but he called on those
who approve Of those measures, TO know
whether they were prepred to undo what they