The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1842-02-08
REMARKS OF MR.. CLAY.
The atlas.

REMARKS OF MR.. CLAY.
IL the Senate a large number of memorials
and remonstrances were presented by.different
Senators, against the repeal or suspension of
the Bankrupt law, and against any interference
with it.
Mr.. Clay said he was charged with tho
presentation Of great many memorials, oil re-
monstrating against any repeal or postpone
ment of the bankrupt law. He would not
trouble the Senate with having them read.
There were q great many from the State of
New York two from the State Of Maryland
Uno from the State of Pennsylvania one from
Newark. New Jersey one from Boston signed
by hundreds Of persons, a city which. from lis
mercantile character. must be supposed to have
knowledge on the subject, in which were mIn-
gIed the names of those able and unable TO pay
their debts also, three from his own State, in
which were the proceedings of a meeting
strongly demonstrating against interference
with the law, going into arguments 10 show
why ii should not be repealed or postponed
To this there were 400 signatures, all Of which
the secretaries of the meeting informed him
were voluntarily made.
Mr.. Clay returned TO an opinion which hal
been thrown out under the sanction of some
high commercial authority in New York, that
the bankrupt bill, if it should become a law.
would operate 10 throw one hundred millions
worth Of property into the market TO be sac.
rifced. Such a remark, coming from that
source, might be likely to have some weight.
But it must be remembered that the estimate
of one hundred millions was mere assumption
and random conjecture, for no man could tell,
with anv thing like accuracy, what the amount
would DO it might just as well have been set
down at two hundred millions as al one. But
be The amount what it might, in estimating the
weight of the statement, as an argument a
gqinst the bill, it should be inquired, on thu
other hand. what would be done with this pro
perty should the bill not 90 into effect? Would
ii be kept out of the market Mot at all. On
the contrary, it would be thrown into the mar
ket, 10 be sold under the hammer by sheriff,
and other officers executing the process of the
court, and that without competition TO raise
the price. For, when The property of debtor
was seized by one Of his creditors, what motive
could his other creditors have 10 enhance it,
avails, by competition al the sale! None IN
world. On the contrary. should the law re-
main undisturbed, what would be the course OF
action under it ? According to his understand
ing of the act, it would produce a distribution
Of the goods Of The debtor among ali his credi'
tors pro rata ; Of course, when his property
should be set up 10 sale, it would be the interest
of them all 10 make as much out OF 1t as posi-
bic. Tley;would bid il up. instead OF suffering
il TO be sacrificed for n song. tie CONSIDERED
that, whatever. might be the exact form OF lc-
cal proceedings in carrying out the law, the re-
suit in practice would be, that, under the be-
nign; nj operation Of the act, there would be a
distribution of the debtors effects, not only
among all his creditors, but at the highest price
they could be made 10 command.
Mr.. C.. vert on to say tina. it was not hts
purpose 10 20, al this time, into a discussion
of the subject generally. He had thought OF
the bankrupt act as a measure which came re-
commended to Congress not only by all con-
siderations Of Justice. of humanity, and be-
noyolence, but recommended no less by The ap-
n alling existing condition of the country. II.
amonS ali the other distresses, discontents, AM
disorders. which every where prevailed to so
alarming extent, the Legislature should now
sIan ,be door in the faces Of those unfortunate
non vbo nj length hoped to be liberated from
;r-a,r;evoble embarrassment by the bene ficcnt
onorat;on of this law. it would produce such II
10 ofe,citement, distress, disorder, and dis
n,;r. from one end Of the land TO the other, that
no man could foresee or oven conjecture the
consequences.
But he could not terminate the brief remarks
with which he had deemed it proper 10 acco4A
pany the presentation of these petitions an
memorials, without adverting, for a moment.
to a circums ance (which had o personal rela-
ton 10 himself The Senate would do him the
Justice TO admit that he rarely intruded any
thing of that description on their notice; never,
indeed, unless under a sense Of unavoidable
necessity-An information had recently ap-
peared in some of the public prints Of the day
that the movement now in progress in the
other wing of the Capitol towards a repeal of
the bankrupt law had originated with him, (Mr
Claw He d;sdained to enter upon any thing
like a defence agairst a charge so base and
dishoEorable, and one SO contrary to the entire
tenor of his whole public life. 1t might, with
equal probability or evidence, have been as.
serted that he was the author or promptor of
the proposal of a gentleman near HIM to re-
peal the distribution law. He held the insinu-
alton in profound contempt aud scom.