New-York daily tribune., 1842-12-29
Repeal of the Bankrupt Lnw-Gcn. SacA
sons Fine, &c.

Correspondence OF TIC ITIDu"..
WASHINGTON, Tuesday, Dec. "a, is

In SENATE, to-day, petitions were presented IN
favor of III, Repeal of the Bankrupt Act by Messrs.
BEsroa and STURGEON, and against II by Messrs.
BUCHANAN, TALLMADGE, BENTON bEKkiES'
SPRAauE, SIMMONS and WRIGHT.
Mr.. TALLMADGE presented SIX memorials On
this subject from. citizeas OF different counties IN
New-York. and expressed his opinion that after o
deliberate consideration OF the subject, and OK sne
state of public sentiment in regard to 1t, the ma.
iori,y of Congress would not favor Its repeal. ~
however. the law was doomed, ne thought tnat
cases already commenced should nor % aiiecteu
MIR. BxRRIEN said that of The fifty Thousand Pc
titoners for the passage of this BILL not more than
eight thousand had asked for its unconditional re-
peal, and argued that the remaining forty.two
thou sand were in favor of it, continuance.
MIR. STURGEON said thar, however it might be in
other parts of the country, the eatre majority oil
his constituents were in favor of its repeal.
MIR. BAYARD introduced bill amendatory OF
the act of last Session re-organizing the U. s Ma.
w. Also bill providing for the establishment OF
schools Of instruction in the Navy. Referred to
Committee on Naval Affairs.
The resolution of Mr., BENTON calling on the
President for information in regard to tho Quin-
tupe Treaty was brought up and after further
brief discussion was adopted.
The Excbeouer Bill Of Mr.. TALLMADGE, was
taken up and postponed till Tuesday next.
The bill to indemnify Gen. Jackson for the sne
imposed upon him by Judge Hall, was called up,
and after some further remarks by Messrs. CRIT
rEspsS, LINN and BAYARD, was referred to the
Committee on the Judiciary; Yeas %, Nays 10.
Mr.. You've presented petition of Uriah Brown
Of ILL.,, claiming the right of patent for the sub
marine battery, Conflicting with Colt's.) Re-
ferred to the Committee on Naval Affairs.
The Senate at an early hour went into Execu-
tive Session.
In the HOUSE, MIR. J. R. INGERsoLL asked
leave to present m emoral numerously sigRed by
merchants of Philadelphia against the repeal OF
the prospective provisions of the Bankrupt Law
r-;..ai,s,-Ioave was not granted,
objection being nlade.s--
Heps. o. 5s9n ess siafE
and were principally of q private character.
A resolution reported by Mr.. LINN from the
Committee ON Public Expenditure authorising that
Committee to employ clerk and send for persons
and papers, was rejected; Yeas 81, Nays so.
MIR. WISE, on leave, presented resolutions of
the Legislature of Va. instructing their Senators
and requesting their Representatives to use their
exerlions for the passage of a bill refunding the
tine to Gen. Jackson. MIR. w. was proceeding to
say that these resolutions had been passed in no
partizan spirit, that the Legislature OF Virginia
and himself believed the act of Gen. Jackson to
have been justified by imperious necessity, &c
when he was called to order, and took his seat.
Mr.. J. CAMPBELL of S. C. gave notice of the in
PRODUCTION of bill to suspend for limited time
the operation of the Districting section of the Ap-
portlonment act.
The bill for the Repeal of the Bankrupt act was
then taken up, the question peading on the amend
ment of Mr.. CAVE JOHNSON to the motion to com
nit of Mr.. BRIoGs, instructing the Committee on
the Judiciary tomorrow at two O'Clock to report
bill for the entire repeal of The law.
MIR. SALroNsrALL occupied his hour in an able
defence of the law and opposition to Its repeal.
He said he was satisfied from appearances that
there was disposition to allow but little farther
discussion. vet it was not because it was not one
Of the most important subjects that could come be-
fore Congress that it thus speedily to be acted
on. He referred TO the history of legislation and
The agitation of the subject of a Bankrupt Law
in this country the express grant to Congress OF
The mower " to esta5Hsh" uniform laws on the SUBJ
ect, to the passage of the law of 1900 by Con.
yress consisting Of many Of the members of the
Convention which framed the Constitution, to its
connection with party topics, its consequent un-
popularity and the Hereditary prejudice existing
from that time to the present against such a law,
10 the fact that more petitions had been presented
to Congress for the passage of such law than
perhaps on any other subject except the abolition
of slavery, to the repeated and thorough investga
tions and discussions ofths subjectby both Houses
of Congress, and finally to the passage Of the ex-
isting law, which, from the brief lapse of time in
which it had been in operation, was becoming
more and more beni6cent in its effects, and denied
that they had any evidence that its repeal was de-
manded by the popular voice.
There were more petitions he said before the
House against il than for it, and if it the law could
be permitted to stand and be fairly tried in its sn-
utary prospective operations, tits retrospective eff
iects having now nearly ceased it would be ap-
proved and sustained by the whole country. He
was in favor of amending it where defectiye-let
the voluntary provision be stricken out, he said, il
it was the will of the majerity-but of retaining it
as the basis of a permanent bankrupt system with
out which no commercial nation like ours could or
did get along. II this law was to be repealed he
feared it would be another forty years before such
B law would again be passed.
Mr.. DAWSON Of La Loco) made brief and
spirited defence of the law, which he considered
the poor man law and the only n'sa-
sure of relief to the thousands who were now IN
aopsiess bondage throughout the land. he ex-
pressed his regret at being obliged in this measure
@ differ from MS party. and very Peranentiyy,
warned them thar after they had forced gaod lass
R q bad shape upon the country, il they nov sf-
esisa its precipitete repeal just as il was becoming
highly beneficial in its operatisns, and this blasted
he homes Of thousands who were expecting relief
rom It, they would be placing themselves in q
BAD condition before the country.
Mr.. CusHlHa read petition from merchants Of
ehiladelphia against the repeal, and Yielded the
ioor to Messrs. .ADAxs and FEnRIs, who also pre-
lented petitions against the rersai Asser briefly