Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-15

of the bankrups estate 90 that the alternative: are
between toreltng your debt for not proving 1t: and
losing il By proving it..
10. BY the English system Of bankruptcy, no: ,ny
those who lose above certain sum by betting r. by
gambling in stocks, but those who waste their etaes
by cxrayagant living, are excluded fsom the benut OF
the acl. With US there Is no distinction. The gam
bier, fresh from the Llackleg den, the "bh' c. The
'btar, straight from the stock exchange; the 1end
thrift, fresh from his d-bauch and folly, all upon
level with the frugal, The industrious, and the anor
tunatf.
IL. Then the final rertfratc; and here the
greatest outrage OF the whole remains to be perpera
ted The final certificate is to cancel the teti; and
this certificate, under every bankrupt systep ever
known must he signed by large majority Of iic Gre
itors-by four-iilhs in number and value in F. gland
and by lwo-thirds under the act established IL The U
$. in 800. Under newfangled, extra SEES sys
TEN, all this reversed. The certificate OF court
alone without the OF single jinr, Is
nll. exngnIshcs the debt, and releases all ure nc
QUESTIONS Of the dcbtnr. This is innor,i il is
unjust and UNCONSTITUTIONAL and contrary to : whole
design and policy Of bankrupt system. IT lakes away
debt without the consent of the CREDITOR deprves the
debtor Of all nducemcnt 10 acl fairly towards his cred
tor, and demorazes society by putting tn;o Toe power
of every individual 10 sponge his ueot wben hf
pcases. While the signature Of the creditors was ne
cessary, salutary restraint was held over the con
ly BY his CREDITOR pay him if he could; f he could
not preserve at least his good opinion by The frank
ness and integrity OF his conduct. To debtors who
behaved thus, rarely happened that the creditors re
fused certificate; the contrary, they of.en set hin
up again in business. Still, if they chose 10 refuse
the certificate they had right do it, for the Govern
had right TO cancel their debt without Their
consent. This a point which make against tins
act IL cancels The debt, and releases future acquIsi
tons Of property without tin consent OF the creditors
aud /" % il by virtue OF the bankrupt power
say the bankrupt power extends TO 10 such iniqui
tous proceedings that il is gross perrerson and msap
pcation oil the system that The act is null and void
that no Judge ough. TO execute IT. and here declare be-
fore God and man, that il was judge would not
execute il.
i. Finally, as to the duration of the act This is
intended to be permanent. There is no limitation upon
the number Of times tat the person may take ad
vantage Of it. The only restraint upon lis continued
use by the same person i'll the condition prescribed
in the 18th section, and which requires seventy-hre
per centum of the debts 10 he paid at the previous dis
charge in order To eniitlc the person 10 be dis
charged again: and long lie pay seventy
five per cen'um. Upon this condition man may be
come bankrupt often he peases; and The ope.
ration be performed in ninety days, (Which Is four
times year, and twenty-five per centum be cleared
every time the whole amount Of his debts, II may
become very profitable business aud be the means OF
introducing new application OF the credit system,
and open up a new line Of enterprise 10 the modern Ii
nances OF the world who may choose 10 congregate IN
our America for the purpose oi engaging IN II.
This Sir, is the act-i,s principle and lta leading de-
tails. This is VIVA; is called voluntary bankruptcy u
thing unknown 10 the legislation OF the world, until
hached into existence under the hot incubation Of the
extra session. This is voluntary bankruptcy, And
wha; hut nsnlven law, for the abolition oil debts
al the wall Of the debtor What is but property law
for the payment OF debts with property, where lie debt
or has any, and without property, where he has none
ba-, law 10
it is property law, y virtue Of which, the debtor can
extnguish his debt by surrendarlag his property BE- "
much little, and whether the creditor consents or not
This is the best aspect under which it can be viewed
and, seen in this light, It is unconstitutional and M
ouous and incomparaby worse than any property
law ever passed BIZ the States. The property laws
passed by Of the States were nj least conditional
and optnnary md required the property 10 be worth
more than the debt for which rendered, with the
privilege TO the creditor refuse il If he pleased, and
take security for the payment OF his debt within
time The judicial tribunals nullled these laws of the
States as uncnns.iutiona and public opinion condemn
ed them immoral But how infinitely worse IS tins T.
deral property law which Congress has enacted Tor The
whole Union Under the State laws, it was only when
The creditor had pushed his debtor 10 execution, that
property could be rendered 10 him at ALL here under
orr Congress law be rendered NJ any tne even
when the creditor has brought no suit, and Is no way
pressing pushing his debtor, aud would be wiling 10
give him time and take the chance OF pay gradually
property was valued; and if accepted, only counted,
rs far as il went al deduction Of one-third one
fourth Of its value here under our law there ~ no
valuation and The debt il extlngushed by the tender,
be the amount little or much, something or nothing
Under the State laws the creditor night refuse
the property and have security for the debt and the
interest under this property law Of Congress, there
no option-no right of refusal and election OF secu-
rty; the tender is absolute and extngulshes the debt
whether accepted or not-wheher worth much, llttle
or nothing. Finally, when property was rendered I'M
der the State laws and accepted BY the creditor, lie
ceived himself and sold it himself TO the best adyan
tage, paying costs and charges 10 nobody under our
law to the contrary, the surrendered propery-or ra
Their the list of (ior nothing delvered)-g"es TO the
assgnees; and they hunt IT up, gather together Keep
it, pay themselves for their trouble and expenses which
viii usually consume the whoe) and pay over the re-
mainder, il any thing TO The nsuted and plundered
creditors.
Taken under its best aspect, and this act is proper
" law such as no State the Congress of the U. b
has right pass, such human beng ever dream
ed Of when Constitution was formed, nor for MY
wears after it. Taken under liz real and proper aspect,
and il is an nsoycnt law; and is, in that respect, an
unconstitutional invasion of the rights OF The States
to pass such laws and must during It's existence, ST.
lence and nullify the State laws rs two sets OF laws
from the two different Governments cannot be in force
al The same time and the Federal authority overrides
that of The States when they act upon the same sub
ect Taken the best, it is law TO discharge debts
oy rendering property but Congress can no more make
such law than State True, The prohlbtory
clause in the Constitution only mentions States but
was not necessary to mention Congress, which can on
ly do what il is authorized To do.
che bankrupt clause in the Constitution cannot CO.
yer tins act That clause authorizes nothing but the
establishment OF the system Of bankruptcy known IN
England nj The time of the adoption Of our Constitutions
namely an act for the benefit Of creditors to enable
them 10 secure thing of debtors estate which
vas going to ruin; it was confined in It's operation to
the trading and money dealing classes, including all
the banks which not specially excepted by law;
the remedy in The hands of creditors TO commence
it when they thought proper and the final discharge OF
the bankrupt completely in their hands They did
not grant the discharge unless fourhs of the credit
ors in number and value concurred in it. This was
and the English system. 1t was the system IN the
contemplation Of the trainers of the Constitution at the
time they adopted it. This we know from The history
of the times, from the debates of the Convention as
reported by Mr. Madison and by the conemporaneons
exposition of the Constitution in the early bills brought
into Congress to establish bankrupt SYSTEM IN The
bill which passed into law in the year lolo and
La tbarI nj