Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1842-12-24

under the Jaw and having thus become bankup himself
he would BY the repeal be deprived OF the same benefit
and emed 10 the tender mercics OF the old insoent law
Yet Notwithstanding this. Mr. W. was Tor an uncondton-
al repeal take effect from the passage OF the law Let
those who had applied the 5th OF December get all
they could before the law passed. but there let all proceed
ings stop. Now, such bill the House could pass to-day,
and he was for passing to-day without modification and
without reference He believed that this bankrupt law
had produced than half the distress under which the
country laboring. (Cres OF "Oh oh!'l
had caught the country the very moment when the
chiefpublc evil general Of confidence, and what
most required sustain the doubtful credit OF mc
camille vet that the moment when the law
stepped and gave the couple credit
From that fatal moment suits were commenced by men who
had before been from SUNG and from that day
this the bankrupt law had furnished prctext for every
pless who disposed grind his debtor dust
Most truly might be said Of this law, that made the rich
richer and the poorer 1t had been said that those who
the mosunworthy had already taken its benefits, while
those who the worthy remained veto be relieved
II might be The modest and backwardman, who could
make his way the crowd might possibly by this
peal, be cut off from his opportunity; but still Mr. W. was
in favor Of an unconditional repeal Il would save many
creditors and aid the country TO revive
Nor would he delay the repeal for the sake Of including
the banks. Indeed he thought this the of all
moments have them inserted The agony with
the banks The blood had oil been squeezed out of that
turnp long ago. They had been curtaling and cuaing
to the last shilling and low they brought that the
Democrats hemseves-yes the Democrats of Virginia were
pleading, in the Legislature for permission for the banks ID
issue small Not for the banks sake but just for the
sake OF their dear dear constituents Tho banks were
calling in their circulation and very there would be
nothing circulate Could any gentleman desire yet
Their be turned still further increase the misery
Of the Peopel Why, things give him fifty thou
sand dollars in hard cash, and he could invest II in
property, which, the country at all recovered would be
worth half million. What, modify bankrupt law so
include the banks7 Give the yet another tun
He hoped The best thing Congress could do for the
People grant them at least some relief by the i'm
mediate repeal of an odious and pernicious law
| Mr.. C. BROWN, of Penusyvaniy said there never
aacy than the idea that to stop the banks which
in their Of curang was to put another
|
for the sake Of stopping the from being fur
Their turned upon suffering people that he desired
the banks included in this BILL TWAS the struggles Of these
corporations sustain themselves which had created all
the difficulty. The moment the banks ceased to curtah,
from that there need of turning the
Ii that the assgnees did collect the dues
of the banks. but they did collect them the of
25 per 60 days. and 30 per cent in 80 days Mr. b.
spoke of what took place every where The banks in Pha
depha had continued put the till their inso
vency became public. and then the community began -
breathe The sound and solvent banks relieved from such
insolvent They were doing sure, though COM
paratiycy limited business and the people felt nothing OF
the former pressure No pressure in Philadelphia
do you say7 And the operation could be extended
throughout the State asmar change would be experienced
everywhere.
Mr. B. was ready to pledge his life upon that in a single
the people would be the high road prosperity
For he ready and willing TO put the banks under
the effect of the bankrupt law the best mode OF re-
eving the people. In all the Of what had been said
by the gentleman from Virginia, Mr. B. entirely concurred
He had fear of the consequences of the bankrupt law;
he thought had done its worst but little harm could
be effected by it, while immense good would result from
tending TO banking institutions. Mr.. B. would do this
without moments hesitation. The object of comforting
Congress the power pass general bankrupt law
prevent the States from enactng laws operating inuri
ouy the relation between debtor and CREDITOR and the
object of such law when passed place the people
of the United States all upon the basis. No distinc-
ton ought be made between individual and corpora
ton OF what did corporation consist but OF individuals
acting under common II the corporation
traced debts should be placed under the rules and
liabilities individuals Mr.. b. had fears of in
terferng with State rights. The State had right
clohe any corporation with exemption from paying its
just debts He would make difference between trader
in goods and bank, which trader in money. He
would place them alike under bankrupt law and believed
TINT nothing would do greater GOOD.