The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-18
THE BANKRUPT LAW.

THE BANKRUPT LAW.
Mr.. CLAY remarked that he had received four pc
titions from the city of New York, two from other
parts of the State, from the city of Troy, one
from New Jersey one from Baltimore, and one from
Louisville against the posponement repeal Of the
Bankrupt law. He begged leave to submit one or
two observations upon the subject 1t stated by
the Senator from South Carolina, (Mr. Calhoun J
when that gentleman presented the resolutions of the
Chamber of Commerce of the city of Charleston, that
they ought to be extremely cautious at this moment,
and in the dsodered of the currency how they
passed Bankrupt bill for under its provisions more
than three hundred millions of property must necessa
rly be brought into the market and disposed of
great sacrifice This remark coming from that source
might be calculated to make unfavorabe impress
| sion in the public mind; and he would observe that
he considered it TO be merely assumption, grau-
itous observation t, the amount which was held by
that class of persons whom the law would operate
II well known that, even if this property
thrown into market by the Bankrupt law it might be
exposed to auction without competition, by the
ties and officers charged with the execution OF the
process of the courts for the instance of one Gre
dlo the property of the debtor could be exposed to
public sale for the benefit of the creditor: whereas
under the Bankrupt law, the assets of the debtor
would he distributed among his creditors pro rata
and the consequence would be that every creditor
would endeavor to make the sale profitable as pos
sble and carry much higher than if the effects were
sold under the mere operation OF execution law
lie wouldtake this occasion to refer to matter per
sonal to himself, although he never wished to bring
himself into notice. He had seen in the papers an
intimaton that the movement in the other wing of
the Capitol, to repeal the Bankrupt law had been in
stigated by him but he scorned to enter into de-
fence of the charge, because it was so Inconsistent
with his whole character, and imputed to him
tives which, if true, would be dishonorable to
him As well might it be said that
he had induced instigated the honorable Senator
from Missouri Mr. LNN) TO introduce bill for the
repeal Of the Distribution Act. But, whilst he owed
it himself to treat with contempt and scorn 50 exc
cradle and base nsinuaton, and 50 destitute Of
foundation, he would make remark with reference TO
the delegation of his own State At the last session
of Congress- when the Bankrupt bill came up every
member from Kentucky voted against its passage
One of them however, when he returned to his con
sttuens, found them dissatisfied with his vote that
he felt it TO be his duty TO retrace his steps whenever
an opportunity to do SO should be afforded But
seemed that he (Mr Clay was 70 be held lesponsi.
biz for the votes of his friends from his own State!
Those who thought that Kenluckians were made
Of such supple stuff, had yet to learn their tue
character and that lofty independence which they
displayed upon all occasions they had vet to
learn that his friends in the other House had as much
right to dictate his vote he had theirs and learn
that his friends thought and acted for themselves
without regard to man from Kentucky or any bod,
else He begged pardon for the ausion to the base
and groundess impuation, but it was of such a ma
turc as to induce him to bring it before the Senate.
tween Senators in this body and himself-a dfc-
renee which they did not regret more than he did
he hoped that they would not deny their testimony
(due to an honest man. honest in his private and his
public lifc) as to the motives by which he was actu-
ated.
Mr.. WALKER presented a petition remonstrat-
ing against repeal of the Bankrupt law, and moved
to refer 1t to the Committee the Judiciary with
instructions to report with all possible despatch an
amendment including banks in the compulsory pro-
vision, and such other amendments as they may deem
advisable.
MIR. BERRlEN took it for granted that this motion
would lie over for the present. as the subject one
OF grave Importance and should not he acted upon
without mature elaboration.
MIR. CALHOUN presented memorial, suggesting
certain amendments to the Bankrupt law.
Mr.. BUCHANAN presented a memorial from the
city of of Philadelphia asking Congress to make sew
eral amendments TO the Bankrupt law ); and if they
should not be made, that the act be repealed
MI 0HoaIE presented memorial, for repeal \
of the Bankrupt law.
MIR. BERRlEN presented petition from Augusta
Georgia, praying for modification or repeal Of the
Bankrupt law.
MIR. ALLEN presented memorial asking that the
Bankrupt law may be repealed
Messrs. TALLMADGE EVANS MILLER /,
WILLIAMS, BATES, BAYARD. BUCIIAN.
HENDERSON, R1VES, PORTER, YOUNG. II
CHOATE, PIERCE, BERRlEN, SMITH, of Con-
nectcut, STURGEON HUNTINGTON, MER.
r,iiSh, WooDbU Rl fIlELPSi and the PRESI-
DENI, severally presented petitions and memorials
adverse to p)sponcmenl OF repeal of the Bank
rupl law, a
THE ARMY OF THE UNITED STATES.
On the motion Of Mr.. CALHOUN, it was resolved 0
hat the Secretary of WI be directed to report 10 the
senate the average strength Of The army including the
adets at the military academy al West Point during T.
he year cnding 30lh December last, estimated by the
verage strength of each month with the proportion i
It officers TO men estimated IA the same manner and II
H. expense. account of the army including The II
cademy Tor the same period as ncHy % ron be- d.. II
crtatne1