Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-26

ruptcy, stood out prominently among the causes
which induced the separate States of North Amer
ca 10 desire a more intimate union. The cd con
ledcta'ton was powCrlcss upon this subject because
could not act directly upon persons and property.
But IN the deliberations which resulted IN the Tor
nation Of the present Constitution, there was but
| one opinion SO lar as he informed of the ne
4 ceSSi'y Oi general regulation of the oscofdnnt
systems Of insolvency which prevailed m the differ
ent States; and We fluid the two subjects OF nauri-
| cation aud bankruptcy cassed together IN tho same
clause As matters of equally high necessity AM mn
rorAucc The evil which was telt then, has grown
| with the progressive increase OF commclcial inter
course kctwecn the States. The law is now set
ted that the State Legislatures may poss Bankrupt
| Laws. 90 the absence of anv enactment 10y Con-
rross or which may couh &c; with such enactment
so many common features belong TO the two syS
tens TIM; II IS difficult Ia distinguish clearly he
tween them, 20 define the separate and peculiar
characteristics of each. For instance, were Con
gress TO pass law releasing the person Of on IN
| sol INT tsom Incarceration, hut leaving his future
acquisitions subject to his creditors clam, would
bc difficult - no that this was an lnSo,vent, not q
bankrupt law, and, therefore, unconstitutional. On
the other hand IT a State, las New York has, }
enacted measure which had the effect To release
the debtor from his contract entirely, It would not
| do 20 saw that this was bankrupt and not an IN
| solvent law. In truth, we must look for u larger
definition OF the term Bankrupt, end regard it a
| "eeSSto bcEoTtm," by which a debtor purchases
| immunity OF person 90 property, or any postponed
| or modified liability OF ei'her. The power OF LIE.
GiStatuu On thS ntAu is concurrent, Nith congress
and the State Legislatures, with the qualification
lust stated How, then, 40 NC stand1 + ich State
has MS ovent laws. No State has extra
| territorial jurisdiction. She only exercise II
owe her own citizens IN her own cours ana IT the aw
OF the STATE where the contract TO be performed,
| follows IT, and rs the law at the contract when
sought TO be enforced IN foreign forum, u Is only
upon the variable principle 81 rational comfy that
6 ~ ced when Il does not coniravone is own IN
| IernSl regulations or views of policy. \ debtor
who Is certIhclted IN the State Of New Nork, to
/ his domestic creditors, Is yet expo ell TO suit ~
cred tors OF the next Stale INTO which he seis his
foot. ana Is by no means eerain, thit his oerlif
| cate would protect him m all the courts OF the
! Union from creditors Of his own State, who might
choose to pursue him. Again, as things now stand,
here IS cheek upon :hc power OF State lc.iSla-
ton 10 create unequal and improper preferences IN
iavor oi its own CT zeE creditors, which would bc
Irritating in CIR elect, and wholly az with the
spirit oi tina; infinite commercial intercourse which
was intended 10 sU6sist between tie States. And
number OF anomalies end conflicts OF law. arising
from the ptCscnt condition OF things would readily
occur 10 the minds OF the lawyers OF the House
VII ch MIR u. thought OUCH, to be prevented.
But Il was as domestic question ihat NJ D. de-
sired Principally 70 present the subject. He APP.
pea.Cd 10 he experience OF ALL "a 10 the wofl' IN
huence OF iue State avs ct insolvency. upon he
happiness aud morals OF the People. Il is very
true these laws Cid not author the creditor to cut
his nSovent debtor INTO pieces sci. him into
slavery, nor invade the chastity OF hts wife; out
/
| almost as irrcdeemabe. The talon of every creII-
tor is forever over ms head ready grasp every
acquisition, and he nus endures Uy1ry at pcrSe
cntcn, under winch ms energies sink, and hone,
me courage oil the brave mind, $ crushed within
hun. dependant family, huusarng fo5 bread
Oppose TO hs sense 81 Obligation the most mqerious
impulses OF the human heart. BY .i.t.e and ttIe
na' Us Weakened ana " sens, oil wrong and injury
grows up i"Hs place, ana under Go. nope e>s misery
OF s'cn eleuls i-'esi VIII NOT ask what inso vent
ueoior mas Renewed ms fallen ioT,un-s-cut Wi
press an even more melancholy enquiry on the
HOUSE no" many, IN slch e Csc, nave even pre-
Se''eu ''sH D" e-i''Si -" u'e oi"eT hAnoi Nr -.
So"'I point 10 instances, mo 10 inc names OF men,
WHO, even 10 this city, having been overw be med
oy Ine Weiss Nies oir'de' nave, under The ben ncent
operation OF lh@ i''me' bankrupt l" retrieved them
se''es-H'' N'f' name NNh'i yMous WIN COM
meToA. Ho"nr ana p''Va-c worn, and have LETT
auunu'"t provision i"r t'tf cHI dl'n. our Inso.-
VEN "" " -"- '.'- Manu. 'ts 20 le tNacirs cTeJl
''f we ''ts OF H's eF'. ~ 100 brides han io op
F'ess'V ""-'>- '' "-. Ni.' i. inc s,fl on ciy'ne
oent''.,"' e., owe DIS Ge''' % PROMISE no'hiu-
"'r P'-.-'eI - A-' ministers lhat
eq my "".." is tiI lN--nI tenp's the l1lIlu2
Ht''o' 10 '- honest J. ZEN "'f5 i1c f-or 90 those
i-"s' Oh" '"y i.- % ,"e e'.-.tof' 'ne exercise OF
""'c'' -'""i't- 10y -h- 1'i nj s'n, presents daily
arc hou'y SO marry pictures oi suffering and OPP
P'.''- ""'e' ".e '''"'''- i' Zoe heii., on- ols-
-'''e''- I'D "'' '''i'"4'" nature
Passing from these considerations, AIr D. had
other strong objections 10 tns and other sim lar reso-
lurons Ii proposes 90 instruct our Sena0 on the rs
pea Of the Binkfup; Law. Gu tonO2 Have they not
voted a-slnst n, and will they Tor the perd
ins measure OF repclH But, gentlemen say. they F.
wish 10 draw party .nes--to see who will vote on /
this or that side OF particular questonsto lct the /
people what the opinions of ourselves and /
our Senators. Tacy avow this purpose, and take /
issue with them at once | say they have no .
usht 10 get NJ these issues here for domestic
consumption, or probably 10 render those un-
their position whose selfe urr galfret