New-York tribune., 1842-01-31
Mr.. CLAY'S SPEECH

Mr.. CLAWS SPEECH
On tie BiHto Repeal tic BauknptLar.
Is SENATE, Friday, Jan 18th.
! Mr.. Clay said that the aowcrt o establisha svs-
tcrn of Bankruptcy -cxprcsSl ' granted in the
Constitution upon the condition only that the law
should be uniforms and the motive which iaiiu-
cnccd the States in making this grant, that the
creditor and debtor III portion OF the Union
should be- placed upon the same footing with those
of another. He would no; speak with regard TO
the retroactive OF pectivc=opcrat!on OF Bank
tnpi Law; but it nightn not be improper TO remarh
that the tnccnrs in times Of calamity and distress.
spungcd hc=pccunia1v obligations of the uAfor-
tunac debtor, and passed other measures for his
relief. There was a high obligation on the part
OF the General Government To perform the duty
growing cut of tho Investment ut the power toes
'abiish uniform system Of Bankruptcy. Was 1t
supposed thai the commercial States would ever
have consented to invest in Congress this power, If
they had supposed that it would have remained d
dead letter in the Constitution No: they con-
ccivcd ti.ut Congress would exercise ii, and pass
Bankrupt Law uniform in It's operations through
out the Union. The Constitution ;tll#ag gre
gaic of power Of which the States stripped them
selves and vested il into the General Government
for the genera; good of the whole; and with this
view, the power to regulate commerce w;ls ever
cscd ius the benefit of the navigating interest
wcIl was cnjovcd BY but few OF the States; and
50 with other powers and this was the case too,
with regard to1lc power To establish a uniform >ys-
tenn of Bankruptcy, few states only being interest
cd in ,llc exercise OF it, But was the duty Of
Congress to examine into the interests ol all the
States. If, for example, in some States, there was
{; slight interest or an advcl>c!rcling, and in other
Stl.es Il vital interest what ugliitob bedone? HE
Union was {; family OF States, and their tratc.nal
affections, and their harnoly could only be pre-
served by mutual concession. Therefore, if any
man believed that particular measure would IL
ict partial injury on li> STATE, ne would con
tent himself with the rcfcc,ionthat i, was demand
lcd bv tie peculiar interests At the other States.
Under these views then, of slight interests
hund, and of great interests upon the other, 1t
sccncd to him tn,t Congress was bound To lcgls-
late witlou, regard sectional divisions, but for
the entire country. The States tied cir.o hands.
that Congress might act; but il 1t would
act. the hands of the States ought To be united.
About twenty wears ago, whcn state OF things
similar tn the present existed, he took the ground
in the House ot Representatives that Congress
ought 10 exercise the power 10 establish 4 Bank
rupt Law, or surrender 1t and Two wears ago,
when his late colleague Mr.. C,rittcndcn) intro
duccd bill Of that character. he voted ton it
moi because his own State WAS particularly inter-
cstcd Che did no, believe that five hundred ci,-
zcns of kentucky would avail Themselves Of it,)
bu. for the reason that, IN looking 10 the interest
Of the whole, II was necessary 10 make Il shght
sacrifice for their benefit ZWhcu ,hcv met al The
Extra Session, they maturcd series ot measures
which were to ccct different purposes IN the
uniml and in different degrees: and gentlemen
who voted for these measures voted Tor them asa
whole svsicm,= m,=,aking the part least #dlsadyanta-
geolls To their States. because The system
carried with ii the relief which they desired 10
Obtain That wa, the reason why he voted for
the Bankrupt Law he considrlc, the bill pro-
posing to repeal This sort "i entering
wedge To the whole system. II be followed up hI
the measure of the Senator from Missouri, Nli.
Linn) 10 repeal the Land Distribution Law, He.
did nor complain OF this. as some gentlemen dis
approved Of the proceedings OF The Extra Scs-
sion but he called u-on those whollad concurrcd
in this system and would inquire whether they
were ready to undo the blessed acts which We're
then passed, and strip the people OF the lnitcd
States of these benefits His colleague (Nll.
Morrhcat) thought that he Mr.. -Morehc;d)
might vote for=thr repeal but he (Alr. Clav)
with a knowledge o. the magnanmitv and the
Justice o the people of kcnncky. knew we'll
that, when the question WAS rightly put 10 them,
they would not refuse to extend their hand IN
their cow-citlzcnS who are now writing Under
the distress which measure ot tins klnd could
a>suagc.@ Had there been any mitigation o the
public distress any return oi prosperity IN th'
connl,v la t.,vort the repeal NaSnotlhe reverse
of all tins true Werc not all l,hr=conSidcra,i"nS
which existed when The law was passed much
stronger now then They then and we're.
likely ~