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

carrying loss and injury TO the community wthih II
sphere The rising generation must feel lis ba!eu hn
ence. The facility with which debts can be thrown OF
Ill be inducemen 10 contract them, and Hcence u
spend in dleness vice, what should have gone 10 TIT
creditor. Can such la@, he asked stand without demo
rallzing pos,ery: without teaching the rising genera
ton 10 become spendthrIfts aud bankrupts instead
becoming useful aud respectable members OF society IL
mercy TO posterty, If not in justice to themselves, nc
said they should repeal this law They should not sui
fer the young and flexible mind 10 say to ITSELF while
contracting debt Tie tam stands really 10 release M
from Il ehcncrcr ! choose to Mr0,c IL dozen.
Mr. HENDERSON said he could not sit by ano
hear the remarks of the Senator from Missouri, with
out Offering some few words in reply The Senator
said he did not debate the Bankrupt bill at the specia
session WHY not The bill was brought up, argued
N general aud in detail by Senatorso on all sides, a
would be well remembered by the Senate and the coun
try. Every part of II discussed and every prov
SION alluded 10 by the Senator from Missouri, this
morning, and if not BY him by others opposed 10 The
bill.
The Senator had also pronounced the bill mere in
solvent law ard greatly immoral in lis character
Ii 50 immoral, which he denied the discovery was no.
soon made: for the Senator had not thought rope: =
make complaint Of The nsdpen, laws SO long in .orce
in many OF the States. .1s ]. ~ 1b.nlveat Law
and n, insolvent law it was well known, could reach
beyond the States. The Courts had uniformly decided
that any such jurisdiction extended beyond the powers
Of the States and encroached upon the powers OF the
Congress of the United States.
The Senator had also made remarks in reference 70
the assignee portions of the bill, which not
.an;ed by any thing in it. Equally unjust what
said If the party character OF this bill. 1t orgl
mated with Senator from Michigan, Mr.. Norvell, a
political fri nd of The Senator from Missouri and what
honor belonged 10 any for its introduction here
belonged TO that Senator
The Senator had also pronounced the bill unconsti-
tutonal and had told us what he would do if he
nh, N fha Soma tnr
condemn this measure in advance, Why could he not
wait The judgment Of the Courts as he convinced
the bill was uncc Institutional:
He commented also upon what the Senator from Mis-.
sour had said of The difference between the BaGkrui,
bill Of England the till passed Al the extra session
II Congress There was such difference az he had
specified and the Of the law in reference 10
pora;ions were the sane. There Bankrupt law
in the world which included corporations. II seemed
singular to him, also, that the Senator should oppose
the bill for the e had gwen particularly when
he remembered the views which that Senator had ex-
pressed upon the Indebtedness Of Europe. The Sena
tor had placed himself IN position here 10 advocate
the rights OF creditors III Europe ye, no one Was more
anxious than he was, occasions, 10 sho@ how
little those creditors were entitled TO.
Mr. BENTON interrupted tie Senator from MIssis-
sipp to deny the allegation, aad challenged HIM 10 the
nroof Of wha. he asserted.
MIR. HENDERSON would II axe no particular spec
fcaton but he would remark different occasions the
lie apprehended that The Senator would soon be found
tie side Of the banking corporations, who were
asking Congress to repeal this law. Many Of the banks
would oppose this law, for would soon expose the
rotten condition OF their affairs aud their small assets
without real foundation for their issues. lie therefore
expected to many OF the moncyed corporations of
the country opposing this law and asking for its repeal
They lad already such application this morn
lag III tie petition presented by the Senator from New
York, Or Wright and that too, under no other suise
specification than that sacrifice o! property must
ensue from the operations Of the law. The effects
which m st 90 into insolvency, would no doubt, be
great; and he felt confident that dishonest had
more 70 gain under this law, than an honest man
had, notwithstanding the Senator from Missouri had
maintained position to the contrary. lie was no, now
prepared to the labored arguments Of The Sc.
nator; but, when the b came up, he would, ii 10
other gentleman should feel disposed 10 do 80, 20 into
response with regard 10 the constntonaty Of this
law.
Mr.. BENTON understood the Senator from Mis-
pi IA s4yinr that he was former occasions ~
posed to paying Europeaa rr""',v.s:f las % 't'r.
Il WIZ trut that lie objected ~ be proceeds or the a4u
lie laads'being applied &c HAT object, hui, other
courts they were fairly entitled 10 settlement of their
debts What he had said former occasions in refer
ence TO foreign creditors was that he would not give
the proceeds Of the public lands 10 them any than
lie would give them to his State, consent to his
constituents taking any part Of the pubic plumber
which the act authorized.
Mr.. WRIGHT said he simply in reference 10
the allusion made By the Senator from Mississippi TO
petitions presented this morning and signed By mer-
chants and bankers of New York. The Inference oil
tine Senator's remark is, that those banks nsoven
because they recommend the posponement Of the ope
ration Of the act. The reason alleged for the infer
seemed very strange. 1t IS, that they are not
ready - come forward and purchase all the property
that will be thrown into the market at auction by the
operation of the ACT and hence it concluded they
fhair rpps ha axhi tod
He (Alr WrghD not prepared 10 be driven eyond
his choice into the defence oil banking Institutions
But if there is such thing sound bank, It to
be deemed unsound because It had prudence and did
not think itself prepared to eSpend lis means the
purchase of property thrown into market at any sacs
flee under tins act; What to become of the bust
community if banks, for such reasons, 10 be
deemed rotten unsound: One Of the for the
scarcity Of money, which calls for the postponemen
Is, that individuals hoardng up money for the har
they expect 10 reap the auctions expected 10
suit from this act when goes into operation And he
believed it the duty OF sound banking Institutions
Congress of the fact and show the proprety Of
posponenlen But because they do this the inference
IS drawn that they unsouud Insalyent. 1t
the singuarity OF The that induced him (hlr
Wrigh) TO rise and make these remarks. lie en!reat
ed that effort would be made 10 the prejudice OF the
petitioners, whose petition he had presented; but let
them look at the subject business men, and with
becoming sense Of Justice.
Iclnuihcu tldl hc diu Hot -.
tempt to specify any particular banks rs being sol-
vent but had meant 10 say that II more ''k"i"
insolvent bankers would oppose the bill r.
balance accounts with their creditors.
Mr. CALHOUN did not rise TO oppose y
for he should vote for it, believing, "a IL
word uttered b. the Of the BILL a. to I
feet Of the Bankrupt act. He believed tina
one Of the most fragrant laws ever passed IN
II had risen 10 say he hoped the Senator vi
would no, only persevere, but q little ia
amend his bill 50 repeal ,he act instead OF post
poning lis operation. Ii he did not, lie would himself
make motion in the proper time 50 10 anend the pre-.
sent bill. lie had presented, few days back, me-
mortal from the Chamber Of Commerce in his own
State praying for the repeal Of the act and this alone
# his opinion not against II, would induce
liim 10 make the amendment. There part Of
The Senator's remarks with which he did coincide |