The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-02-17

national policy enjoined by the Constitution,
demanded by the interests Of all classes Of
the community, and signally characterized
By 40 expansive, but discriminating heney.
oleoce. 1t was urgently called for by inou
neral petitions, presented TO each House OF
Congress. Since that time, such changes
as public opinion has undergone has been
favorable 10 the act. Its opponents have
become IFS advocates and these, no longer
confined to the commercial community, are
lound 10 all the various classes of our citi.
zeps. Under such circumstances, al q mo.
ment of great and general suffering, when
universal depression and wan. Of confidence
pervade the community, we are called upon
publicly 10 repudlate our own counsels; 10
acknowIed &c our ignorance Of what il was
which the Constitution and the public inter.
est demanded at our hands, and to forfeit,
BY ST i,,fying ourselves, all claim to public
confidence.
! Mr.. b. said he could not submit TO such
coorse Of legislation, excep, under the
pressure Of an irresistible recessi,y. To
show that 20 such necessity existed, he
| would briefly examine the objections which
had been urged against this law. These
objections, as they had been stated at dIf.
ierent times, were
l. That the law was imperfect, and re.
CURED amendment imprac,icabe, and
could not be carried into operation.
z. That il was unconstitutional.
3. That IT was immoral and corruptiug
10 lis tendency.
4. That il was inexpedient, not demand.
cd by the necessities Of the country, 10
which State legislation was entirely ade.
qua,e.
D. That ii will encourage q wild spirit
Of speculation.
9. That II will increase tho embarrass.
mcnts Of the country, by forcing upon the
marie, one hundred millions of bankrup,
property.
Z. That il is perpetual.
First poias Mr. BERRrEN said the mer
It Of drawing the bill which was passed into
a law at the last session was mol claimed by
the Judiciary Committee. The RESPONSE
blli'y Of adopting i, was cheerfully assumed
The subject of bankruptcy had been constd.
cred in the Senate at two preceding
J sessions, and, from various plans which
were suggested, this bill, in the form 10
which II was passed at the las, session, was
ultimately adopted. |. was presented in
/ that precise form, as one in which il vas
least likely to encounter ohjection--nol as
perfectly faultless, fer it was not believed
that any merely speculative legislation
could produce such a result, but rs one
which was capable of being carried benefi
cially ioio operation, and upon which mih hi
be engraited those improvements which
experience should suggest. There we're,
he said, in his Judgment, mistaken views on
this subject entertained by the friends as
well as by the opponents of the bill. The
latter had INDUCED 10 general and indiscri.
inmate denuncia,on. Their objections,
whom specified, we're answered without diff.
licully bu, its friends had in general con.
tented themselves with replying tina, these
objections might be removed by q supple.
mental bill, and therefore furnished no
ground for a repeal Of the present law, thus
implicitly, and sometimes expressly, admit.
ting the alleged defects OF that law.
Mr.. b. said he was no, disposed to make
this admission. The law commended it.
self to his judgment by the simplicity of its
machinery, by the absence Of that compli.
Gated agency, to the blunders and delays
arising from which the repeal of the act Of
1900 vas 10 be ascribed. This law defines
the principles on which it is TO operate
designates single and competent judicial
officer TO apply thom-auihorizes him TO
provide the requisite ASSISTANTS for the con
duct Of lis details-arms him with power to
prescribe suitable rules, regulations, and
forms Of proceeding, and then leaves it to
experience TO suggest the improvements
which may require legislative interpositon.
The evidence of the practicability Of the
law, in lis present form, is 10 be found in
the promptitude and facility with which the
judicial officers entrusted with its execution
have prepared to carry it into effect.
But the amendments which were pro.
posed, Mr.. D. said, applied no. to the form,
but to the principles of the law-were TO.
uOfGEoC W thC NiCNS VI liiGIus-
we're intended TO defeat, and would defeat
il, If they wore adopted. They proposed
|. To limit its operation to traders.
.. To make it merely compulsory on the
debtor; and to deprive him of any option |
TO originate proceedings under it.
3. To prevent its application to erisiing
contracts.
4. To make the assent Of the creditors
necessary TO the ailo,cance Of the certif |
cate, and the appointment Of assignees.
5. To include banking corporations in
lis provisions.
A bankrupt law containing these regu,
Iations would find few advocates in this
chamber.
The three first Of these proposed amend
men,s, Mr.. B. said, properly belonged to
tina, portion Of the argument in which the
question of constitutional power would b.
discussed. On the two last he would sub.
nit a brief remark