Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-01
TwENTY-sEvENTu CONGRESS
In SENATE.
.IoMdaY, DlclMJcr q, ls4I


Mr. KING presented the credentials of tAe Hon. Ar
thur P Bagby, Senator elect from the State OF Aabanla
in the place OF Clement L. Clay, resigned.
Mr. BhGBY was then duly qualified, and took III
seat
The PRESIDENT pro ten. ofthe Senate laid before
that body communication from the State Department
announcing that the printing of the enumeration OF th'
sixth census, had been completed.
Also from lhe Department Of War, in compliance
with jort resolution Of 29th May, 1880, presenting
list Of such persons US have applied for pensions or III
crease of pensions.
4 On motion OF Mr. BATES, the latter communlca
ton was referred TO The Committee on Pensions.
Il Mr. WIGHT presented petition from numbe
of merchants Of The city of New York, asking that III;
ope.aiioa # the Bankrupt law may be postponed io
two wears from The lst February next. Mr. W. sac
The memorial was signed by several of the most re
spectacle firms in the city who placed their reasons Oh
the single round that, in this time OF general deprs
sion and embarrassment, 50 large quantity OF ASSET
viii be thrown into the market, as 10 amount alnt
TO the q sacrifice of the creditors 1t was ai.t
IN h. i've of the banks of the city, viz: the Bana
Of Amrri'- Leather Dealers Lafayette, Merchants
i lnd Ph.miy. y
Also, iom other merchants, in relation 10 the SAME
subject!
Tie petitions referred TO The Committee on tht
Judiciary.
By Mr. SMITH of Indiana The petition and pap:r:
of Robert Dckerson Of Indiana, praying to be allowed
10 locate Virginia military land warrant referred L
the Committee on the Public Lands.
MIR. ARCHER presented petition from citizens
the L. S. asking to have bridge built oves the ohlC
river; which referred to the Committee on Road:
and Cann's.
MIR. BUCHANAN presented the petition Of Marga
ret u. SlIw, widow and executrx Of j. ID. Shaw, ask
nc linden nifty for stores lost in the Essex reerfed
the Comrittee on Naval Affairs.
! Mr. SEWER presented the petition Of Captain Hen
ry III Shreve, asking allowance Tor certain in
vrntion used by the H. s, 10 remove snags, Ae from
rivers: referred 10 the Committee on Roads and Canals
I On modon Of Mr.. HENDERSON,
i RcsOir.d, That the Committee on the Judiciary he
instructed inquire into the necessity and Propr'ey
q; providing by law for the appointment OF district
Judge Of the State Of Mississippi, lnd to assign The re
sent incumbent the northern district Of said State md
10 increase the salary to be received by the Judge OF
each district.
On motion of Mr.. ALLEN,
Resor,d That The Prcsiden, of the u s. be request
ed 10 inform the Senate, if in his opinion II may lie
done WI bout detrment 10 the public interest, whethe
any proposition has been made to or received from le
British Government since the 9Th March, lciU, relative
10 rnal right of search and if So 10 lag before The
Senate all the correspondence, together with any III
struction that may have been given since that time by
this Government to our Minister at England relating
10 tins sJ5ject
The following bills introdu ed on leave, agree
ably 10 notice heretofore gwen read the first and by
special order second time and appropriately referred
By .lr. YOUNG: A bill granting 10 the State Of
Illinois an additional quantity OF land 10 aid IN the
cons leon of the Illinois and Michigan Canal: and
] A ill to amend the act entitled SAN act to afpro
pra, the proceeds Of the sales o,the public LANDS, and
10 print pre- cmpton rights" approved September H.
4 1871 so as 10 secure the settlers upon the public
lands otherwise qualified, the rights Of prescription
und,r the provisions Of said act, Whistler the same
shall have been surveyed previous 10 such settlement
or net.
Tiey were severally referred to the Committee on
Pubic Lands,
/ NJ. BENTON, agreeably 10 notice given on Thurs,
day asst asked leave TO introduce bill tor the postpone
inert Of The operations of the Bankrupt law TIL July
II. and to extend It's provisions to the banking copo
rations mfr B. prefaced ms Joiion with long aud
able argument 10 show The necessity"; 'stpone-
ment and the propriey and Justice Of Inal.cing the
banks He argued that in the first place there was not
sufficient time allowed the extra session to discuss and
mlsure lie S;.selSs. - = wss Fedessl wing
measure and could not have been passed, eScepns pre-
m;Gary to line passage Of the land revenue distribution
bin and that il was fanght with ruin and disgrace, and
must be execraed by the country unless repealed by
themselves or nulled by the judiciary. lit was post
poned he would give his aid TO perfect another bill lie
argued that it no bankrupt system IN any sense OF
the term and such, Congress had no moral or conslI-
utonal rlght to pass t-thal purely and simply
m nsolyent law property law, aid law for the aboll-
lion Of debts and calculated to free debtors from their
creditors with the greatest possible rapdIty, ana the
least possible trouble or expense. 10 show that the
ground he took true he conrasted the provisions
of the act with the provisions of the real bankrupt sys
tenn as is known to the commercial countries OF the
world and which the trainers of the Constitution had
IN view when they authorized Congress to act upon
the subject lie maintained that the primary object Of
all bankrupt laws TO benefit creditors and enable
them to have something out Of unfortunate or ds-
honest debtors estate but tina, this act the re-
yerse-was for the benefit of the debtor alone. lie
showed that, according TO all systems of bankruptcy
tn. option of making debtor bankrupt was with the
CREDITOR and argued that in justice It should be So but
that i'm this bill the option TO the debtor
He went into an analysis OF the whole law, and showed
with what case frauds could be committed under it
that man might become bankrupt as often as ne
pleased and that the operation could be performed
four times year. and twenty-five per cent. be gained
each time on tie whole anlount of his debts Ihls
he argued, might become profitable business, and
be the means of introducing new application Of
the credit system, and open up new Inc oil enterprise
10 the modern inanciers Of the world who might choose
TO congregae in America os The purpose OF engaging
in H. Ii was villa: called the voluntary system OF
asnkruptcy-a thing, lie contended, unknown to the
legislation of the world until hached into existence
under the hot incubation Of the Extra Session for the
purpose of catching the votes OF bankruPts, which
were estimated Il. hundreds o.. thousands.
Mr. B. showed how unjust the operation of the law
would be upon the creditor. (he foreign in PARTICULAR
BY the short notice given OF the fling OF the petition OF
the bankrupt. In twenty days after such notice the
petitioner is 10 he heard and the trial to be had In
ninety days the final certificate may be granted; and
every CREDITOR let him lie where he may who does not
appear within these days and prove his debts or dis
prove the petitioners statements, convict him OF
raud-every failing, loses his debts forever, and
is cut of from any share in The proceeds Of the sales
of the bankrupts estate
He summed up the points oil Objection 10 Tile law Is
follows:
First Because il is not bankrupt system within The
meaning Of that term used IL the Constitution.
Secondly. Because il is an nsolveni law, and IS IN
Al.