, 1842-02-12

State. And when the debtor who had avail
ed himself of the benefits of a bankrupt Law
of his State should pass the bounds of hi
State, he would be subjected to the actor
Of other Legislatures upon the subject
Therefore, such laws as could be passed BY
the States, would be found to be inadequate
Mr.. Buchanan then expressed his pleasur,
at their concurrence in opinion on the points
of constitutional law, and reiterated his state
ment of The law as it now stood, in order L
fix the attention Of the country upon it. A
discharge under a State bankrupt law wa:
absolute between citizens of the same State
and would release the debtor from all con
tracts in every State Of the Union as agains
all forign creditors who had accepted a divi
dend. This would be accepted in every
case where the debtor had not held on unit
he had exhausted his whole property.
Mr.. Huntington presented emonstrance
on the subject. He stated that the law had
received his vote on two occasons, and be
lieving that it was one due to the meritorious
debtor, and was for the equal benefit of the
creditor. he would vote for it again.
Mr.. Allen made some effort to have his
resolution Of inquiry, which was laid on the
table yesterday. taken up. TO be amended, as
was suggested by Mr.. Rives on yesterday,
but was prevented by the opposition of Mr..
Evans. who called for the consideration OF
the Treasury Note bill.
The Senate then proceeded to the consid.
GRAFTON Of the Treasury Note bill. as in com
mittee of the whole. The immediate ques.
tion before the committee was the amend
ment reported by The Committee on Finance
to strike from the bill passed by the House
of Representatives the following proviso:
Proaided, That the amount of Treas.
ury notes which may be issued under author.
ity Of this act shall be deemed and taken in
the act o! twentv-frst July, one thousand
eight hudred and forty-one.
Mr.. Woodbury. occupied the floor in OPP
position 10 his amendment. He believed
the course Of the Finance Commute in re-
commencing the amendment TO the bill in
that particular. was imprudent in the ex-
IRENE. inasmuch as it would open up. unne-
ceSsarIiv.a debate on the question whether
the burdens of the people should be increas-
I'd by ere rting a new debt. The only ques-
ton which would have been presented TO the
consideration of the Senate, if the commit
tee had reported the till back as it came from
would substitute five millions Of Treas
ury notes for that portion Of the loan
of last session, yet unsold, 10 relieve the i'm
mediate wants Of The Treasury. But by re-
porting this am ndment, the question pre-
sented now was whether they should increase
the national debt to the amount of FIVE mill
ions. Mr.. Woodbury. expressed his willing
ness-his desire, to afford ready relief to the
Treasury, but in the aspect in which the
question was now presented-whIch lnvolv-
ed momentous considerations other than
those of relief, it would necessarily elicit de-
bate in the Senate, and procrastinate action
on the bill: and If the amendment was agreed
to, a debate might arise in the other House
upon it, that might delay The passage Of the
bill for weeks. He showed that the Secre-
tarv had called on the Committee on Finance
for but S3,745.OOO in Treasury notes, not as
an addition to the loan Of last session, but
as a substitute for it, because the loan could
not now be made available. They, by re.
sisting the amendment Of the Finance Com
mittee, did not delav the relief called for,
but expedited it. For If the amendment
was agreed to here, imposing a6dItioal bur-
dens on the people, and which gave 5.0oo,-
oOo moro than tho Se~-~,"-y ."h.i e.
would be resisted and delayed IN the other
House. Then the most expeditions way to
afford the relief was to reject the amendment.
He asked, were they so lavish OF the public
credit as to throw into the hands OF the
Secretary more than he called forgive
him. not what he wanted to relieve the
Treasury for the quarter, but which would
be more than sufficient for the second or
third quarter? o.;,
The Treasury notes were now deprec'a'
tod from one to two per cent, and II they
voted the five million in addition to the loan
and furnished no additional means to redeem
them. il would increase the discredIt oil the
government. and still further depreclate
hem. Mr.. w. went into an interesting
calculation, in reply to Mr.. Evans's remarks
~ yesterday, to show that by proper economy
,hsre was no necessity for any increase o
the national debt. He showed that u the
Who's would carry out their promises o
,rsncbmeut and economy, the expenses o
,Gossrnment might be brought down to tn
.,ondard at which the last Admln'stra''oi
had intended to fix it, that IS, seventeen o
hau N.,1;ons nj dollars. He was Oppos