, 1842-01-22

preme tribunal, wner. great matters are
settled, down 10 the Justices court, where
the smallest demands are nd Indicated. may
60 into the federal courts. For every debtor
whatsoever, may file his petition in those
courts: this carries ALI his creditors into those
courts, even for the small amounts which
they might have sued Tor before a justice of
the peace. There is no minimum upon the
value OF the matter in controversy which
may thus lie brought before the federal judi
CARY; and so completely are the State courts
null'fied, Thai Lnsalisfitd judgements obtained
IN them 10y creditors are arrested and vaca-
ted, and the plaintiff though into the federal
court 10 e-eSIaUiIst-eS claim nndes The
P1muit. "f Seeing it foifeiIed! This is carry
ing the b'nk'upt system beyond its range
Within MS sphere acknowledge it may in
wade and >upersede the State courts: ! admit
It's supremacy to the extent of the fair ope-
ra'Ions "f a bankrupt system. Confine the
system I" its sphere, and within that it over,
rides The State laws and The State courts.
Confine it TO the settlement of questions in
bankruptcy arising under a real bankrupt
law, and all is fair; hot IL is absurd and pre-
posterous {" think of drawing all the dealings
between neIIhb,T anil nei.hhor into the vor-
tex Of these courts und r. the assumution of
establishing a bankrupt system. For this
reason, IN a iditinn in the others. The act is
unconstitutional and void. To sum all up in
n few words. | affirm i, I, be demonstrations
al
FIRST. Because it is not a bankrupt svs.
tenn within the meaniny Of that term as used
IN the con iitutinn.
Soon Hy. Because il is M, insolvent law.
and is in that respect, an invasion of the
rights OF the St,tes to pass such laws.
Thirdly. Brcanse it is n property law.
AMI such as no State or The Congress Of the
United States has any right to pass.
Fourthiy. Because il is an INVASION of
State inrr>dc'i"n. in drawing into the feder-
nj judiciary i!I- trial Of causes properly tria-
tle IN the State tribunals.
the bill was brought in by the Senator
from Mississippi, n"w in his seat Mr.. Hen
d~erson; hui he was not he author Of ii. 1t
was conceived and drawn up before the
Presidential election. 10 catch the votes "f
the 100000 persons. as il Wa ielieved. who
wanted liS hrn-iif: hni II was not pissed De-
fore the election and never could have been
1t - n fri.htfL result Of mixing the
win lie business of the country
of making political capital out of private
ri-h,s-m,kinc qIes'ions on: of legislative
for his was 4 party question, the
exec ,'ti"ns either way being but lew.
The Engli.h are tired Of their svstem.-
Taough a real bankrupt system, they are
weary Of il. and wish it had never been es-
tabliShed. Their most eminent iuris,s->uch
as Lord Bron- lIrn-condemn the whole
scheme-regret TINT it is saddled upon the
counrry-ani wish they could get rid of it.;
and are we 10 take up not merely what they
condemn upon trial. but that which is a
thousand times worse?
This act will not stand. 1t is too bad to
stand. We have made an experiment of a
bankrupt system once before, "a thousand
better than ,hisj and with 4 result
which should not be forgotten now. TIE
Of 1900 passed a bankrupt act in
the last wear of their reign under the elder
Nlr. Adams: II was repealed by the first
G ,ngre.s u.der the administra-
lion of Mr.. Jeiltrs n. The act of 1906 was
fIirlv and in go,d faith a bankrupt act,
Ia merchants. traders, bankers, bro.
kerS. and m nev deIlerS; and confirming
IN all lis TEXTURES. AMI IN Is whole design and
to the recognised bankrupt system
Of the world; yet it c"uld not stand. Though
ivnwedIy an experiment, and limited to five
wears duration. 1t was not permitted to live
out that I, IN. Ii was repealed in three
years. 1t was passed M,.aJ last year Of Fed
pralism. and repealed IN the first year of De-
and so it will be with this act.
which is as mncl, worse than that of 1900 as
WhiIgery is worse than ancient
1t was passed in the first year
Of Federalism revived; it will be repealed in
The first year Of Democracy restored.
| am n" friend To the bankrupt system,
believe there is hut little occason for
such a system in the United States, except
Tor the blnking and money dealing corpora
For the misconduct of the ins'iru-
tons. it is the prompt and svereign remedy;
yet they are left ont Of the bill. Left ont
If it as defendants, but admitted rs plain
for they are to have all the benefit of
he act against individuals while exempted
rom its operation against themselves. Such
$ the absurdity of the act! The bankrupt
process is the proper remedy for these insti-
which set all law, all Government,
III morals at defiance; and pillage and plum
the country as they please For them
I nc tho oroDar ranoaJu p.txyoan individuals