Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-24
REMARka OF .rR. IRVING

On the amendment Of Nj. Toer, against includin,
STATE Corporations within the provisions Of
Bankrupt Law.
Mr.. IRVING said he was glad tn see the change
that had taken place On the opinions Of gentle
men in relation "a tho proprIety Of reso utons bv
the Les.s.l;u Of Virgjni', upon subjects Of an
abstract character. The gentleman from Accomack
now objects 10 the amendment Of the gentleman
from Campbell. because there IS now no Bankruot
law, IN existence Including The Corporations Of the
States within is provisions. NJ II this be a valid
objection to the amendment Of the gentleman from
Campbell winch denounces any attempt th't may
he made TO include the INKS and other Corpora.
TONS Of the States within the terms % the Dlnkrup,
Jaw, what becomes of The resolution proposed and
row on your table by the senticmlu himself de-
c.aratory Of the opinions Of the General Assembly
oi Virginia upon the subject OF q National Bank1
H. the gent eman Truly saws there is no law upon
the statute hook by which Banks and other Corpo-
rlo0s Of the States are subject to Bankruptcy, 81
o. IS equtiy true there IS no law upon she s,ltu
book e-taJll-hing National Bank. 10 both the
resolutions Of the certlem1n, and m the amend
ment Of the gentleman from Campbell the Lesisn-
things hat may ariSs. II, 800 the case o. IS In
nfopcr TO exfr..s our orin ons because no h,y hos
been passed, presume the objection waul! he
equally valid in ths o.her. But DO IS ur1ei by The
gent emln from Acc1m1ck, thar fhe object Of the
amendment Of the gentleman from Campbell, M
proposing the amen .mtn is only o. crnblrrl,s the
action 0f she Legislature upon the subject ~ the
Bankrupt law:-ihat % is au atemptto cnsrlft upon
the re-0 upns originally rrOpnsed, the opinion, OF
the Legislature upon subject fofa ~ distinct and
no way connected with The origin, resolutions. Now
he conceived that 70 would h- sufficient answer 10
this objection that whenever the subject OF 3 tnk-
rupt 1w has been introduced INTO Cpngress The NJ.
tempt has been m1de 20 include The Banks and
other Cofoori ions OF The States within DO, terms.
Bot he would ask what was the safe Of fhinr. IN
relation 20 Ibis subject no PRESENT. ~ me COM
nencemenf or me present session Of Congress, =
motion was made hy Nr Benton. Of Missouri, 10
refer the subject oi 'he Bankrupt iaV TO- committee
With The nvpwed object Of 50 amending 90. law a.
20 include the Corporations Of the States within IT'S
operation. Upon h..I motion the subject WIS re-.
icrrei 20 tho committee that tle dsfiGct pr1po
sti0n Is now before Congress 90 suhi 20 the Banks
and other Corporations % the states % system OF
Blnkruptcy, and vet we are told We should express
the opinions of ibis House upon the subject Of r
avg which pfe.crhcs q system of bankruptcy lor
individuals. Whilst sc are 20 withhold Che ex-
precision Of our opinions upon the pf1rrtty ri in
c'uding the institutions of he Stafes ore % er.
press the sense of this House upon the INV os o.
nov stands upon the sntute book-but we are "a
be silent upon the pr0vI-O on which is attempted 0
be engrsGed upon th1t aw. For himss { he con-
siicred o. mach more important hat we should ex
press our opinions upon tho subject embraced 10y
the amendment, thsn upon tho subject Of the orIz-
nIl resolution. Bot the gentleman seems to ihinl
tails Of tho law, md thlt 10 not proper that ~,
should rEnress tho opinions oi this House upon mer
de li'B. Does the gentleman consider lhe subject %
the amendment RI mere dctai1 a proposition q
suuf.c' nl. of fhc Bank rg INSTRUCTIONS ~ The 1tc
OF th1 Ur.0n M q system of Biukfurtcy, a mer
matter oi detail Wrr, then, boz would ask, W.
fhe nItIrc tnj e 70 of 'he proposition upon uhir
tho gentleman rom Campbell proposes Co cHurcs
the opinion Of che lIusel Il is a proposition q
de,.lre OIL Corporations f1r manufacturing. com
ncr-'1l and ohsr pUrpases owing debts 70 a cert7u
l amount, and 1.I corporations or associations, thu
shall emit bills draif9 or obligations with the dcsig
thlt they shall circulate as money, subject 10 m
/ provisions Of BInkrupt law. And b proposes
ciitiors hive filled, suspended M stopped payner
/ fYr RI certain period " time they shall nc deeme
blnkfupfs md be made subject 10 the provisions
| tte law fegu 1'ing mode Of proceedings IN oth'
/ el es n bankruptcy. Ila would then briefly IN
7Yire into tbe power Of Congress 10 pass any sue
~. Tho poFcr 10 pass unf'rm laws upon Oh
| subject y rkrup cirs is gwen in express tern
~ fh1 CONSTITUTIONAL grant Of power i9 "unl
u ted and supreme" whenever tie subject upo
uhicn hc NV BE- designed 20 operate mn
| - ilrIy embraced within the terms Of the COnst
tuition. To- other words, " the corporations oi N
states Gao be considered e. subject upon which
system Of Blnkup.cy prescribed by Congress, CA
os m7dc 90 operate, then these ms buttons may ,
inc udcd within ths provisions of such Inv. ~
would now auompt 10 show that these Institution
could not, cou5ututonaIly, be brought within N
operation Of any system of BInkruptcy prescribe
| by Conr.cse. What then. Do, would ask, were n
main objects Of the Bankrupt system Was u Nd
IN The first place, 70 secure the rights Of creditors
obtaining an equal distribution Of the effects Of IA
Bankrupt omongs, he credtorsl In the secon