Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-20
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HOUSE or DELEG ATES.
MONDAY. January II. 1915

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oe'S were now getting right upon this subject, The,
had been Tor some time discussing Federal Relations
indirectly, and the question 20 postpone opened III,
whole subject. The member from Richmond CITY
md fairly advocated the constitutiouality of IN,
Bankrupt Law, and had sustained AS views IN ar
aole argument. lie pied the position of IN,
ADVANCE guard, and he supposed would be support.
ed by others lie Mr. r. had cnn,ended thar NO
law could be p'odlecl among civilized nations SIM.
liar 10 the Bankrupt Law. Tie contended ,hat nc
law could be found by which a debtor could nfo,c
cute ms own bankruptcy, and procure his rrless ST.
lie cited various from the laws of En,, ma 4,
show that bankrup,s werc regarded rs off oI.rs \ ~
could not obtain discharge without the conscn, -,
Tour hthS OF his credtors,-that until the eet : Ia
GEORGE H. creditors retained the right of satisfy
Tag themse YES from any goods Possessed bv III.
oeoto yet hy tins net the debtor was requred "a
give satisfactory account of ms insolvency and
then u required the consent OF lolr-hiths of ms
creditors before he could obtain his discharge. So
ere ,S9priS pff ,dep dgle Iapgd
Bankrupt Law passed at the extra session did no,
| compare m this respect with any OF those of Enc.
! land. lie SAID that under the laws of Eng and no
such thing was known as an honorable bankrupt
all were reg rded as offenders. That the laws of
/ France and Spain required the Consent of three
fourths OF the creditors to effect a disehlrge That
by the laws Of Enes creditor might prosecute
debtor to bankruptcy,-but this could not be done
| by the debtor himself. That as fer as the debtor
could 20 IN England was 10 give notice of his ina.
bIlity to discharge his debts. He cnsdered this
| enacted must bear the responsibility He was op-
posed To a Bankrupt Law IN any shape or form lie
thought the amendment had not been offered IN
good iath,-ihat the object had been TO ride the
original resolution to death and TO secure Il triumph
- the friends OF the Bankrupt Law. lie could no,
vote for lie amendment, but was inclined 10 think
the time would come, aud was near at knnd when
we would need the aid OF Bankrupt Law 10 pu,
down corporations. But long rs these institutions
were lavorites OF the State and contrbu,ef IN the
] Of no I.,
port them, and woud endeavor 10 restrain the Gen
eral Government, from interfering to prevent them
I aiding the people.
| MIR TAYLOR Of n. Borough, was not dis,in,.
/ " heard 10y the Reporter. He was understood 10
| agree IN many Of the positions advanced by the
gentleman from Richmond, but thought that IL was
neSpedient Tor Congress TO pass any law having re-
/ ference TO pre-exsient contracts. He thought il
resemried revolutionary exercise OF power lie
was noi prepared to say that the clause authorz
voluntary bankruptcy, yas not in some respects a
good one. lie knew nothing so well ealcu ated TO
prevent people from going into unlimited debt as
the passage OF such aw-that il would have a
/ s'lutiry influence on Banks and prevent an irrun-
ton OF Bank RAGS. He thought Il strange that se,
tlemen who now desired the repeal Of the Blnkrup,
Law, should belong TO the party which had pro-
NOTED bankruptcy; and contended that the NAL
admniStrl tiUn Of Ar Van Buren, and his iliustrous
predecessor had led 10 Insolvency and bankruptcy.
and occasoned the present distress throughout the
country. Mr. Taylor rented on the resolutions
introduced by Mr. Blown Of Preston, and secuted
the idea Of inSrucung Senators, when no good
could result from such instruction; and said that
any attempt %! the Legislature 10 exercise influence
over Representatives, over whom they had no con.
troll. was peeslmntuous and ridiculous.
Mr. JACKSON said, in conformity 10 a suescs
zion which he had previously thrown out he felt
bound to submit some reflections on the subject To
the House. ] aosuox ledge that il wasa ques-
ton Of great importance. IL was not confined 10
Virginia alone. II was aquestion of general policy
extending to the whole % States-a question that
had been conhded to another uoiy. \ million %
people we're deeply interested and he asked, if
the measure were iraught Nth good TO ,he general
mast beneficial 10 the New England, Middle
and Western States, bat not 70 Virginia: should the
aggregate good yield to that OF Virginia Con.
sress. with Information fi0m every quarter OF the
Union, knew the effect on the mass of society
while our knowledge was confined 10 q portion !;
and we have no right to consider its expediency.
Is It possible, he enqured. that subject of such
great magnitude and importance, upon which de
pended the welfare Of the country can he regarded
as party question: IL IS rot a party question :;
and he regretted that his fiend from Preston should
have asSoclted with e. the declaration, that il had
been concoced with the AID Of hard cider and coon
skins
Mr. j. snid. were tod that this important cues
on should Dc passed upon sub siisnio. no. IL
demanded the gravest consideration. lie referred
N the history Of the blrkrup, law IN thi, country
The subject mad been frs, recommended by John
Rnuidge. md received the appreciation Of all the
States m the Convention which formed the Consti.
luton except Connecticut. lie 'eferred also to Mr.
MRdison's opinions, rs expressed IN the Federaiisi
and yet he repeated, told the subject should
be passed without consideration. r. was not by
passing resolution stib siisHGo. under n previous
question, that Virginia att8iust the proud pre- emf
nencc o. 'o--nut by he nhiencc and wi.dom q
her great men, such as james Nadsoo, Taylor and
others.
he thrn went into a general examination Of the
nnture Of baukrup; aod bankrupt law after
which he proceeded % argue the cOnsii'uiionilify
NJ such law. After tho formation of The Constfu-
ton a BANKRUPT lag WIS no' introduces ulti 1900.
which, under the influence Of srong marty excite.
n,ent, was subsequently repeated Bot he chal-
lcngcd the member from Preston 20 put bis fogcr
, upon single LAWYER oi. that period, who dec AIRED
the law unconstitutional. Yet that law h1d % re-
Irrespective action. II passed with The view II
sponging ont debts previously conrr icted. and OF
giving relief "a those who had Teen unfortunate.
Where was Virgin N then. when her voice WIS pow
erfI.2 How could she pass over such nj uncons'i-
tItonIl eI rcise RI pow,r7 lie admitted thst the
voluntary r. allure w1s NOT introduced unit the SOS.
sion Oi l5iJ-rut then, by The eminent Iovnics.
Of south Carolina Who, he'd he lived, would have
shielded the country from the misfortunes md n.
I lamities which have been brought uron il Nv the
agency If Jackson nnd Van Buren, Admins m
l ton for he would have been President OF the q
States. Mr. j. then gave history If the action Of
! Congress 90 that time; be-nuee the Commerce Al
were MOI willing N include the Agricultural portion
Of the Union. The subject was again introduced
by the lusiriou' H.yre, Of South Carolina. during
l the Session of 90 '2l-when II wns advocated by
Me~ss. Van Buren,, Woodbury., Ro,ns, Benton.
r. "a cmns gsnhs, but the constitutional question
was MT contested. They fell out about the volun-
tssr T,iro,i.ie. CT nsotsr thenI ineisfed m in.
Guiding the agricultural interest md Mr. Van Buren
opposed o.. At The session ri '2G Mr. Reed of Mis-.
sitspri, raised the question NJ constiutonality In
reference o. retrospective action, and Mr. Won b.
rem and others declared IL unworthy Of considera.
ton.
The Constitution (said MrJ) puts no restraint
upon The power Of Congress 70 impair the obligs.
ton o. Congress tut t does prohibit he States
from exercising such power. Congress could pass
m bankrupt aw without doing this. Was there
r1 good reason Tor granting this power1 There
war. II was ior the purpose Of producing uniformi.
~ that the power was taken from the States and
gwen 90 ihe Federal Government.
Mr. !. proceeded 10 show the beneficial effects of
bankrupt law upon every class Of the community.
u would benefit the creditor by arres'ng The de btor
q in his progress towards ruin. a debtor has nov
DE power Of transferring his property, u be have
my, 10 orc indivdual-thefeby giving preference
10 ono creditor at the expense Of others. But a
bankrupt law would prevent this, and I'LL would
ihsfe alike. II prevented a debtor from becoming
, slave ora isIon. lie thought tho system wosld
be the most wholesome restraint on Banks, whether
thcy were included In it or NOT, that human nge
nuity could devise and thot tho day would come,
= when this remedy would be applied IN these inst.
a tutiOns, end would arrest that disease uhch ~ TOW
'npping lhe vlills Of this country.
10 cOncI Is0n, he asked u in view n I'll the con
sequences II ibis Act, gentlemen were willing Ia
denounce =, without an acquaintance with all ~