The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-19

An extraordinary number of petitions on the suh-
Ject OF the Bankrupt Law, were presented BY
cHAsAS, Mr.. HENDERSON, Mr. Rlvrs, Mr.. pom.
TER, MIR. PIERCE, Mr.. BERRIsN, MIR SnIru. Of
Connecticut Mr.: sTuRoEor, Mr.. HuNrIKeroH,
Mr.. WALKrH: Mr. MrRRrcK. Mr. PHELPS, Mr..
WOODBURY., Mr. CHoATr, and others
Mr.. CHoArE presented one signed by a large
number Of basiness men of Boston, praying that
the Bankrupt Law may be repealed.
Mr.. ALLEH presented several from Ohio prayine
for the repeal the objections Of the petitioners to
the law, being that it was unconstitutional, unwiss
and unjust.
Mr. CLAY said he had been requested to proven,
a variety Of petitions against the repeal the post
pOnement OF the Bankrupt law. He would endea-
vor TO enumerate them without OBTAINING the Sc
nate to describe their contents-indeed most Of
them were IN the same language, and several Of
them were printed. He had four from great num-
Der of citizens Of New York, two from the State Of
New York, one from Pennsy wanna, one from New
ark, N. j., and one from the city OF Boston, city
in which there prevailed perhaps greater snani--
nifty respecting the preservation of this law un-
touched, than any where else. He had also receiv-
ed from his own state-fron its metropois-ths
proceedings OF large meeting ofmerchants held in
Louisville, expressing very strong sentiments
against the repeal post ponement Of the Bankrupt
law, and urging great many arguments, which
were entitled 10 much weight, why that law should
not be postponed. The proceedings were accom-
Pauied by 400 signatures, which the secretary Of
theymeeting Informed him voluntary sigma
turss to the proceedings Of the meeting !; but he
sheuio presently make. TO submit one or two OBJ
servatlons on the subject. twas the Senator from
NOW York, Unit Wright he believed, who stated
to be the opinion Of the Chamber of Commerce Of
New York that 1t would be Injurious in the present
disordered state Of the currency T. throw hum
dred miliens worth of properly into the market,
as it must be inevitably sacrificed. That remark
coming from that source nigh. be calc slated
to make strong impression, and ia the first
place he would remark that it was q
gratuitous assumption that the amount Of property
held by that class of persons whom the bank
rupt Law would operate, ofthe value Of hun
dred million of dollars. 1t might well be put at
lions instead of being Bankrupt, persons would
be able to pay their debts but be the amount what
it might, considering the weight which was due to
the observation to which he had alluded, they
done with that property If tho Bankrupt Law
not carried out? Would it be kept out of the mar
ket On the contrary did they not know that il
would be thrown into the market in some
other form if not made the Bankrupt law
by auction under the authority of the Sheriff,
other officers charged with the process
market without competition for if it was
thrown into the market at the instance Of one
ditor, by whom the property of debtor was seized
and exhibited at public sale, wha. motives would
price Of the property by bids But on the contra
ry if the operation Of this law should be left unds.
turbed what would be the course Why, accord
ing to the provision of the law there would be q
pro RITA, and c0nse guent.y the creditors would be
interested in making 1t productive possible, and
doubtless many creditors would attend and carry up
the property to higher price thanit would realize
under the ordinary execution laws. 1t was not,
however. his purpose to 80 into this subject gen.
orally, but the observatien was SO striking, that
ne thought some explanation due to cause
which comes recommended to them by all the
feelings Of justice, humanity, and benevolence;.
which GENES recommended to them by the awful
condition in which this country now is-for if,
W other of disfresa wv DervodinO tkia
entire community, they were to slam the door in
the face Of those unfortunate men, who expect to
be aleviated BY the operation Of this Bankrupt
Law, the marks Of discomfort and aissatisfaction,
would be increased, and no man could see what
would be the ultimate amount and consequence Of
the disorder, and pressure, and dissatisfaction,
which would prevail thrOug nut the land. But he
did not mean now to 60 into this subject; yet, he
could not resume his seat, without adverting to q
fact, relating TO himself personally, and he
trusted the Senate would pardon him. for he never
wished to sbtrude himself personally on the notice
OF the Senete. He had seen, and in amanner which
entitled 1t to some notice, the base suggestions
made that the movement in the other wing of tho
Capitol, relating to the repeal Of this measure had
been nstigated by him. Now he scoYncd to enter
upon any defence Of charge so base, so inconsis.
tent he hoped With his whoe character, and dis
honorable As well might il be said that as
gated his frie nd from Missouri (Mr LINy) to move
the repeal of the Distribution Act Of the last Ses-
sion, which was then one Of the orders of the day
But whilst he (Mr. Claw owed il to himselfo treat
with contempt and scorn a,sharge SO execrable and
base, he could not forbear to make single remark
in relation to the delegation from his own State.
AT the last Session OF Congress when this question
came up he believed every man Of that delegation,
with one single exception voted against the
of the Bankrupt Law-and that member learned,
on his return home to his constituents, that there
the passage Of that law, that he felt bound to rive
the vote which he has or may nov give for its re-
peal. But it seemed that he (Mr Clay) was held
responsible for the votes which his friends from
n m no nj har Hou at
who imagine that Kentuckians were made of such
supple, seryile stuff, had yet to learn their
character - they had yet to learn the proud
independence which they maintain on all oeea-
sions-they had yet TO learn that his friends
in the other House had just much rightto dictate
what should be his course he had to dictate what
should be theirs-they had yet TO learn that KEN
tnckaps had sufficient independence to act for
Themselves, and tie give such note as a conscien-
tious sense OF duty might dictate TO- them without
regard to any man, whether from kentucky Or any
where else He begged pardon for this aluson to
insinuations and suggestions so base and execrabls
yet scorntuly a. they deserved 10 be treated they
had assumed such shape that he had thought il
due TO himself, to bring them 10 the notice OF the
Senate, but at the same time was perfectly sure
that was only necessary to state il to find in the
bosom Of every Senator IN instantaneous system
Of SO groundlsss an ln'lnuaon, for whatever differ
rece Of opinion there might unhappily prevail be-
tween Senators Ofthat body and HIM differ
which they did not moro regret than he did-he
was satisfied that they would all, friends and foes
uate in bearing testimony that whatever might be
the errors Of his head, he had SOU hit to live as il
was his great ambition to die, an honest man.
honest in private, at honest in public life.
Mr. WALKER submitted petition, which he
moved should be referred to the committe on the
Judiciary, with instructions to report an ann nd
ment to the Bankrupt Law, which should include
banks in their compulsory provisions, and such
other amendments a. the committee may think ne
cessary. The instructions necessarily lie over for
a day.
THE UNITED STATES Army.
NJ. Or NH cd tha coit
ton which was agreed to =
Resolved That the cretary Of War be directed TO
report the Senate the average strength Of the army
including the military academy and cadets during the
year ending the Sla December last estimated by the
strength Of each month"; with the proportion Of
officers to men, estimated in the manner and also