The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1842-01-25
9th CONGRESS--2d Session.
Monday. Jan. 10.

repeal or poStpoDemenl OF Tue oanA'op' i'"'
we're presented by Messrs. Mangum, Clay ION
Clay, White. Bates, Berrien. Choate: TALL
madgc, Henderson, Benton. Young, Porter,
and Simmons.
Also, Mr.. Prentiss presented the memorial
ofD. A. FairchIld and others, of the city OF
New York, demonstrating against the repeal
or INV modification of the bankrupt law. Mr.
p. said. that 10 avoid nnv inference being
drawn that his views of he law had undergone
any change, he would merely state that his o.
pinions in regard TO il remained unaltered, and
that he presented the memorial in pursuance Of
special request made to him.
Mr.. Buchanan presented memorial from
the Philadelphia Board OF Trade, asking That
the bankrupt law might be so modified as 10
compel debtors to pay fifty per cent. before
they would be entitled to discharge, and if
this cannot be done, that the law may be re-
pealed altogether.
Mr.. Morehead presented memorial from
400 10 500 citizens of Louisville, asking that
the bankrupt law might be repealed.
Also one from New York, demonstrating
against its repeal or posiponement.
Mr.. Walker presented several memorials
against amendment or repeal.
Mr.. w: said that on this subject his Stale
had not been silent. They had instructed
their Senators 70 vote for bankrupt law. and
those resolutions remain unrepealed. He re-
parded instructions for the bill equivalent 10
vote against repeal of The bill. But while he
should do this. he should vote for amendments.
One amendment he regarded as espefi tally
necessary, and that was to include banks. The
effect of This amendment would do more to
regulate the exchanges than any thing else,
and its incorporation in the bill would do more
10 regulate the currency Than any thing. The
b1nks for four years had whipped the State
Legislatures. Now let US see if they can whip
the Congress OF the United States. He trus-
ted that Congress would maintain its dignity,
and vote for an amendment. He hoped this
would be done also in the form Of supple.
meniary bill. Mr.. W. said also that he had
been greatly surprised TO see banks petiiioning
here for repeal of the bankrupt law. In
stead of being repealed. it should be enforced,
iffor no other reason, to do justice to the PEG.
pie in their conflict with the banks. The con-
nict now was between the People and the
banks. Without further remarks the memorial
was referred.
PROPOSED BOARD OF EXCHEQUER.
The unfinished business being called for as
the SPECIAL order of the day
Mr.. Evans said that the subject which had
been under consideration for SO many DAYS
was so difficult, and had given rise to so much
discussion and such diversity Of opinion,
that lie approached it with apprehension. He
had even doubted the propriety of the discus
sion. and asked himself without being able 10
find good answer, what good was 10 be done.
All agreed tina: something should be done TO
remedy and rectlfy the present state of things.
In reference 10 the report and bill before the
Senate, upon its call, there was diversity of
opinion. There was an opinion on the other
side that either nothing should be done, or
that we should return TO the Independent Trea-
surv. And for what purpose For the safe
keeping of the public money? They did not
say that much good could come of this, but
they proposed TO separate the public money
from the money ofthe People. With such
views as they had they had no compromises to
make, because they believed they had no power
under the Constitution to do what we propose.
He held, upon the other side, that il is not I'M
constitutional TO mingle the money of the gov
erEment with the money of the people 4; he
held it 10 be part of the duty of The Govern
ment 10 regulate commerce, facilitate trade,
and to do all it could for the convenience ard
welfare of the People. We were not embar-
rasseI by any constitutional views which pre-.
vented US from doing this. The Senator from
New Hampshire (Mr. Woodbury. had given
much good advice in his remarks in reference
10 reform and economy but we needed some
thing more than ihis-,he action Of Congress
and the Government, 10 regulate the currency.
In reference to the plan proposed, he did not
see the propriety and policy of meeting it with
such severe denunciations as il had met with
on both sides of the Senate. 1t came 10 US an
imperfect measure, and invited discussion. lis
objects all admit were good. They were, 10
give good currency. reforming its disordered
condition, and to remedy the exchanges, and
TO keep the public money. All these objects,
all must admit, were extremely desirable. 1t
sought 10 accomplish them in the mode pointed
out in the bill and report.
Some Of these provisions he did not think
equal TO the present emergency. They were
not capable of accomplishing all that was de-
sirable, and. if capable, they possessed, 10 the
Views Of gentleman, far Too mnch power. AL
ofthe evils which Imagination could picture
we're thrown upon the plan, and some of those
@ere contradictory. Like all such measures
tot the first choice of any, it met with all the
objections which could be devised. One gen.
iieman thought that i, would not continue in
force for three months another, that il had
too much power, and then that it had no,
power enough 10 accomplish what was desirne.
ed. The Senator from New Hampshire. tMr.
Woodbury., J said that it would not perform
more than one fifth Of the exchanges of the
country. aud found an objection to it on that
ground. forgetting that at least TO this amount
as rival of other institutions, it might do this
amount of good, if no more.
NJ. Evans ihnnnht that tho schnnno LII