The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-12-30
Mil. cUSHlNG's SPEECH.
Dslirered ia the House Of Representatives., Tuesday,
December 81, 1912.
ON THE BILL TO REPEAL THE BANKRUPT ACT.

D,licersd Ia The House Of Representatives., Tuesday,
December 81, 1912.
Mr. Cushing said he was DESTROYS of saying word
or two to the House two or three matters OF an
Incidental character But before he touched on these
topics, he would say little on the bill and amend
nents now before the House. As to the inexpedi-
ency of the repe AL he should not 60 over the rea-
sons which had already been dwe upon oy other gen.
temen who had preceded him re "o"id only say
that instead Of repeating the bankrupt law and thus
rashly DESTROYING the work oil their own hands, and
exhibiting before the nation and the world specimen
Of yacilation not very credtabe TO our legislation,
he agreed with the gentleman from New York, (Mr.
Barnard, and the gentleman from Tennessee, MIR.
Arnold,) that il would be much better and wiser
course to leave it to stand the test of time and the
,ooler Judgment Of postery after modifying it con-
,istently with the views of those who originated and
passed the law, and subjecting it TO still further
alteration by including within its provisions all cor
poratons dealing in money. MIR. G. would desire,
in the first place. that the repeating bill should be
ierred to the Committee the Judiciary, with the
bope that they would report bill amending the
bankrupt law in that portion of it which related to
Voluntary bankruptcy, or at any rate 50 as to make
is provisions apply to all banks. But should this re-
ference not be made, MIR. c. trusted that the House
would not proceed to put on record declaration
which was untrue well inequitable viz that the
hankrupt law was repealed on the 5th of December,
nstant That would be the effect Of the present bill
q, originally reported; the bill did not fix future
day for the repeal but did virtually declare that the
IL r ~
Thi, was in the first place untrue, and in the second
Mace il was unjust and its effect must be to involve
not only individual applicants for the benefits Of the
law but the entire community, in nextrcable diff
cuties and litigation and subject society to the most
trying and fragrant injustice; for tire law required
notice of 20 days, and process occupying 80 days
more in all period of l 10 days, before there could
b, any division of the debtors assets which period
must elapse, though debtor had made his applica-
non so late as on the 4th day of December. Now, il
the House should declare that on the 5th the law was
repealed, without allowing any saving for such appi
ants what he asked would become of their prop
ery Did it remain in the hands Of the bankrupt
Did il 20 into the hands of the commissioners or
INTO those of third parties Mr. c. should pronounce
no opinion on this question. How well could be
before the circuit court that the pending process
was saved, and that the property was subject to a
Division among the creditors in the very face Of
vote of Congress refusing to make ii so He ear
Destly hoped that if the repeal must take place, the
House would at least make its operation to COM
mence with the date of the act if not declare it
should be prospective, commencing at some future
day. He should not, however, now enter on the
merits Of the law. This had not been his purpose.
But he wout anvil himself of the moment to present,
as part of his speech, memorial from certain cit.
liens of Philadelphia demonstrating against the un-
littnna1 Iran nj no Iayp
This memorial was sent to the Clerks desk and
read
MIR. ADAMS, by consent, presenteda similar memo
nal from another part of the Union but the place
escaped the reporters ear.
Several other gentlemen appealed to Mr.. CUSHING
fr leave present memorials iom their nsti is
the general subject but he declined extending
the indulgence any further, and insisted his right
TO proceed.
He would now, he said make few remarks in the
way Of reply to part of the observations uttered by
the gentleman from Tennessee Mr.. Arnold in his
speech delivered day or two since. That gentle.
and himself together in their opposition 10
the repeal of the bankrupt law, and the reasons of
their opposition to II were IN many respects similar
Candor, however, required him TO admit that of
his objections to the original law either extingus
ed altogether had least lost much Of their force
AT all events, the question of repeal was ve,y diff
feTent question from that presented at the original
enactment of the law. Mr.. &. agreed with the gen
urged against the bankrupt law, going to change
vested interests applied now with almost equal force,
10 the repeal Of the law because interests had grown
up under it, contracts had been made under il, and
,pecuations entered into, and systems of credit
established in view of it, which would all lie
seniaiy interfered with by its repeal. Hence that
whole class of objections 10 the law which had this
aspect applied less to the repeal of the law and
so far TO augment the of other objections
10 it,
e l. 4
ed these consider ATOMS he had gone TO remark on
he relations Of the question to the two great political
PARTIES which divided the country. On these re-
marks Of his, Mr. c. had nothing 10 say, save that he
should not himself have yen,ured to use language
quite SO strong had been employed by that gentle
man when speaking Of the yncilation of his ow n
political friends
From these observations, however, the gentleman
lad proceeded to personal reference to individuals
eminent in the country and 10 high functionares OF
the Government as it The opinions, acts, and motives
Of certain distinguished men were material to the
question. To these the gentleman had referred as
exposltors of their party and if they were material
10 be debated by the gentleman then, they were equal
material as grounds of reply now
We were bound Mr.. G. admitted, by regard to
public opinion the character of this House to
the organ through which the great voice of the
American People uttered their opinions Here was
he safety-valve Of popular sentiment and feeling
And when foreigners or others complained OF the
rtatty of that House, and Of the party collisions,
ind sometimes the personal collisions which
Dok place from time to time on that hoor, his reply to
all such complaints was that the House Of Represen-
a,ves the safety-valve of democratic system.
There must be safety valve somewhere and this
vas its best and its proper place. No rejecting man
could look the vast scope of extended population
10 be affected by the legislation of that body, and
Wonder that there should be the utmost degree of
arnestness and zeal in its deliberations and discus
SONS or that that zeal should sometimes transcend
the strict line Of dccorum Such things must hap
PEN 1t was in human nature tina, they should. l.
would be incompatible with all the principles OF our
being that they should not. After the utmost that
could be urged this score, Mr. e. must still declare
it as his opinion, after personal acquaintance with
the course of similar bodies in other countries partial
" free, that the American Congress was the most
decorous of all legislative bodies on the face of the