The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-13
gwemtp= Seoemth Gomgress.
SECOND SESSION.
IN SENATE,
WEDNESDAY, January IL, 1912.
THE BANKRUPT LAW.

aiso memoIlal, signed Dy one huiiureu anu sc'eh
merchants and business men OF the city Of Albany,
setting forth variety of amendments which they de-
sire may be made TO the Bankrupt law.
Mr. BENTON presented a petition from dry-goods
merchants OF the city of New York, praying that the
operation OF the Bankrupt law may be postponed for
two years from the first Of February next.
Mr.. CLAY presented several memorials, emanat
ing from five mercantile firms Of the city of New
York, demonstrating against any interference with
the Bankrupt law as il now exists. lie remarked
that he had been requested by letter to say something
favorable upon this subject. The question, as
it now stood, was not proper one for discussion
and therefore all which he would say was, that the
memoriasts had his most profound sympathies, and
that he regretted that any disposition had been mani
tested for the repeal Of the Bankrupt law.
Mr. CALHOUN presented petition from citizens
Of New York. praying that Congress will not inter-
fere with the Bankrupt law, by way of amendment
postponement or repeal. He remarked that this pc
tltion was accompanied by letter. appealing to ms
sympathes and that he felt the appeal most sensiby,
he could not be ignorant that many OF our citi-
zens reduced TO state OF hopeless insolvency,
and who had great claim TO the sympathy of the
Government, SO far il could constitutionay inter
pose in their behalf. lie would go further and say
that the deplorabe condition to which citizens
were reduced, attributable to the improper legis
ation of the State Governments, and, If any gentle
would look at the SUBJ, with attention. he could
not fail to arrive at the conclusion that the circua-
ton of the banks must have necessarily produced these
country il was highly mexpedient that the law should
take effect for, in the course of two or three years
il would bring down under the hammer a greater
amount of assets than there would be money to pur
chase f; and he ventlred to assert that the result
would be more disastrous than the evils arising from
the Bankrupt law OF 1910, and property would be
bought up almost for nothing, while numerous other
evils would ensue, not now to be told. His
own opinion was that it was the most UNI
constitutional act passed. In the early stages
of our Government, bankruptcy had nothing to do
with insolvency. and in the Engl sh statutes the sub
ects were regarded separate and distinct; but in
this act they were united. This was not intended by
the Constitution, and he would agree to such
construction The first and great object ought to be
to preserve that instrument, for he believed that
its pre-. ervaton depended tie liberty and prosperity
of the D. ople and much less would he strengthen it
i'm this case so to place the entire control of the
nature Of debtor and creditor under its provisions
Already had lie seen the attempt made to include the
banking corporations OF the States within the opera
ton of the law. This was higher power than was
ever before assumed and should they do this, they
would soon find the Government stretching its arms
over other institutions of the States With these OBJ
servaons he would move that the memorial be re-
ierred to the Committee on the Judiciary.
Mr. BERRIEN presented a remonstrance against
a postponement or repeal Of the Bankrupt law. He
said that it was accompanied by letter which gave
him an assurance that the subject seriously engaged
the attention of the public and that Notwithstanding
the sgncrs entertained different political views, they
were all united in support Of the object which il
the purpose of the memorialists to accomplish. He
would have contented himself with moving that the
memorial be referred to the Committee on the Jul
dietary, but for the remarks of the Senator from
South Carolina This did not SEEM at the present
time an appropriate question for discussion, but as
the law had been said TO transcend the constitutional
power Of this Government it seemed to him that the
remark called for brief reply
Mr. CALHOUN said that he would stand ready, at
any time to meet discussion upon the subject.
Mr. BERRlEN said that he didnot invite discussion
with the Senator but the Senator had spoken upon
the subject he would express his opinion that the power
to establish such law that which passed the
extra session was constitutional and that the trainers
of the Constitution, looking to the condition of the
country at the time OF its formation inserted, in broad
letters the power to establish uniform laws upon the
subject of bankruptcy throughout the United States.
The distinction which had grown up OF late years be-
tween bankruptcy and insolvency did not exist when
that instrument was adopted, and he would go farther
and say that not within the ingenuity Of any
man to separate these terms. Let who would make
the effort he would find that they would into
the other II they looked to the records OF the SUI
preme Court it would be found that this distinction
had been repudiated by the decisions of that high tr-
bunal, as well as by every intelligent commentator
who had written upon the Constitution
Mr.. CALHOUN arose simply to say tibet the Sena-
tor had only repeated the arguments which he made
of in 1897.
Mr., BERRIEN replied, that he had not
Mr. CALHOUN observed that, at all events, the
Senator was on the same side that he took in 1927,
and had probably since found some arguments
Mr. BERRIEN said that he had always been up
on that side.
Mr.. CALHOUN remarked that positions similar to
those assumed by the Senator had been heretofore
answered by men to whom ne was politically attach
ed, and he put confidence in their opinions than
in those which had just been advanced and he must
entertain his own opinion, be the decisions of the
Supreme Court what they might.
The memorials Were then referred to the Commit
tee on the Judiciary.
Messrs. MILLER, HUNTINGTON, WALKER,
GRAHAM TALLMADGE, BARROW, and HEN
DERSON, seyerally presented petitions against the
postponement, amendment or repeal of the Bank
rupt law
MIR. WRIGHT presented memorial from the pi-
lots of New York, asking for repeal of the law OF
Congress which throws open the ports of that city to
pilots of other States; which was referred to the
Committee on Commerce.
Mr.. BENTON presented petition from Captain
Thistle, praying that he may be allowed for horse
which was killed in Florida To be used food also,
the petition of Alexander Watson, of Florida pray
ing indemnity on account of Indian depredations.
On the motion of MIR. BUCHANAN, the rcsolu-
tons passed at large meeting in the city of Phila-
delpha several months ago, with regard to claims on
France for spoliatious committed prior to 1900
referred to the Committee on Foreign Affairs,
The PRESIDENT laid before the Senate a report
from the Treasury Department, transmitting the
turns made to that Department by the Incorporated
banks Of the District of Columbia, showing the state
of their affairs at the close of the year lS4l; also
from the same Department, in compliance with the
resolution adopted on the 23d ultimo, directing the
Secretary Of the Treasury to make report 10 the
Senate showing what would have been the operation
Of the Land Distribution bill if it had been in opera
ton during the'year lS41 and how much would have
been the distrbutiye shares of each State and Terri
tory and the District of Columbia under said BILL ac-
cordmg to the asceraned and estimated product of
the land sales for the year Also the distrbulyc
share of each individual, provided the said revenue
should have been divided out by the head to the
tire population Of the Union according to the
of 1910; and how much would have been the distr-
butye shares of the States Territories, and District
of Columbia, and individuals provided all the proper