The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-14


of any of the States, and is supposed that her rep
resenatves will strive to amend the bill but no
number can be selected that will not bear with equal
injustice upon some other State. The expediency
of diminishing the number may we'll be questioned.
1t is doubtful even whether large increase would
not be beneficial to the country. The apprehension
that it would retard the business of the House is
without foundation. The British House of Com
mons consists Of more than six hundred members,
and yet business is turned off in that body with
facility and despatch which our national egisla-
ture is stranger. Let the number be increased to
four hundred take away the desks from the hall let
no man speak who is not prepared to discuss the
question before the House, and we should see
deal and salutary reform in the manner of doing
business. 1t is probable, how ever, that the pro-
position of the committee will be accepted by Con-
gress, after the usual amount of idle debate, and all
counter recommendations are only words throws
away.
The Bankrupt Bill viii not be repealed. Such at
least is the pervadlng opinion here.
TWENTY-sEvENTH CONGRESS-,
second Session.
Senate
WEDNESDAY, Jan. II.
The BANKRUPT Law.
Mr., MILLER presented aremonstrance against the
repeal OF the Bankrupt Law.
MIR WRrsHr presented memorial from Is or IL
mercantile firms, such as importing merchants, of
New York, praying Congress 10 repeal the Bank
rupt Law and mt moral from l7O merchants of
the c1y Of Albany, in the State OF New York, set
ting forth the proprlety OF an amendment OF the
the Pilots of the PORT OF New York, praying Con-
gress TO repeal the law throwing open the port of
New York TO Pilots OF ether States.
MIR. HUNTINGTON presented a great many petitions
G. 81, roaI Of he ptrtlpf
MIR. WALKER presented memorial from New
York, against the repeal or amendmel OF the Bank
rupt Law
several petitions from the city of New York, remon-
stratng against any interference with the Bankrupt
Law as il now exists He had also petitions to the
| same effect from other places, which he then Pm
sented Ia behalf o the object OF these petitions ~
desired to say few words, but perhaps that not
MT. CALHoUN said he had been requested to pre-
sent several petitions from the city of New York,
PRAYING Congress not 10 interfere with the Bank
| rupt Law. These petitions had been forwarded TO
him with strong appeal to bis sympaihes IN their
behalf He could not be ignorant that there were
thousands of most valuable citizens, at the pre-
sent moment, reduced to hopeless state OF inSol-
vency-cltizens who have Just claims upon the SYM
pathies oil tae community. He would go farther
| he would say not only that he deeply deplored the
condition TO which they were reduced but that ne
coDscisn,ously believed most OF the insolvenis were
nnoce nj suferers-the victims OF unwise and I'M
proper legislation the part OF the general govern
| nent and of the States IN relation to the cur
renew To this cause he mainly attributed the
insolvency and bankruptcy so general throughout
| the country But strongly as he felt the appeal,
| he could not yield to II at the sacrlhce o.
great and important principles thai GO lar peS on9
nres,nt and Temporary ind vdsal SUI
srng He could not but see that 10 yield to me re"
ouesi of these petitions wcud be, IN the end, but 10
aoprayate the evils OF which they complained, ana
~ 77nvoive a much wider circle in the ruin which,
.L~I., hem.
runi Law would aggravaie instead vi mitigating the
general distress occasioned by an inflated ana IRE
deemable paper currency. ii that law were not re-
pesled IL would not be IN operation three years ui
hundreds Of millions OF dollars worth of property
would have been submitted TO the auctloneer's ham,
mer al a time too when the county could not fur
| nsh means to purchase II unless at a sacrihee 'o
both debtor and creditor, and the result would pei
more disastrous than the effects OF the iomer Bank
| rupt Law, disastrous AS they were. What wSule
| the creditors benefit by the operation OF this law
Literally nothing. Scarcely traction OF thcH dtp
| would be collected under ITS operation. And
view of the rights Of creditors he would take gTou'
| there that it was one OF the most nnqultou5 Ia
/ ever passed. He next objected 10 the Banhfui
| Law on Constitutional grounds.
| Mr. BsRREN replied TO tie CONSTITUTIONAL asgu1
ments of the Senator from south Carolina, ana In
| petitions were then referred.
| Several petitions OF like character were lhe
| presented, and reports from the several Department
| were received and severaly referred, and some un
| important Dr-iue.s was disposed OF
'rns BsARD OF Excn.eUER
| Mr.. Mxphics resumed the debate on me re
dent. a,g,, If Board Of Exchequer. lie held q
be- ths o., raen duty Of the Government to reeula'
the ~ and to 'sse such action Is Is T sna v
| sir ,ad..,e,mined. Some supposed II was TO
d,ns by . return to a purely metallic currency b'
lbrre mus and would be bank paper as circuIato
medium 10 large extent N Inc county NO o.h
| ,xs,.ns were out ot the question what then W.
| q. he done In this state OF things they had
man Of the Secretary OF the Treasury before the
ior the action OF Congress, and Tor himself, ai.ef
he consideration which lie had gwen to 1t,
had not been able to discover all the dangers
| formidable objections which had been pourtra
ed in such metaphysical mazes on that hoor
Eth, Secretary told them tue plan was not peree
n, was the work OF hirraa hands ald was ia.riY