The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-29
10 No mail south of Norfolk.
G o N G. X E S s .
WAsHIrorox T.,,.s

curing the morning hour. the bill to repeal the p
rupt Law again came up on its third read;nr
was supported by Mr. Bayard and Mr. Rsn,or
opposed by Mr.. Choate.
Mr.. BAYaRp complained that on nm ,h. 90,
rhetoric had run into ex,ravsgant bvperbole r
had heard much of FIVE hundred thousand ns,.
being shacked and manacled. with gives on
arms and all this to describe the condition Of a
who had voluntarily and freely contr ,cted obi
lions which he was unable to pay, and from the
ture liability TO pay, which the law will no,
charge him, and this extravagant picture was dr.
TOO while there was not State in the Union wt
had not provided laws by which. in such a CO
ton, he could escape frsm incarceration on civ
up his property. There had also been mons,
exaggeration in the number of bankrupts. By
last census the whole number Of persons engaged
commerce, manufactures, or trade, was nine
bred thousand, and yet they were told that ii,
were SOC, 000personsi in state Of bankruptcy In G
Britain, which was emphatically ga nation of sh
keepers, during period OF lOS years-from l7od
Iooo-a period the most thriving and prosperous
British commerce-there had been but IL 900 ba
n'pis. he next traced the history of the bankrj
system, 10 prove that it was instituted tor the De
III of tue creditor, and was his remedy agaius:
partIaiity Of the debtor. The object of the ius1
ent law originally was to discharge the debtor f.
imprisonment, but the object of the bankrup, h
was the distribution OF the effects Of the debtor
the beneht OF the creditor, and to ares, him in
career Of prodgality. The first insolyenr law
passed in England, 1859. and was called the "I %
Act" by which it was provided that if any Der
who was taken in execution for a sum less in anoI
than El00, consented TO give up all his p6ssessio
ne was discharged from Imprisonment But 80
nacious were the trainers of the law of the rights
the creditors, that the discharge was made deper
ent on the sentof the CREDITOR but if the cred
persisted in keeping the insolvent in jail-,h
then said that the creditor should paw
shillings and sixpence a week for the ms
vents support. But on the contrary this
was but sponge, to be used by the debtor.
wipe out his debts and obligations, and the debts
men who had been guilty, in many cases
the most wanton extravaganza. II went beyo&
and contemplated an object entirely different Fl
the system which must have been in view of I
trainers Of the constitution, when a provision v
incorporated in that instrument to give Congrt
power to pass a uniform system of bankrupt
throughout the United States.
Mr.. CHoArE said the retrospective feature Of |
bankrupt law was the only one on which he b
ever felt a moments anxiety; but he sustained il,
the first place, because he represented credi
State, and because that State, on the ground of 81
interest, adhered to the retrospective feature OF
bill. Massachusetts, had manifested disposition
try the bankrupt law; her Legislature had pass
resolutions in it, favor twice, numerous petitid
had come from her citizens, who had property
every State Of the Union. He did not stand the
to put i to the account of a romantic humaui
that Massachusetts, favoured retrospect
bankrupt law; but to keen, far sighted q
interest. As the law now stands a vast M
of assets was beyond the reach Of the creditors,
low them where they would they were bur1
in the earth by ten thousand contrivances, he v
sorry to say, Of fraudulent fundamentally that,
debtor might have something TO buy his liberty
have something to support his family. But pass
law-let it 60 forth offering liberty to these tho
sands of debtors, and what would Be its operation
earth would be disintened, and the creditor wou
get something where now he got no:hiu
and the debtor would get liberty and be ressd
ed to the pursuits Of commerce. MassachuseI
looked to these ransomed debtors to become
customers. But in the next place he should vote =
the retrospective feature Of the Bankrupt Law,
cause he though. they had moral right az q d
vernment 10 pass retrospective Bankrupt La
and because they had strong, clear case OF pob
policy for passing IT, The gentleman, from De
because it was to be used a sponge to wipe out
istng debts. In that objection there wasgreat weigp
and If itwere not over borne by great amount
public usefulness he choulj hesitate to give it
support. At a period when the public miE
was relaxed and acknowledgement the cry
"repudiation' rung in their ears--it was
a light thing for the government to wipe out an
listing debt, even Of dollar and if it was not ov
borne by ten thousand larger considerations OF
pediehcy, he should be half incliaed 70 60 against
But he entreated the light toned morality OF
Senate to remember that this objection was
peculiar to the Bankrupt Law every insove
law that the world ever saw, was exposed 10
same objection but sound policy demanded 1t
1t was amongst the duties OF a government
enforce the rights Of humanity and TO reiie
the debtor from the hopeless state Of prosl
ton in which so many were now found He, lhe
fore, advocated the bill as a work OF humanity.
There was nothing txhillrsting in our afai
whether they looked at home or abroad /; ahro(
there were increasing chances Of war-at hou
doubt and distrust; destroyed confidence, distract
councils, and discordant voices Of those thar fnou
be brothers and yet above all theee sights a
sounds, il the law was allowed TO 60 into Iofce
the lst February, the sweet silver trump Of juon
would be heard with the mornings dawn, sweepi1
through the morning air, proclaiming deversn}
TO the captives and oh how much would this
to eniven, if not to dispel the gloom, which !
around prevailed.
Mn. BESroS's reasons were not given beyond
reference 10 the arguments On which he relle
when he introduced his bill to postpone the open
ton OF the Bankrupt Law; for while he was ye, !
the threshold OF his subject, apprehensive a io4
Speech and desrousto coerce hun into silence, I'd
The question might be taken, the wing Sen.toI
lett the Senate Chamber almost in body, ~
expectation, doubtless, of being called IN when
Senator had flashed The course pursued nag
possibly satisfy him that they were not desirous
hear more, but his friends took advantage OF the c
cumstance, and carried a motionto adjourn, whi1
gives him to. morrow TO deliver his speech, and
one day longer leaves the many thousands IL 81
pepse, whose hopes will be consummaied or b. 81
by the action of the Senate.
In the HousE or REPREsENTATIvEs the cut
day, until late hour, was consumed with dis q
sion on the attempt TO censure Mr.. Adams At q
close Of yesterday's proceedings, Mr.. ADAMS rails
point Of order in relation to the jurisdiction oft
House in the case At the opening OF the proces
Tags to-day,
Mr.. Boris appealed to tho gentleman from M
10 withdraw his point OF order,
enable him to speak to the merits OF the question
MIR. ADAMS said he was willing that The Hox
should rid itself of this worse than improbable
ject, and with this feeling, he had not ob,eet
when the motion was mafe yesterday TO lay
whole subject on the table. lie was unwii;.ry
this House should be occupied for three weel
a - - Al H.