Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1842-02-10

ficers, and its affairs wound up Corporations are
the offspri ng of the States and amenable 10
State laws. Why then for what object, do You
wish to change their a,sters Have the people
demandedit? There is no evidence Of it then
will the States quietly surrender the power of con-
trolling, checking and watching over the institu
tons which they have created 1t is difficult to
limit the extent ola law reaching all corporations.
Banks, Manufacturing establishments, Canals,
Railroads, Turnpikes, Toll bridges, Ferries, Re-
hgious societies, Library Institutions, &c. NC
would be liable to fall before it. BY the bill
brought before the United States Senate by Mr..
Wall chairman of the committee on the judiciary,
ifa corporation note of $500 lie over at any bank
for fifteen days, or il debt of the same amount
is presented and not paid in fifteen DAYS, the cor
poration is to be declared bankrupt and its effects
though ten times more than enough to meet all
demands against t,Placed in the hands of he
signees of the federal government. Are we pre-
pared to sanction any such principle In times
r0f pressure, such we have frequently had with
in the last ten years, when find it difficult to
meet cash demands against them, although in
possession OF an abundance of capital, how would
it affect our manufacturing establishments, with
dull market and large quantities of goods on
hand, they must fall before it, when the people
among whom they are located, knowing its SOL
vent condition, feel perfectly secure. He thought
of the business of the country, to the general
government, was thing altogether too serious in
its nature to be hurried through as had been at
tempted What do gentlemen who sometimes
talk about State rights, think of this matter p
Can they see ''consoldation" in it If they
cannot, their vision is hardly as clear it some
times is.
Fle thought the circumstances which called for
"a Bankrupt Law, to operate on persons, presented
a different and much stronger case. The great
commercial commissions through which the coun-
try had passed, and was still passing the rapid
changes and uncertainties which had pervaded
all branches of industry, had stripped thousands
and thousands of their earthly all, and left them
borne down by such heavy weight of debt that
they could look TO nothing but bankrupt law for
relief Reflect for moment upon the condition
of the poor but honest debtor-the last dollar has
been given toexacting creditors. He perhaps,
has wife and children, who are dearer to him
than all earthly goods, whom he sees daily sink
ing to dependency and want, without the power
of administering to their necessities. Iie can do
no business for himself; as fast as a dollar is
earned, some grasplng creditor stands ready to
clutch what might for while allay the cravings
of hunger; the present is agony, all before him
IS doubt, gloom, almost despair. Could any good
end be answered by keeping such ar individual
constantly under the terror of the law b; a he,vv
debt was crushing him, and he could not rails, a
niger TO remove 1t. There not the most dis
tant prospect that the debt would ever be canoll-
ed. Then why keep him bound like a victim for
the sacrifice. Why not loose his bonds, let him
taste once more the sweets of liberty, and start
airesh IN the pursuit after happiness. The State
Legislatures, he said, did not possess the power
OF dlscharging individuals from the Obligation of
their contracts .that power had been surrende red
to the national government, and unless exercised
by that government, hopeless indeed must be the
condition of thousands and thousands, who had
turned to her as their last hope of relief This
was not measure called for by the debtor panty
alone. It was looked upon as great measure Of
relief. The name of the humble citizen and
the millionaire stood side by side as petitioners for
IelIef TO the unfortunate; that the prisoners may
go free. He said the action of the House on the
question now before it, might seal the fate, might
blast the hopes of thousands who are now wait.
ing with trembling anxiety for their doom for
1t was well known that the advocates and oppo-
nents of bankrupt law stood nearly equally d.
vided in the United States Senate If we could
therefore turn the vote of single Senator from
the support of the bill, it may be lost. Let the
question be met then in the spirit of humanity,
remembering that the vote soon to be taken may
obscure the last CLEAN of hope upon which 50
many straining eyes are bent; may drive to crime
those who would once have shuddered at any
thing wrong; may force starving children TO beg
gary, innocence to the dark abodes of infamy and
I'LL our prison houses with victims of the law