Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-15
TMENTY-sEYENTu coNGREss--2d Session
THIS BANKRUPT ACT.
SPEECH or Mn BENTON, OF Missouri,

SPEECH OF Mr. BENTON, Of Missouri,
In Senate December %, lS4l-On his motion ~ Po'
/ pone the operation of the Bankrupt Act. =,
I Agreeaby to the notice which he had glVe"' W
Benton asked leave bring i'll bill to postpone '"t
operation of the Bankrupt Act until the hrst udy u
JULY for the purpose of allowing time 70 pu'n
act more conformable to the principles OF Tue Dam"
System, aud to include banking, ana o'n'' ''''
dealing and trading corporations , d.
In supuort of his motion, MIR. b. said that AZ tue
late Extra Session Of Congress, an act haa
porting to establish uniform system OF ounA ups,
throughout the United States but when, IN ,ac',
no Bankrupt system, nor any thing like one but mere
ly an insovent law, and property law, ana Jaw 'o
the general abolition Of debts at the Will OF Tue ue"t'
II was one Of the acts which pa sed according 70 tue
new rules; that is to say fixed out oil doo's anu ~"
driven through upon the high pressure Prlncple Will
out allowing any amendment to be made-ah ~ ~
dotted or n to be crossed-unless the moion iof he
change came from friend the bill It's reueia'
Wing measure for the relief of the country, (as all M
measures of the Extra Session were whimscay c"ii-
ed) and commanded the general support OF The lheh
dominant party After MI it could not have neeh
ed except as preliminary to the passage oil ne ia"
revenue distribution bill No bankrnpt-no o's'fou
! ton This was known to he the ineAo'd"s 80.
1, Bankrupt was the master of distribution; anu 'nooe
not included in the list Of measures TO be passed. ana al
though poseror the calendar and once ia,d "p"'i
the table in the House, yet bankrupt AWARDED iseit OF
the prerogatiyc OF supremacy, and had Itself taken up
first pushed ahead and passed INTO law wile a's'iou
!, ton obsequiously waited behind.
The act is bad net, passed in bad manner rauSh'
with ruin and and disgrace; and must be eXecfated ny
the country, unless repealed BY ourselves, OF hueu
by the judiciary Admitting that bankrupt SYSTEM Is
to be established, (though profess myself no lfiehu 10
the mcasurc) yet, admitting il Is 10 come, sun say
that this is not the thing that something very diereh'
mus. be substituted for swift dc sructon wiz over
take IT, either from the people, or from Inc lnac'a III
bunals. 1t is with this vew-wl.h the vle"oi opening
the door for substtute-that ask leave 10 Dfihg III
ia DoSu ou
until towards The close of the present session lhe pre-
sent act is TO take eiiec, the first day oil fehruary-
propose TO defer lis commemorative ,he mrs. day u
July. And if that proposition is iavoraoy received ~
the Senate am ready 90 10 work upon another oi'
!, and to rive nv aid in making il perfect as possible
Y The present act cannot stand IL cannot survive
summers trial. /, will be overhrown and exccra'ea'
a and better for lis friends 10 anticipate us
it aside and make another act At once-rather than 10
await the certain and fatal decision of the public ludg-
ment The country knows but little about II, but that
little lis pre- ud'ce. The tactics OF the Extra Session
reyentcd the discussion which was necessary 10 eluci.
date it. and experience has not yet displayed ITS cha
. racter but few months practical operation will display
r lis enormy and unite the community IN the demand
= tor its repeal.
hold the act to be such have constitutional
moral right 10 pass-hat It is no bankrupt system ~
any sense of the ern-that its contents are libel
up0n lis c-that il is purely and simply an insolrent
law property law and law for the abolition OF debts;
and that all ts provisions are subordinate TO these ends
and calculated 10 free debtors from their creditors, Wt
the greatest possible rapdv and the least possible tou-
bic or expense. This is my opnion-a hard one ad-
mt, but which believe to b. true and now proceed
to verify it by examining the provisions oil the act, and
contrasting them with the objects aud provisions oi
real bankrupt system, such known 10 the c"m'er,
cal countries Of the world and which the trainers "i
our Constitution had in their eye when they authorized
Congress to act upon tile subject.
assume as ncontcstable, that the design and pri-
mary object of bankrupt system ever yet known,
sI,z
thing whe there any thing 10 e saved, out Ut an
unfortunate dishonest debtors esta,c- that the sys-
TEN extends to the trading and money dealing classes
alone, whose business requires the o mnc credit
and that all the provisions at the system are snbnrdI-
nate to the primary design of securing creditors Aud
assume it 10 be equally nconesabe that this act o.:
ours is tie ofa tIis-hat It's primary and only
design is to benefit debors-lhat IT extends to every
description Of debtors-and that all It's provisions are
framed and calculated 10 accomplish lis design OF foe
ing debtors from their creditors Let us examine these
provisions and whether am right or wrong IN the
severe opinion which pronounce.
j. First as 10 the option OF making debtor bank
rupt and which party has the initiative IN commencing
the proceedings According to every dictate OF common
sense and JUSTICE and the principle Of all bankrupt sys-
TENS yet known, this option belongs 10 the creditors
and it is for them to say whether they will commence
proceeding by which they will the present es
tale and may relinquish the future; whether they
will forego this advantage, and take their chance Tor
eventual pa ment out of future earnings and future
acquisitions. The creditors should have this option,
+ and do have it all the world, and especially IN
England from which country we borrow our notions OF
bankrupt laws. The debtor may commit acts OF bank
rupcy but he cannot force his creditors to proceed
against him upon those acts They it, or NOT IS they
deem best for their interest But with us all this
reversed. The option given 10 the debtor and the
creditors forced to treat him bankrupt when
ever he may choose TO say the word, although should
be against their wishes and their interest 10 do
i 3 Next 10 the persons who may make themselves
bankrups under this act. These are not merely the
merchants and traders, and the bankers brokers, and
money -deaers and including all the common banks,
as in Great Britain and other countries, but all de-
scrptons of persons whatsoever who shall owe debts
incurred in any way, except by breach OF trust All
these, whether male or female-whe, black or red
citizen, alien denzcn-bona fide inhabitants OF our
Union, fugitive from foreign lands all these, aud
more too, there any more, may apply to our Re-
derai Courts, and demand matter OF right The iuil
benefit Of the act II only requires them TO be persons,
and to be resident the country ut the tune oil hing
the petition; and this take it, is broad enough to in
clude every human being who is in our country or
who may come to IT.
g. Next to the persons against whom the act may
operate.-This is as universal the former They
all persons, and all institutions which are or may
be creditors, without regard TO the citizenship, resi-
dence, the amount Of the debt, the place where
incurred, or even whether secured by judgment area-
dy obtained for it. Nj may be proceeded against, and
Ill ousled OF their debts whether absent or present,
whether ignorant cognizant OF what is gong on
against them Relief to the debtor is what the act IN.
tends and that intention is not to be baked or delayed
by the condition of parties the observance OF forms
A. AS to the relative position of parties in these pro-
ceadngs-Here the natural order of things is reversed
The dcnle becomes the plaintiff, and the creditors be-
come defendants. The debtor begins and carries on The
suit and the creditors may make defence well as they
can. And, defend they may, they are predoomed 10
defeat for the debtor Internationally entitled 10 his
discharge if he follows the directions of the statute
The act is express in declaring that he shall have his
discharge and total release from his debts, by follow
ing the words of the law; so that all he has to do TO
employ attorney, who with the act in his hand Tor
his guide and compass, will pilot him through the ranks
of his creditors, matter how thick and close they
stand and land him safely in the port Of security
5. As 10 the conditions which the benefit of this
may be obtained These are declaration upon OATH
that the party is unable 10 meet his debts and engage
ments accompanied by schedule of his property, 81