Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1842-01-26
SENATE.
WAsHrxoros, Jan. l2

UGy Oh tDC ooUJOS' VI tHsHc pubni"P' "f
come for its repeal. modification, aud post
pcuemsnt; and Others demonstrating
gains, any aclio. upon Il.
Dir. Calhoun said he had beeh requested
10 present petition from several ci,izcus
Of New York, praying thar Congress may
NOT inierfere'wilh The Bankrupt law, pass
ed last session. either by repeating, alter
ing. amending it, or pustpsning its opera
ton. This petition had been forwarded TO
him with strong appeal 10 his sympa-
ihies. He could no, seigEnrani that there
are thousands of cur mast valuable fellow
citizens at;ihe present moment reduced Ia
q hopeless state OF insolyency-ciiizens
who have just Claims uponihe sympaihIes
of the community. He Would 20 further.
he would say no, only that he deeply de-
plored The condition. 10 which they were
reduced; hut thar he ctmscien'iousiy be-
lieycd. most Of the insolvtnIs were inno-
cent sulIerers-the viciimSof unwise and
improper legislation on The part Of this 60
verumcnt aud thai OF the States, IL, rela-
tion 10 the currency. He6eId that. TO this
cause, vas mainly 10 be asribuIed the IN
solveucy aud bankruptcy, SO general rhro'
out The country. With this si,nprcssion' he
would go into brief statement, explana-
tory Of the causes of the PRESENT distress.
What wasa bauk noielsut an evidence
of a debt from The bank toihe fold:r; and
what did II represent but dcbt-the debt
of those who gm accommodation from The
bankl The currency Of this country then
was almost exclusively debt representing
dlebI and what was lhe effect Of making
such paper currency the circulating nirdl-
uni What bul TO expel fnm the country
gold and silver, which only, under The
constitution and laws, Gao pay debts. aud
substitute inr them nothing bnt evidence OF
indebiedncssl Aud what was the effect
Of thai bni tn decrease themeaus OF pay
ins debts jus, in the same prnportion that
Indebtedness is increased In prosperous
times. when exchanges arein favor oi this
country, The increase Of This bank paper
evidence of Indebtedness would be large
in proportion TO the cnIerprise induced oy
prosperity. Then hank activity would he
a, The highest, and the expansion of paper
currency would he a. full iids-expe'lIns
fiom the country all, or ,edrly all, lis gold
mud silver. But Us certain as the Tide OF
The ocean is succeeded hy The ebh. so Ger
| thin is the tide Of bank expansion at being
succeeded by the ebb Of coAraciion Then
come ruin and disaster aud universal dis
,rcss, when ,here is she least means left IN
the country for relieving Them, or for meet
ing engagements and indeb sbuess, ,hecause
,he very evit!ruao Of Indebtedness pro-
cecdinc from expansion. md driven ou'
the means of paying Jude Eedness. This
thing of making evidence Of Indebtedness
n basis of currency, has proved that The
result can be nothing else hat swidc-sPrend
insolvency. Il is acIing as..s $.s,hls ssams il!
who. for every pound weigh Of material
hc laid upon the supcrsuucture he was
raising, should undermine IN equiv salen,
| p,rrion of the foundation. The whole su.
pcrsrruciure must ccInc down. This wis
what brought five hundred thousand cili-
zens into such extremity as 10 compel them
to make their appeals to the sympa'hlcs
of Congress Hut strongly ny lie felt the
appeal. he could no, yield To it al the sac.
riicc of great and important principles
that 20 far hcynnd presenl Inconvenience
and temporary individual suffering. lie
could not but see thu, 10 yield 10 The request
of these peIitinncrs would he, in The cnd.
but 10 agcravaIe the evils they complain
Of and 10 involve n much wider circle III
The ruin which ovcrwhc!ms them. The
continuance of the Bankrupt law will ac-
sravaic instead of mitigating the genera
distress occasinurd bv an lnlln'cd and ire
Ieemable paper currency. IL that law Is
no, repealed. i, will not he in operation
three years. till hundreds OF mIllinns OF
dulars worth Of property will have been
submitted tu the auciionecrs hammer. az a
time. too. that the country cannot furnish
means To purchase il unless at ruin"us
sacrifice TO both debtor aud creditor. The
result woulI I've more disastrous than the
effect, of the former bankrupt law. disas-
,rous as they were. The amount IN he
sacrificed will be fnr beyond any calcuIa
lion based on the effects Of That Law. What
will the creditors bcne6l by the operation
of this law Literally nothing. Scarcely
fraction of their debt will be collected
under it's operation. And in view OF The
rights Of creditors, he would take ground
that il was one nflhe most iniquilous laws
ever passed. When the Constitution was
atopied, there was siroug desire mani
tested TO shape the power oil creating
uniform Bankrup, law, so as To authorize
insolveuis as well as bankrupls tn he IN
cluded; but that was abandoned, aud the
power was restricted TO bankrupis. rs de-
fincd in the English laws, then existing
aud prevailing. !, never was intended by
the trainers of the Constitution that the
power should reach TO insolvenls generally.
Bur there was another objection 10 The
Bankrup, law Of The last session. IL looks
10 the first instance to the protection oil The
iebior, aud not 10 The protection "l The
creditor. This be held to be adverse to
the true intent aud mcapingof she ConSl'-
tuition; anil in view Of all this, it would be
impossible for him to vote in compliance
with the prayer Of the petitioners Tor The
countcuapce O: such an unequal and un-
Just law. II might be asked why would
he moi. conscious Of the dis,resse| which
hou.J ,lown rpany y.luoL citizens, con-