, 1842-01-22
SPEECH OF Mr.. BENTON.
1Concluhoa.l

IS. Finally, as 10 the duration of tie act.
This is intended tn he permanent. There is
no Limitation upon lis duration. and no lint
totjon mon the number Of times that the
same person NAV take advantage Of IT.
The ONLY restraint upon it's ccnfinued use hv
the same parsnn is in the condition prescrt-
bed in the i2th section. AMI which requires
seventv-fve per ceniun "f the debts 20 he
paid nj The previous discharge. in order ("
entitle the same person to be discharged
again: and 50 on as long rs he can pay sew
enty-fve per centnn. Upnn this condition
a man NAV become a bankrupt as often as he
please>; and rs the operation can be per-
formed in ninety DAYS. which is four inc 4
year,) and twenty-five per centun be clear
ed every time on the whole amount OF his
debts, it may become a very profitable busI-
ness. an be the means Of Introducing Il new
application of the credit SYSTEM, and open
up a new line Of enterprise to the modern
fnanciers Of the world who nav choose To
congresate in orr America for the purpose
Of engaging in it.
This. sir. is the act-i:s principal and its
leading details. This is what is called VOL
un,ary ~binkruptcv! 4 thing unknown to the
ttglSlbli's vi tIC "'i''is h"th 't'S ''''
existence under the hot incubation of the
extra session.. Ills is voluntary bankruptcy.
And what is it but an insolvent law. for the
abolition of debts at the will Of the debtor?
What is but a property law, for the payment
of debts with property. where the debtor
has any, and without property where he has
none!
Taken under its nest and most favorable
aspect, and it is Il property law. BY virtue oi
which. the debtor can extingu,h his debt by
surrendering his property. be it much or lat.
lie, and whether the creditor consents or not.
This is the hes; aspect under which it can
be vie wed; and, seen in this light, it is un-
constitutional and iniqnitous. and lnconPara-
bly worse Than any property law ever pas
sed by the States. Tn property laws
passed nv some of the States were at least
conditional, and optIonary. and required the
property to he worth more than the debt
for which it was rendered, with the privilege
to the creditor TO refuse it if he pleased, and
take security for the payment OF his debt
within a given time. The Judicial tribunals
nullifed these avs of the States as uncon-
stitutional; and public opinion condemned
them as immoral. But how infinitely worse
is tllS l. cutTdI pitptIit NV" nv SohSiCso
has en- lc,ed fr the whole Union. Under the
State laws it was only when the creditor
had pushed his debtor {" execution, that pro-
pertv could be rendered Ia him at all: here.
under our Congress law. il can he rendered
at any time, even when the creditor has
brought no snit. and is no way pressing or
pushing his debtor. and would be willing to
give him time, and take the chance Of pay
gradually out of his future earnings. Under
the State laws tie property was valued; and,
if accepted. only counted, as far as it went.
at a deduction Of one third or one. fourth Of
its value: here. TN Ter our law, there is no
valuation, and the debt is extinguished by
the tender, be the amount little ar much.
something or noihin' :. Under the State laws
tho creditor might refus' the property, and
have security for the debt and the interest:
under this property law Of Congres', there
is no option-no right Of refusal and cleo.
tion Of security: the tender is absolute, and
extinguishes the debt, whether accepted or
not-whether worth much. little. or nothing.
Finally. when property was rendered under
the State laws, and accepted by the creditor.
he received IL himself and kent II himself, and