Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1843-01-30
= Il II T. q n q IL Il y y
T IL RID : T. SION
HOUSE OF REPRESENTATIVES,
REMARKS OF MIR. MARSHALL,

On rnr 2.rH or FEpnu,Rv.
Upon e motion Of Nh PsorFir to reconsider the rott
on Me passage Of NE Bankrupt Lar.
! The question being upon the motion above stated, an
Mr.. CrsnIse, MIR. fEssrNpsN and MIR. &. DAVIS la
wing SUCCESSFULLY addressed he House, MIR. Marshal
was recognised 10y the Speaker entitled 10 The floor.
/ Mr.. MARSHALL. observed tina, II would not be pre-
sumed To be out OF order to pay hllle attention for
few moments 10 the subject Of the bankrupt law, the abb
ilon nj which IT was now moved 10 reconsider.
! MI THOMPSON. OF Indiana, here rose and asked MI
NJ 10 yield him the floor Tor the purpose Of explanation
but Mr.. NJ. declined
Touching the eXpediency of the bankrupt law whicl
passed the session. Mr.. NJ. had differed il
opinion from his political associates; and he had voted It
repeal the law ell the regular session which followed
lie hoped it would be REPEALED lie had always iel
assured that could not any length oi time upoI
the book but must shortly be repealed but he ba,
not hitherto stated his objection TO tho law his IA,
would now endeavor 10 do in very few words.
The Constitution gave 10 ihe Federal Government
the power to pass uniform laws tho subject Vi bank
ruptcy and he had been Of opinion, and Sill was tina
that power ought to be exercised. lie was III iavor o
having unolm bankrupt law, as founded On any prn-
cpes lac had ever heard advocated on that subject up IL
tha time II passing tie bill Of the extra session.
lie had considered q bankrupt law as matter oi
commercial regulations; and he referred ii 10 that class
Of powers which authorized Congress to regulate coi
merce. He still understood The wold ''banhrup 10
have precise legal technical meaning, winch was dc
fined in the English law at the time when the consliiu
ton adopted He held the power, Indeed, to be an
exception. departure from the general genus OF our
SYSTEM Of Government. The Constitution might be
considered in different aspects either as distributing
power between the General and the State Governments,
between the several departments o the General GOV
eminent itself Now, IN tins distribution the whole
subject Of descenls and Of contrasts left with the
States. The bankrupt law, az 1t nov tAst,d, covered
all cases. and was not confined 10 any particular class
with an exception however as 10 corporatlons. ndcr
the power conferred ON Congress by the Constitution II
had been declared that all persons who were IN dob,
with assets without, and without consent OF Their
creditors. might with a simple nullcc, declare them
selves released from all Their contracts.
He would here state IN his place, that such law as
this in contradiction OF all the principles OF human
right and all just notions Of the powers OF this VI any
other Government. There were principles aud rights
which preceded all political institutions, aud
Government was established not to abolish destroy,
but confirm snd IL render them secure In the
nature Of things, IN commercial country like THIS u
OF property of men must consisln cun'racts
and their right 10 the ulment ui these contracts Was as
perfect their RIGHT had been To the things III exchange
for which the contracts had been entered into. II lac had
parted with his horse aud taken mans note Tor The
price he had always supposed that he had valid n
right othe he had had 10 his horse, aud he never
had magincd that the Government could take from hiin
he note because the drawer was unable 10 pay. Mr..
NJ repeated that he thought The power To pass uniform
avs al bankruptcy " cidso VI
powcr conferred Cugress by the Constitution, and
HAT such law made t,r the benefit Vi trade. by
= bankrupt the law undesiooda debtor who had done
some act going dciraud his creditors, aud that his
creditors entitled 10 HAYES voice beure they were
deprived of their right 10 the contracts ol the debtor
The law was very strange one The principal in
debt was released by it, while the securities renamed
und Its provisions contradctod all that he had ever
learned OF law. The idea that corporatlns were higher
in their dignity and their rights than individuals was 10
him strange one. II said that corporations
the creatures of State law, and such absulyed
from the power Of the General Governments but Tor him
self had been his convlct'n that man, tie IN,
mediate creature OF Gods hand, 10 the fall
important being IN Gods world as the creature any
State Legislature earth could be- statute like this
contrsdiced he repeated it, all Of law that Mr. Nj had
ever learned AS To the idea suggested by the gentleman
from New York. (Mr. B,nSanD) Mr.. N. had never
known formidable battery against the law as that
gentleman had opened in favor OF It's continuance The
rpn,lemans premises lndspuale, for he said that
if the law was now repealed IL would remain stain
upon the statute book i he gentleman had treated IL
mere abolition OF debit and such was unulach
cd in history by the institution OF The Jewish Jubl
lee and even that had the advantage OF II IN this, at
as it required regular periods, once III hiy years.
every body knew beforehand the lime when the release
would take place. but this latent power Of the General
Government sponge pleasure all the contracts IN The
country might awake at any moment, aud no man
would probably know hat unlocked for hour might be
exerted And would the repeal Of the law pe OUT the
stain while its effect in aboishing contracts remained IN
full etTec2 1t would not In circumstances Of great dit
culty such the passage OF the law had created, the
best thing the House could do 10 abolish The statute
forthwith. He afraid the nation would never for
get it: he unprecedented that the Democratic party the
country would keep its ghost in eye Of the nation for
many long day. to the annoyance OF their Wing adver-
sarlcs They would tell the story over and again,
that the Wing party the first nolent after their victory.
had exered their power slunge the debts oil their par
,sans, and make political capital by legislative profit
gacy II So the act would have most unfortunate re-
suit But, in truth, the Wing party deserve such
reproach. This la" had been pending for years aud
years before the triumph of $780, the idea had been
preached far early have il considered
of the 27th Congress. But whatever might have been
the motives which led TO It's passage, the law Itself was,
in all its naure., fatal to creditors Some gen emen, in
deed advocated the for that very reason because
they held that il was expedien that credit should be
DESTROYED in order To keep the country from getting into
deb, any more. out the time aid allow Of Mr.. as
going into this any further at this moment. lie had
thus briefly stated his for being opposed TO the
bill; butt apart from them all, there that
was potential with him: Kentucky against the law.
and her voice potential with him.
He would now submit remark or two on some other
topics which had been touched in the Of the
present debate
The gentleman from Virgnih (Mr. WisE) had been
interrupted in the midst OF his speech by the expiration
Of his allotted hour, just at that pon where he had been
about to enter upon the history Of the disease of
which the Wing party had died. The gentleman
seemed 10 have been well acquainted with the late pa
ten, during his life, and his relations had been such To
the doctors IN attendance and whose dsagreements
II, ,. g liuipr ta