The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-09-28
IN nANKRnlI IN.

t.'lN - A.A AlA'INI'I NA NAtNN 4 ''"+N Aa -"
s,als b the adtocaies 81 Ihsi dauIne o aa-'
smilais Tie late Banbrup, iaw b that meas.
IRE. Their speakers and pres are making the
not strenuous exeriions 70 create apEsiadice
on that subject and to ger % an excitement
against those. who avuiled themselves of the
privileges extended % al uudaI tbs laW. The
inference, that would naturally be drawn iron
TIE course yuruned By this party i that lbe
Wigs and bond payers generally we're the
only advocates Of the law, and he advantages
have been confined exclusively 70 them. Are
these the facts ofthe easel Let the numsfOus
petitions that were sent OF from this Stale to
Congresa IT The general sentiment q he
country when lhs suhisci'uss under agitaiiou.
let the records oflhe Bankrupt courts and the
notices IN the papers answer. Let the Aber'
deem records show that one individual a least,
not more, conspicuous in the Repudiating
rankasmade bis application as q resident Of It's
wanda, o. some osher remote coo0iy when
the fact was known to the Judge Of TIE Court
that le resided in an entirely different part Of
the Stale: and bis Honor accordingly directed
the publication q HE nOticeio be made in the
paper near bic place Of residence. This Is a
fact which we learned from Judge Gholson
himself
Prior to the year 1870 The leaders Of both
parties in The country were advocates Of a
Bankrupt Law. Il was never made party
question until it began 10 be unpopular. and
then the Loco FOcos with that adroiIness,
which has uniformly distinguished then IN es-
! Gaping the Odium Of an unpopular measure,
, have ever since been endeavoring to shin the
whole lead upon the Shoulders Of the Wings
D Previous 10 lie passtge at different periods 0
their political lives. Mr. Van Buren,, Thoma
E H. Benton, Richard NJ. Johnson, Levi Wood
e bury, Benjamin F. Butler, and number q
Others, were the open, unequivocal and avOw
E ed supporters Of this measure. This we cal
| sustain by the records Of the country. Dem
Ocra:ic legislatures instructed their Senator
J. IN Congress to support the passage Of such
A law. When the subject was brought befor
n Congress, as strongly inclined as the Boc
. Foco party was to defeat the Wings in an
= measure, which tiey purposed to carry into eI
/ feet, they did not then oppose the general pri
cipes Of this act, but the only party quesdO
connected with it was whether or not BankIn
institutions and State corporations should b
/; embraced within it's operation. Mr.. BentC
add The leading loco iocos insisted that the
should be included; the Wigs opposed this
a an encroachment upon state rights, and II
bill was passed without this feature.
Ar As individuals, we do not ourselves see u
!, dangers, which we're apprehended, from III
: encroachment, as it was deemed, upon d
rights Of the States. We think il probab
might have had beneficial influence in checl
r ing the tendency to excessive issues, whiC
State Banks have usually indicated, and con
= peIling these Institutions 10 comply with the
y corporate duties. Thsi however, does not e
y SEA- ,i,.- r-;as;pl.- It tho law as (ar % it w.
= extended. All, who will recallto their min,
III the Frustrated condition Of the country wht
e this measure was introduced in Congress, 4
g. distress and ruin, which porvaded every int
f. est ofsociety, tho overwhelming load Of debt
10 that had resulted from mania for speculatio
Re with which all had been more or less infecte
/ and by which the fortunes ofthonsands If Il
m most enterprising and Industrious citizens HI
- been crushed and their prospects blasted, mu
remember that the general sentiment Of Ii
le public without reference 10 parties was in
" Yor Of the passage Of a law Of this kind, III
If country had been carried through treme
dous ordeal, its agony had heen intense, al
n the ooly benefit, which could be gathered fro
r. the sufTerings and misfortunes, which It hl
n encountered, was dearly bought experen'
,f and an improved judgment as 10 the proper
rection Of its future course. But 10 enable
; to derive any advantage from the valuable lie
, sons, which had been engraven on It's memo
by instruments Of Steel it was necessary
put into action the Frustrated energies Of Il
: debtor, and restore lite and vigor to The indu
trial capacities of the country. twas rece
70 sary to strike from the debtor the chains an
manacles, by which HE liberty was feltere,
K bis usefulness destroyed and bis spirits hun
; bled to the dust and to restore him to sOciel
I relieved ola load, b. which all his faculties ha
/ been paralyzed. This was the object Of n
q Bankrupt Law; and at the time Of it's paaag
- ne act seemed more imperiously called for B
i the public voice or more important to the gen
i eral interests Of the country, than ihis. On a
i sidesit was considered not only humane ant
o merciful, but polite and saluiay law. Sue
s was the opinion entertained Of It BY the pres
p ent Regulating candidate for Governor, Gen
' Albert G. Brown, notwithstanding that th
4 party, which supports him, endeaVoFs now,t'
n create prejudice against those who becam'
!. Bankrupls under the provisions Of this law
The General himself(wah the zane regard 4
consistency. which he exhibits ia being th'
! champion Of repudialiOn after having voted io
y the charter, the elecIol Of directors Of the U
Bank, for the additional loan Of ten and hal
millions and also after having procured loanl
d from that bank, on a late occasion IN publis
q a