The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-01-18
(NEW YORA CORRESPONDENCE
New YoRK, Jan. IA, lSl

NEw YoaK, Jan. IA 1913
DEAR SR: In my last | adyered TO the
Vetoes. wish in future letter TO resume
that subjcct-and pass by, for The present. the
Treaty by which so much good has been done
the nation and so much honor the President
and those associated with him, parlic Jlarly Mr.
Webster, To- dwell for moment on The Bank,
rupt bill.
This subject now attracts much attention,
and excites deep interest in this community
Although Wing measure, as far as the action
Of the Extra Session is concerned, YET ii is De.
mocratc in lis spirit and all lis tendencies It
is not for the benef, Of The few and the rich
but for the good Of the many. II may be abused
SO may all that is holy in the Christian religion
and yet who would blot IL out from the world
because there are religious hypccrites 1t IS
somewhat remarkable and honorable TO our ma
lional character, that so few frauds have been
perpelrated under this act and that so few pc
litons have been denied.
The ressiless and boundless enterprise Of III,
American People, will render Bankrupt law
always neccs airy, and if this law should be re
pealed, another period of pressing cessly will
arrive, when the People will Use up and demand
another SO that whatever evils attend necessa-
ry the first operation Of such law, will lie
agas produced. A permanent law on this sub.
ject, would be recognized by men in all Their
dealings and Transactions and no sudden dis.
lurbancc Of their relations We uld be produced
| 1t is fl AIRED that many of the leaders in Con.
gress Of the Democratic party are opposed to
the ACT, and wish il repealed, because its repeal
would crown the victory over the Extra Session
This is most unworthy motive; and perhaps
should Lot be charged.
Its main end is TO relieve The unfortunate. II
is said that creditors will always release an hon
| est debtor, who has surrendered all Well, If
they viii do so, the law does no more, and does
for them only what they themselves would do.
But II Is not true that the creditor will do so.-
Facts prove the contrary else why so many APP
plcants, why so many praying for Bankrupt
act, why SO many pressed down by embanass.
ments, spending the prime and yigor of their
lives earning bare support for their families,
and unable TO acquire particle Of property lest
an execution will tear it sway2 Every man OF
ordinary observation kiOps that the position i,
utterly groundless.
The creditor exercises a fearful influence
over the d, bor.. To guard against the undue
influence OF pecuniary influence, and to pre-
serve the mind free from such tyranny, has
been one OF the great principles of the Demo
cratic faith. Can any law do more TO attain
that obj CT than the Bankrupt bill As long as
the creditor holds the debtor, all his hopes aud
prospects, in his grasp, where is his indepcn-
dence where his freedom
The abuse Of the credit system has been
loudly deprecated by the Democratic party
w hat Will do more TO restrain and preserve II
within proper limits than Bankrupt law p
The credit system is most abused when mU,t
used; and when any one IN get the means #
trying his widest fancies, and most extravagaut
projects. Let creditors know if they will en-
courage men in their whims and lions and IN
their extravaganza, that they must depend upon
the success OF their schemes aad reap the los ,c,
OF wild experiment, and they will be more eau.
tious, and look more 10 the onlv safe foundation
oil the credit system, the integrity, the mo al
character, and the prudence and sound iud,.
ment Of the man who wishes to become debtor.
This law will d. much 10 restrain and improve
the credit, by encouraging the cash system.
II is said that, If men can get rid of their
debts by the operation Of such law, then they
will be more needless in contracting debts-
But look at the other side-lhey will not have
the opportunity 10 contract so rca lily: credit
VIII MOI be 50 freely given. The increased ten.
dency to contract debts will BE- counteracred by
the increased indispos ton TO give credir-,nd
the indispOslion TO give credit must control the
disposition TO receive it,
The Democratic party have proclaimed war
against the abuses of Banks, and have complain
ed that they could not be restrained. Make
corporations subject to this law, and the Poo.
pie then have the power to govern and control
them. This would become one Of IN, great
of the currency. At this crisis il IL
believed that law might be- amended in thatpar.
ticular; aud if so, would il not be sustained by
al least thrce-iouuhs of Congress- Let II be-
'ued-aow is the time to make the effort
tsrepcal will be deep disgrace to the Ma
I'onal Legislature. A law, one Of the most inn
pouant IN all its bearings, is enacted by a Con.
gress-thc law works well-disappouts it, enc
mics, and surpasses the expectation Of ITS
frends-yct the same Congress repeal i'll
What unstable and vacatng legislation TN,
IS On what shall the nation de, end 2 Vince
shall men ook-what shall they do-what reli.
sncc is to be placed upon our most important
avs, II, before they are published as laws, the
,oicc Of repeal follows them Ruinou, leai.a-
ion il is, when as tickle as the wind.
Ii is said the majority are oppo,ed to The law