Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1843-04-27

a! facts in reference to the adoption, by Congress-
q Ecnl;run, .Susteu,-

i"c bankrupt Law OF 1871, from its genera
uhPopuiarity' has been eagerly seized upon as
weapon of assaui, upon the Whig party. But ~
shall undertake. TO show, very succinctly, as W.
can do conclusively, that it is not, as has beer
alleged, "a Wing measure" 1t is true ,,a, IA ma
Joriy oi The members of both branches of Con
S'ess' oy which that law was enacted, are Wings
Out IL Is likewise true that so many of the Whio
members Were hostile to it, that il could moi have
passed either House had not a sufficient numbe,
OF the democratic party, in both branches voted
Tor 1t, 10 Preoent its d.feaf 1t is therefore, in
point OF TACT, no! a Wing measure, and would moi
! nave Doen adopted, had the members of tina, par
~ dIone sustained il. 1t was passed by Demo
cratic as well DIS by Wing votes: it was opposed
by Wing ns well as by Democratic vo,os The
iact .hat larger number of one party than of the
other voted Tor the law, justly involves them in
larger share OF the responsibility for its enact
,lnent-but not the exclusive responsibility
But 1t deserves to be remarked, that Mr.. Van
ouren has been uniformly the advocate of a
bankrupt Law; and, SO far back as 1896, when
he was Senator from New York, he not only
voted Tor, but delivered speech in favor OF bill
10 establish uniform system of bankruptcy,
'hen before that body--a bill which was in al
most every important particular open TO tie, same
objections that are now urged against the Bank
rupt Law Of 1871 by Mr. Van Buren's friends, if
not by himself! Indeed during the last Presi-
DENTAL Canvass, both Mr.. Van Buren, and Col.
Johnson, the candidates of our opponents for the
~ advocates of bankrupt SYSTEM upon their of
zen expressed and unrecanted opinions i'm its
iaVoE-opinions urrecauted even ncw-anJ if
tney or the less eminent members Of their party,
differed from the Wing advocates of that law at
all, that difference mainly if not altope,her urev
out OF the adverse views as 10 tho eXpediency of
placing State Banks and other corporations at the
mercy OF the Federal Executive, in the desecra-
ted name of Stale Rights,
80 late, indeed, as the winter of 1897, the en-
Pediency OF establishing Bankrupt system was
referred to the Judiciary Committee of the United
States Senate, which Committee consisted three
wings and lao Democrats. That Committee was
nnantnso;tsiy IN favor of the policy ola Bankrupt
Law; but, differing in reference 10 the prnci-
pies which ought 70 be embodied in it, each oflhe
parties reported bill And it is worthy of spe-
ciai observation, that tho bill reported by the
Wing majority of the COMMITTEES, did not contain
many OF the provisions OF the existing law, which
are now most strongly objected to and denounced
whilst the bill reported by Mr.. Wall, as the
organ OF The Democratic minority, did contain
these very provisions! And, what may perhaps
seem still more remarkable, Mr.. Benton, who
mas taken the lead in opposition to the law of
1871, was then the champion of Mr.. Wallis bill
and the opponent of the antagonist Whip scheme
because Mr.. Wallis bill contained. and the an
tagonist scheme did not, those very features which
are now the subject OF his and his party's espe-
cial malediclion! Indeed, the existing law
winch MIR. Benton and his party so clau,oTously
denounce, does not contain single impOrkant
principle. That was not embodied in Mr.. Wallis
OH, winch they S:.enuolsy advocated. rhe
only essential difference between them is the all
sence in the former ola provision maxine it an
pllcaoe to State corporations, which was embod-
ed In the lattor--a provision which we regard as
unconstitutional IN itself and utterly destructive
of the rights OF the Statas--as Martin Van Buren,
hinsel! enough he has recently changed that
oPinion) declared it to be in 500, and as John G.
Calhoun proclaimS ii to be now
Alter this brief glance at the attitude of parties
ON this question, at three several periods within
Inc last seventeen years, no unpreudced mind
VIII hesitate to justify the declaration, that the
bankrupt Law was never regarded, or treated rs
party question at all, until the extra session of
1911 and that it was then, as far as practicable
Wade party question Tor factious purposes. 1t
Is question with which the Wings, as a party.
have never Identified themselves, and to which on
me other hand, their opponents have, until 1871
given as general and as cordial a support as them
selves. lis subsequent repeal, too, by vote of
ABOUT TWO to one, In the House of Representa-
yves, IN which there is a large Wing ma ority,
would demonstrate the injustice of the attempt to
Identity 1t as "a Wing measure" even if the in
telgence of the country did not at once enable :,
to detect the falsity of the allegation.
Circumstances require US, felow-ctizens.
briefly, but alphabetically, to say that we are OPP
posed TO the
Disruption Of State Debts,
In Whatever form that proposition may have
Deen heretofore, or may hereafter be suggested
In me contraction OF debts, each State acts for
itself, and is alone responsible for its acts. The
General Government does not stand, towards the
States In the relation either OF guardian or en-
dorser; and is not, therefore, under any otEgation
to contribute towards their relief. But we 90
farther, and say that 1t has right to do so, with
or without the "aSsent" of any one or all of the
States, without previous amendment of the Fed
eraI Constitution. And even if the right clearly
existed, the highest exPediency would forbid lis
exercise. This subject however derives impor-
lance more from the magnitude Of the principles
involved IN lis docision than from any possibility
oil It's adoption Capiivated as the citizens of
some OF the indebted States may be with the deiu-
slve scheme, as presenting the means OF relief
from the oppressive burthen Of debt, without re-
sorting to the still more oppressive burthen of
taxation for its liquidatlon,-and blinded, by its
promise OF present aid, TO its future consciousness,
1t may, on the first presentation Of the question:
meet with many advocates; but as the subject
shall be examined, in its reinoter bearings, even
they will be forced TO the conclusion, sooner or la
ter, that 1T is ''beter TO bear the ills they feel
gTievoUs as they may be. than TO '.fy 10 Others,
that they know not Of"
1t becomes lis TO indicate our preference as to
the candidate of the Wing Party for The next
Presidency. Instructed by our Constituents, as
well as in accordance with our own feelings, we
proclaim that
Henry CLAY, IF kentucky,
Is the object Of chat preference, over all other
men-dccarng, however, chat in making this
ayowal, we deem il dne TO our brother Wings, in
other states, who may prefer any other individu~
al, Ii any such there be, that we are willing TO
submit his claims to the consideration and decis-