Holly Springs gazette., 1843-06-16
ror. JOHNSON AND THE BANK
RUPT LAW.
CITY OF WASHINGTON,
January lS, 1889.

January To- 1903.
Dr,p SIR. Your favor has been receiv-
i ;ooniriop of me whether I am IN favor
,r, generaI bankrupt law. On this, as on
M o5her subjects Of national policy. am
lee q, express my sentiments While it is
rsresslrv for the general prosperity that
e,rh State should regulate It's own affairs so
f.ras regards its own legal policy and the
e-a.ill interest Of its ciiiZens there are mat
r.rsiu which their relations are so inter woven
and their interests are so identified, that a
r1iflrm system is essential to their bar
r1nions action and welfare. In the forma
rJn Of our Federal Constitution, It was in
ended that these points should be specified,
and their regulations con6ded TO the Gener-
Al Government. Among these is the sub
let Of bankruptcy. In the first article,
trghih clause OF the Constitution il provides
hat Congress shall have power to establish
a Uniform rule Of naturalization, and uniform
system of bankruptcies, throughout the Uni
I'd States 1t was seen by the trainers OF that
instrument, that the relations between the
cnizens Of the different States, and especially
between the trading communities ofthe differ
ent towns and cities, would render uniform
system of bankruptcy highly important 10
heir interests lie this grant of power, the
mrriarchs ofour independence evidently con-
.iiered il the discharge Of a sacred duty and
ris difficult for me 20 assign any good cause
why this provision has not been carried in
10 effect, unless 1t has been prevented by
cashiug sentiments upon It's details, as IT
canno, be conlroverted By any that bank
rupts, innocent, unfortunate bankrupts, have
always existed, upon which such a law
would operate; !. and ia my opinion, The Laao
st1Rd be permanent and not temporary.
We are q commercial, and agricultural and
manufacturing ration, extending from the
cold regions of :he North to .he Capes OF Flo
ida, near the torrid zone, and from the Allan.
ic ocean 10 the sources of the waters of the
Pacific Through this vast domain, and
with their various pursuits, bankruptcies
must always exist; andit is the duty of the
Government to make such provisions as will
be calculated to give the greatest possible re-
lief that can be given consistently with the
principles Of justice. Congress alone has
power 10 do this, aud on them the work de-
wolves, no, only as a constitutional right, but
as solemn duty. Both in private and pub
lie life, have ever regarded it as para
mount duty to relieve the distressed from
every burden as far as possible, and especI-
ally TO break that yoke by which none can
be benefited, and to soothe, rather than
break, the heart already rent with the an
guish Of misfortune
II repugnant to every principle OF JUS
ueeIo regard bankruptcy as presumption OF
guilt la the fiuctuation of trade the most
honoraole men are often its victims; AMI to
hold the persons of the debtor subject TO his
creditor, and 10 put his future Liberty or ac-
qlstIons beyond his own control, when he
mas surrendered all, is to inf1ict punishment
"aefe there IS no crime, nor criminal tribu-
haI 10 investigate crime, or to prescribe
Punishment.
Credit in trade is based upon confidence
Ia the success of him who obtains II, and
ought not in any degree to depend upon a
contingent right which the creditor may
lam On the liberty or the future indepen-
i'oce u the debtor If he chance to be un-
slccessful, al that they can claim IS a faith
= Surrender Of has remaining Effects. Let
,,M y. gIce these and begin The rcorld again.
Hhat y the effect of subjecting has future
,TqA'ssiIoHS 70 The seizure of has creditors
Is 10 stlfe in him the spirit Of enterprise
-'a 70 bind him and has family dozen to
P"pstuat poverty. lrithohtfhe rem0test pros
Fts of benefit 10 creditors or 10 society A
punishment like this, without the conviction
quit too revolving to my feelings to give
sanction; and II never ought to exist in
y or civilized country. ltis said that dis
-Dues1 persons will sometimes avail them
ives q the benefit Of bankrupt law. So
"'aInlal men may sometimes be elected to
S'atve bodies, and crimes may some
Sss De perpetrated under the cloak OF
lyon But would not refuse relief TO
Unfortunate. nor destroy legislative bo-
- n1f desire 10 ABOLISH Christian church
- account Of abuses to which they are
sass'.I - ioF The same principle is equally