Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-09-06
From the Nashville Banner
DEMOCRACY" AND THE BANKRUPT LAW

! DEMOCRACY" AND THE BANKRUPT LAW.
| the RECORD.
The double dealing of "Democrncv t,yvarls IN, R,,L
rupi Law - almost without parallel eonery and de.
cepon Pricr 1910. the Of the country show.
at both parties favored the enactment Of Bankrupt Law
among ITS warmest advocates the pars of the
democratic party" The attempt give it party charae
ter, originated after the law believed TO be growing
popular. We will prove that Martin Van Buren, Thomas
H. Benton, Senators Wall Of n. Jersey and Linn OF Mo
Col Ric hard NJ Johnson, ExSenators Noryel of Mich
gan strange, OF ~ C., and Nicholson, of Tennessee At
iorncy General Butler of n. Y, Alexander Ming IT, OF
~ York, Senators Walker, of Miss. and King of Aaba
inn aud ExSecreiary Levi Woodbury. were among the
noted supporters OF Bankrupt Law prior to 1870 A
democratic" Senator made the first movement on the sinh
Ject at the session of '39-I0-Democratc, States and
state legislatures conspicuous sending on ne uon
praying the passage of such law Dnocratc, Leaders IN
Congress, IN insisted that publc opinion demanded
IT, and In short, the democratic party IN Compress e,
fully committed 10 Bankrupt Law These things we will
/ country.
First then, lr. Van Buren-n Is27, whista sena.
oF IN Congress- he Uofed for Bankrupt Ldt1-a law re-
nOSpeeHre iH ITS operations, and language of
Col Johnson at the time, giving ree only To ririLeged
orders and refusing advantages to the
age as well the palace" The Journal shows that Mr.
hefd Of Mississippi having moved amendment TO the
rst section OF the bill declaring nothing contained in
section nor any other provision of the BILL SHOULD
extend, or be construed 10 anu contract uads BE-
J0re t"e passage and PRONUNCIATION Of this was re-
Jected, and among the against it. land Of
course IN favor OF tue retroesre fsaure those Of
-IdTt9H Van buren,, Ihos. H. Benton, r. NJ Johnson Vim
X King, aud Lew Woodbury.. Mr. Van Buren, even went
50 far as to make speech against the amendment. see
Con- Deb. Sd vol p. 39) thus sustaining with All hs ener
gy the feature canceng debts contracted before the mas
sage OF the law. The 93d section tis bill extended its
provisions to all classes Of citizens. Mr.. Van Buren, was
unwilling 10 extend them any but merchants and fra
deTs and made speech against the 93d section To ms
remarks COL X NJ Johnson replied and from reply we
append extract -
Mr. J. observed, that he should vote for the bill if the
section under consideration were reained but he certan
could not 1t II struck out The gentleman Inst on the
floor mir. Van Buren, was one Of tie commitee and II
fs-t fine. ba hal ,,ry 81.
VS. adverse 10 this and he felt as much regret as
surprise al discovering h. against IT, He that
us Dill were applied 10 c.us, should be another
'ney passed TINS bill 10 alleviate the suffering merchants
only would be partial law regards the other classes
ne VVuying principle ought be confined to any
privileged ORDER but the relief adraBfggss held firth
IN e bill ought 10 be general and uaeogfoed and ,be
good Deets be dispensed The collage as ce as 10 me
Paiaee and unless such was the nature of the BILL he could
not for it,"
The bill, with this section retained faied-and n mo-
uo TO reconsider being made Mr. Van Buren, remarked
lie mad dunng the late discussion, directed his efforts
Tue hinei-'lrd section, aud the given yeser.
day had fully shown the Senate opposed to such svs
tenn lie had been constrained by that feature of the bill
10 give hls vote against il. proposition was now made
on the part OF the gentlemen who had hitherto supported
that section. TO sriAe it They had made an ayowa
mat they would abandon that section altogether and thus
ne Mr. v b. had alternative left he must be in favor
o. Tue b when the only clause 10 ,ohieA he had original
l. objected toGs 10 be erpuuged."
I"e bill was reconsdered Mr.. Van Buren, voting for
the TecunsideTauonl and again upon its passaq and
rejected, 81 to % Among those voting for the p,ssag
stands the name OF Martin Tan Buren, See Con Den
vol ), p 2ee) Thus, it's shown that in 1927 he voted
Tor Bankrupt Law affecting contracts made before The
passage Of the tIo and extending adyanages in ia,
language OF Col. Johnson privileged ORDER whilst
h.y were withheld from the tenants OF 'the cottage In
1885, he recommended the passage Of Bankrupt Law in
GLIDING corporations IN hs annual message to Congress
/ follows:
From Dr. Fan Bursa's Message, 1897.
"ln the meantime duty TO provide all remedies
agan'a deprecated paper currency, which the Constitution
enables US 10 aJrd The Treasury Department on seye
raj former occasions has suggested the PROPERTY and IN
FoRTANcE OF CONCERNING BANKRUPTCIES of
corporations. Through the fundamentally OF such Jaw
sautary check may doubtless be imposed ON the issues
OF paper money and eIecma remedy given the ciri
zeHs IN way at once equal in all parts Of the Union aud
JHHy authorized By the Constitution"
In 1870 he maintained the positions. In letter
10 some citizens Of New York, dated August 18Th, 1870
at rule, the sacred observance Of which is indspen
sable to the webeing OF Society that Government should
never interfere with private Contracts even when the
thory TO do conferred 10y the Constitution except nm
ON the ground OF evident public necessity and then with
degree OF caution and crcumspocton which shall guard IN
an eectia! manner against fraud and injustice That oc
o1SioH may arse when those who-havc the r,htiu power
TO interfere do and required 10 do So BE- u re-
sad J0r the tesf interests Of the community THERE CAN
III No DOUBT thought there Occasion for such IN
teerence ia le27, md gare nv rofe for general Bal
TnFt Ldic applicable bankers and traders classes which
al must agree were intended be embraced by the clause
oi the constitution relating this subject An occasion of
at least equal urgency for such law az this time
The emoarassmen caused by the peruciays EXPANSION
oil t"e currency aud the consequent facilities ct credit ard
cash enterprises which have unfortunately the
last few years, such 10 render an interference Of tbs
KIND greatly conducive ABSOLUTELY NECESSARY To
THE ruEtIc coon. l WOULD THEREFORE, HAVE
JNHESITATlNGLI, CO-OPERATED AT THE
PASSAGE OF SUCH LAW, properly guarded against
frauds and So framed as to creditors the pre-
sent estate Of their debtors trhea the latter irere dsehe
ed from their Obligations"
Thus II is shown that Mr.. Van Buren, is for a worse
Bankrupt Law than that which passed Congress
Now for Col. Johnson.
From Rlef, R.ri.f.r