Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1843-01-16

Thr zpuchburN TtrGtnian.
.NO.ND.1F. L3.NT.7RY 10. is43.
TIL, BANKRUPT LAW.


rupicy which was made in the year 1887, and which
seems to have been totally otcfacd from the minds,
not only OF the people generally but Of Of the
conspicuous that occasion. In that year, the
subject was referred to select committee Of five in the
L. $ Senate-of which three were Wings and two were
Iocofocos-he action of that committee shows that there
entire Immunity among lis members without
spect to political fec ling, in favor Of Bankrupt Law,
aud thai they differed only the character Of the pro
visions which ought to be embodied in it. The three
Wings reported one bill the two Locofpcos con-
curing in the proprcy Of The measure itself but
greeting to its details reported another and in the dis
cusslon which ensn'd upon the comparative merits Of
the antagonist plans. Mr.. Benton, who has since 50
fecey assaled the law in existence after expires
sing his preference for the scneme Of his LocoIco assac
aes maintained the unquesonabe expediency fits pas
sage. And ii is worthy of remark that the BILL reported
by the Wing members of the committee in S37 aud to
which Mr. Benion objected. did some Of those
very provisions which cited az the most ohlec-
tonabe features of the Bankrupt law passed at the FIX
ira scssion,-whc the bill reported bv the Locof1co
members Of that committee aud for which Mr. Benton
expressed his decided Preference did ebody those very
provisions 1t is true. thai the bill which Mr. Benton
supported embraced State Banks and other corporations
well individuals. and this feature of tie scheme
may have rendered it peculiarly acceptable to him. bnt
it is remarkable that in the comparison which he instit-
ted between the antagonist plans, he dwclt with peculiar
emphasis Of the provisions of his favore scheme
which omitted in the Wing bill, but which, being
subsequently embodied in the law of the extra session.
ELECTED his unqualified denuncaiion, Such is one of
the effects of parry spirit by which who pretend to
be governed by fixed principles and who aspire give
tone to public opinion, too often caprclousy and
dangerously influenced in their legislative acts If the
Bankrupt law passed The session had embraced
Banks and other State corporations in its operations
there would have been no important feature of which
Mr. Benton could have opposed consistently with the po
stons assumed and maintained in his speech in favor of
the Iocoeco Bankrupt bill of 1887; and on the other
hand, II his objections 10 the former really enter
,i,o1 = did not result from his pre- determination to
,,nosn o,.o.,, ,oo,s, 'nanang from the Wing party
II, s,oaa, ,,,Iae1 ;a.;,o. ID hypocrtca for in
that speech Of 1887 he vindicaied in support " A''o
co Bankrupt bill many Of the very provisions when
he declared rendered the Wing Bankrupt bill 50 obnox-
uus to him
SO far as Mr.. Benou's file leader, Mr. Van Buren,,
is concerned have had expression of opn-
ion from him in reference the expcdicncy of Bank
king his opinions known the public, he was decidedly
in favor of It's establishment. IN 1897. Mr.. Van Buren,
was member of the L. S Senate and during that year
the subject earnestly pressed upon the consideration
of Congress- as il has bccn at intervals from the FUN
datiou of the government before well since TIE
ganization of the Wing party BY the 93d section of
the bill then before Congress. its provisions To
tend to all classes as well merchants, and motion
IA al,
to the English system, by which persons engaged in
commercial operations only avail themselves of its
benefits, be subjected to lis penalties, Mr. Van Buren,
who declared his great anxiety for the passage of the law
opposed declaring that if that section were stricken
out, he should be compelled to vote against it. Aud
yet that precise feature ofthe law operation CON
siitu,es of the leading points of objection it, 1t
that occasion that Mr.. Van Buren, SO violently
resisted the effort of Mr. Benton render State Banks
subject to the provisions of the law declaring that the
proposition was pal pably unconstitutional, and danger
ously subversvc of the rights Of the Staesan opin
however which recently he has abandoned unless
indeed holding il STILL he is nevertheless willing since
he has embraced the hard doctrine disregard
alike the constitution and rights oihe States in his anx
oty 10 destroy the banking institutions of the country
in building up which no one had direct and innu
tht'' aSeicy WAN nliiStll
MIR, Calhoun, it is generally known, differs from
Mcssrs Benton and Van Buren, both the ro,rcr of
congress to include State corporations in Bankrupt
system and as to the expectancy Gifts exercise even if
its existence clearly demonsrablc. He holds Mr.
Van Buren's old opinions the subject before the lat
Ter gentleman yielding to the current Of prejudice
the State Banks. which he had himself contributed Ia
engcndcr. and BY which they seemed be the eve of
being sacrificed, embraced the Bentonian theory in the
teeth OF his decisive denunciaun of it in 1927
which stands recorded in the Congressional Debates in
marked contrast to his Sub Treasury Message of 1887
In the debate in the House of Representatives ON the re-
peal of the Bankrupt Law. few days since Mr. Pickens
of South Carolina who is generally regarded the echo
of Mr. Calhoun. took occasion 10 make known his dis
sent To the Benionian plan. "Uhd." he asked ,rould
"be lGt 10 the Suites 9 This proposition should be carried
into cDecR Their churches. their railroads. their
'scloo corporations and other private chartered compa
''nies of every description, would be swept away. He
''was as much opposed Banks as any gentleman on
tha floor and had assacd them with all the energies of
(which he capable when other gentlemen who were
"now so ready to attack them had quailcd under their
"power lie utterly aud rrcconcilaLlv opposed 10
them, but he would not for the sake of getting at them
"swecp away that noble instrument on which our libcr
cites rest" (Mfercncc Messrs. Benton and Van Blu
rem rouh do his-certanly very palpablc hit, TO be
made by Mr. albums lieutenant in tie House, and I'M
he liar cir