Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1844-02-01
VAN buren, ON TIE BANKRUPT LAW


the Wing party, on the subject of the Bankru
Law, passed by the Wing Congress in ls4i.
there is any injustice in this law, the Wings
least shoud not bear the whole burden, sine
something Of the sort has at different times bee
approved Of and advocated, by all the great lea'
crs Of Locofocoism, with the exception, pe.hap
! of Mr.. Calhoun. In 1897, bill was before tn
Senate of the United States, TO establish Banl
rupt law, resropeetics an lis operations, extendn
alone to traders and bankers, thereby rendering
them pririieged classes, to use the words Of Col
Johnson. Martin Van Buren, voted for that bill
far odious in its features than the law passee
by the Wing Congress, which was equal in it:
provisions, and took the same care of the farmei
and mechanic that it did of the merchant and
SPECTATOR.
II MIR. Van Buren, is now opposed to the late
bankrupt law, il must be confessed the change
has come over him very suddenly, for as late as
1857, he says, in his annual message to Con-
Cress:
From ,Nr. IAN Buren's Message, 1887
''ln the meantime, it is our duty to provide all
remedies against deprecated paper currency,
which the constitution enables us 10 afford The
Treasury Department. several former occa-
slons, has suggested the PROPERTY and ,Mpop-
LANCE oil UNIFORM LAW CONCERNING BANKRUPT
CiEs OF corporations. Through the instrumental
lity OF such law, salutary check may doubt
less be imposed on the issues of paper money,
ana an eitectual remedy given TO the citizens, in
way at once equal in all parts of the Union, and
j"Hy authorised by the Constitution"
Sui later, viz. in the year 1910, that year me-
rnorabe for his overthrow, he uses the following
language, in 4 letter to certain citizens o! New
York
g 1t is rule, the sacred observance Of which i.
Indispensable TO the wel-being of Society, that
Government should never interfere with private
contracts even when the authority to do so is con-
ferred by The Constitution, except upop the Ground
oil evident public necessity, and thea with de-
gree OF caution and circumspecton which shall
guard in an eifeciual manner against fraud and
injustice. That occasions may arise when those
who have the rightful power to interfere man do
so, 0y regard for tie best Interests Of tie commit
nfy, THERE CAN RE DOUBT. thought there
'cas occdSionJOr such Interference in 1927 and gore
my rofe for q general Bankrupt Lau applicable 10
bankers and traders, classes which all must agree,
were intended TO be embraced by the clause Of
The constitution relating to this subject An oc-
casion OF at least equal urgency for such law
cGisiS az This time. The embarrassmen,s caused
by Inc pernlcious expansion of the currency and
the consequent facilities of credit and cash enter
prlses, which have unfortunately characterized
me last few years. are such 10 render an infer
ference n tbs kind greatly ronducipe If nor ABso-
LuTELY NECESSARY, no THE punIIc coorj. I
WOULD THEREFOREn HAVE UNHESITA.
TlNGLG, CO-OPERArED AT THE PAS
SAGE OF SUCH LAW, properly guarded a.
galnst frauds, and so framed as to secure 10 the
creditors the present estate of their debtors uhe,
Tie latter toere discharged from their oJHgaiions."
Thus 1T will appear at once, with what Justice
those who are enforcing the claims of Mr. Van
Buren,, make use of this argument in his favor. II
he was in favor of a Bankrupt Law in 1910, eve-
ry man Will presume at once, that he was, at least
in favor OF similar measure in 1871, when the
law passed If he had been reelected there car
be no doubt that he would have approved such an
one as that which was actually passed He was
bound to do so, by the pledge given in the above
extract.
The retrospective feature Of the law, is that
most complained OF by those who oppose it. The
journals OF the Senate show Mr.. Van Buren's
opinions on that point in 1927. The journals of
Congressional Debates (vo. Sd. page 1897 show
that he actually made speech in favor of retain
ing the retrospective feature, which Mr.. Read Of.
Mississippi had moved 10 strike out. But fur
Their: the 93d section of ,hi. bill extended ite
provisions TO all classes. Mr. Van Bnren, as NAV
w
opposed this extension. and wished TO res,rics
them to merchants and tr.Jers." COL Johnson
replied to Mr.. Van Buren,, and said, in the course
OF his remarks. "The vivifying principle ouoh.
not TO be confined to any PRIVILEGED Or
DER. dH tic relief anil advantages held forth IL,
his Till ought 10 be gcneynl and uuonfned, and
their good cglcfs be dispensed TO he cottage as tveR
rs 10 tie paiGcs!''
The bill failed on account Of this section ar
lending its provisions and a motion to reconsider
1t being made Mr.. Van Buren, said that he had
voted against it before on account of this section.
but 1T having been struck out, he must be in IA
sor OF the bill "whcn the only clause to which he
had originally objected was to be expunqcd."
The bill was reconsidered and rejected, Mr.. Van
Buren, voting f0r II. Tire proposed law, irving
merchants and traders privileges, which were
from other classes, was far moro obiecs
tlonabIe than the late Bankrupt act, to the BODY
Of the people.
W As the Locofoco Demagorucs are in the
habit OF calling all statements of facts, which an
pear In Tie Wing journals, "WHIG LIES" we
challenge any, or all Of them, from the Endui-
Ter down, 70 contradict the above staiements-
They are taken from the Record. Rich. JtH;e.
INTERESTING FROM SoUrm CARot1NA.-Extract
Of letter from highly respectable gentleman,
dated Charleston, S. c., January 10th
John C.. Calhonn's two nephews Joined orr
Clay Club, also Langdon Chcves, Judge Butler
and many other warm friends Of John G.. Calhoun.
ana IL this State finds that Henry Clay will need
her vote TO elect him, he will ge. it; il not need.
ed' She will throw ii away. Y. Ezpress.
SOMETHING FOR Doors ,Nn St,op,s. r.,