Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-04-09
COMMUNICATIONS.
FOR THE ENQUIRER.
THE BASERIrpr LAW.

THE BANKRUPT LAW.
This measure Of the extra session Of the Wing Con-
gress SO Dqultous lis origin, and perncions Ia
ITS ELECTS, did not become law in obedience TO the
wishes Of the people o the States of this coniederacy,
ou, vas brought into being by the aid gwen to ITS
trends by those who supported other measures, winch
had never received the favorable sanction OF the people
Tue AID thus given TO this law paid by ITS peculiar
friends IN sustaining other measures which, Otherwise,
could ncve. have become la of our common country
10 preserve entire the system Of measures thus forced
upon Inc people, The great leaders of The wing party,
at The session of Congress following the that pass
ed them, revealed these facts to the world. Although
TINS Ia" was passed at the extraordinary session OF
Congress- and was approved August ~, le4l, II was
not 10 take effect by liz own provision until from and
alter the lst day of February, 1912 Why vas Iaw
OF ms grave character passed under sucl cifcum-
Stances when It was not to 30 into operation until Pc
rod so late, that the regular session of Congress would
have afforded sufficient consider an pass upon
IT'S merits? Had il received the considera-ion and
the approval of the people generally; 1t had not.
A large portion Of the successful party, in
The struggle OF 1910, ignorant OF any intention,
on the part Of those who aiming to obtain the
control OF the Government, To pass odlous law.
The friends of the law, at the time Of lis pas.
sage, have said that the policy Of Congress, at the
extra session. was to suspend the operation of this
measure, until it could be lad before the people for
popular examination and dlscusson-tha it obtained
votes upon this consideration that ii could not have
be suspended; that operations should not be felt,
I'll time and opportunity had been afforded 10 the people
for expression OF their feelings and that, 1t the
popular sentiment should be found against The mea-
sure, they might have an opportunity 10 repeal IT.
What a mockery OF the rights, the interests and the
wishes OF the people this was, the sequel abundantly
shows When the very action of this Whig exra Con-
gress proved that The measure, at the BEST doubt
iul that there great danger OF the popular
sentiment being against H. why was its consideration
not postponed until the next session Of Congress q
Why enact arbitrary, despotc, and ruinous IN
and then under The color of giving the people time to
consider its merits and demerits TO postpone merely
i.s operation for few months Could due regard
for the welfare of the people have prompted such
legislation as this There had not only been no
expression of public sentiment to justify this act OF
Wing legislation, bot lis passage excited such feeling
OF Indignation against il, that jority of thirty two
members Of the very House Of Representatives
that enacted it, voted 10 repeal it, the 18th of ia
nuay le12, fourteen days before it was to take effect
The bill TO repeal this act, thus passed by The House
OF Representatives, went 10 the Senate. Here 1t met
with opposition from Mr. Clay. Regardless of the
terms upon which this Bankrupt act was passed, the
petitions and the renonstrances of the great body of
the people were despsed. Although the fleets and the
operation Of this act stayed for the purpose of
ascertaIning the wishes OF the people, it
ed, this suspension only afforded to the country an
opportunity Of knowing the faihessness of those who
err and them the most dangerous and arb ttary way
had exercised that power Thus II turned out, that
the induce meDts which led to tie enactment OF the
law in the House Of Representatives, was only ms
cradle pretex, so far 1t influenced the conduct OF
those who controlled the action of the Senate. Mr.
Clay, in violation Of the known wishes O; majority
of the people Of the State he represented and without
regarding the remonsrances of the people Of The other
States, refused 10 repeal this Bankrupt Law No re-
gard was paid to the examination which they were in
vited to make. lie did not excuse himself upon the
ground, that the law demanded by majority OF
pie, but upon the extraordinary statement, that
this measure part Of the system of measures
passed this ever-memorabe Extra Session, when 1t
was found necessary to link different and oppressive
interests together 10 the success OF any In
consequence Of Mr.. Cays opposition to the repeal of
this law, thus brought into existence, by his uniting
together minority interests as to secure The success
Of them ALL regardless Of the rights OF others, IT re-
manned as The law Of this great and proud Republic;
dshonorng her; destroying her credit; uprooting the
foundation of that confidence which must exist
between and man; and without which, the
prosperity of individuals and communities is check
ed ruin is produced, and suferings must prevail
every where But strong have been the popu-
lar feelings against this law, that il has been
pealed, end now remains among the records OF our
common country, only lasting token of the misus
of those Tho enacted it, and as warning 10 the peo
Pile take heed Of the party that nurlured il into be-
ing, and sustained by drawing its support from the
very vals of peoples welfare. And now, that 1t
stands no longer in The path of nations honor, and
nations veal we are called upon by every considera-
ton of duty TO ourselves and 10 country to look
back and around US, and what the principles
OF Justice it violated, VIVA; rights 1t tamped upon, and
what evils it brought upon u.s. and then TO guard more
sacredy than our Constitution, our rights and the
morals of free people, from the wicked machina-
tions of political proiligacy.
The Bankrupt Law was enacted in pursuance OF that
power granted in the Constitution of the u. States
TO Congress, establish uniform laws the subject
of bank throughout the u 5 The act provided
that any one residing any State district territory OF
the IT, S. owing debts which had not been contracted by
defaIcaton as public officer, as executor, admins
traitor GUARDIAN trustee, any other hducary pa
city, who would by petition, setting forth list OF his
creditors with the amount due TO each together with
an accurate inventory oil ms property, rights and Gre
d,ts of every name kind and description, with all pre-
per precision verified by OATH affirmation, apply to
the proper Federal Court and declare himself to be
unable 10 meet his debts and engagements, should be
deemed bankrupt, and might be 50 declared by decree
of such court II provided, further that all merchants,
all retailers OF merchandise and all bankers prtvate)
factors brokers' underwriters or marine insurers, ng
debts 10 the amount of not less than $4,000, shall be
liable 10 become bankrupts upon the petition of one or
more of their creditors to whom they owe debts amount
ing 10 not less than $500. We believe that the power
granted 10 Congress, was intenced 10 apply only 10
merchants and traders and that it unwse and in
mower In the distressed condition of the country,
il was calculated TO increase distress But, @e be-
l;eye that It was unconstitutional es well IS despo-
tic, for Congress to pass act interfering with
the nsolypnt sys,ems OF the States. This bankrupt
law was not such act as Congress had right 10
pass, wi,hin the meaning of the Constitution of the u
S. At the time Of the formation OF our Constitution,
there existed both in this country and IN England from
which we derived our laws, two distinct systems OF
laws growing out of the relation OF creditor and
debtor They had long been in existence IN both
countries. The The system OF 6an6Tnptcy,
and the other of insolreney The two systems org :
mated in different motives, and have different OBJECTS
The nsolvent laws of country and OF every other,
grew out of motives of humanity for the unfortunate,
but honest debtor and have for their object ms release
from the power of his creditors on an honest surren-
der Of all his property for their benefit lhose who
vail themselves OF the benefits OF our Slate law are
free from arrest for the debts they NAV be owing al the
time they declare their insolvency. Our Stats law Is
for the benefit of the debtor. 1t is wise and humane;
and it ought ever be found among The laws OF Tree
and yif,uous people The system oil bankruptcy orr
ginaed in very different motives 1t grew out Of the
creditor side Of the relation. II was sl"ays intended
for the benefit of commercial enterprise IL was man
" for the benefit Of the creditor, while the lnsovent
laws were mainly for the benefit OF the Dior In