Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1844-03-23
THE TIMES.
|' CONSISTENCY:
Democracy and the Bankrupt
Law.

Law.
Some time since, we spoke Of the incon-
sistencies of the Democratic party on The
subject Of a Bankrupt Law, and stated that
that party first introduced the subject into
Congress, and were, at one time, in favor
of Bankrupt Law, containing similar, if
not the exact features of the Law of the
extra session, which has been so much
abused and cried down by the locofocos.
We find some additional evidence to sus-
tain that position, in review the Rich
mond Wing is giving of the Address of
the Democracy to the People of Virginia.
Upon this, as we'll as upon all the other
measures now before the people, the mod
ern democrats are directly at issue with
those whom they claim TO be the lights of
democracy" of former times. For instance;
they denounce the Protective system as a
Federal, and Free Trade Democratic
measure-yet Mr.. Jefferson was the author
of the Protective policy and Alexander
Hamilton the father of Free Trade!
But we have particularly at this time
to speak of the Bankrupt Law. The Dem
ocratic Address of Virginia, accuses Mr..
Clay of voting for an unconstitutional re-
Prospective Bankrupt Law" when it is no.
torious that their party originated the
measure, and their leader, Martin Van Bu-
rem, was in favor of such law, as will be
seen by the evidence which follows. First,
we call attention to the following extracts :
From Mr.. Van Buren's Message, 1887.
"In the meantime it is our duty to pro-
vide all remedies against deprecated pa
per currency, which the Constitution ena-
bles us to afford. The Treasury Depart
ment, on several former occasions, has sug-
gested the PROPERTY and IMPORTANCE of a
UNIFORM LAW coNCERING BANKRUPTCIES of
corporations. Through the instrumentality
of such law, salutary check may doubt
less be imposed on the issues of paper
money, and an effectual remedy given to
the citizens, in way at once equal in all
parts of the Union, and fully authorized
by the Constitution"
Still later, Gin the year ls4OO the year
memorable for his overthrow, Mr.. Van
Buren, uses the following language in let
ter to the citizens of New York:
at is q rule, the sacred observance Of
which, is indispensable to the well being
of society, that Government should never
interfere with private contracts, even when
the authority to do so is conferred by the
Constitution, except upon the ground OF
evident public necessity, and then with a
degree of caution and circumspection
which shall guard in an effectual manner
against fraud and injustice. That occa-
sions may arise when those who have the
rish,ful power to do so, and are required
10 do so, by regard for the best interests
Of the community, there can be no doubt.
| thought there was occasion for such in
reference in 1927, and gave my vote for
a general Bankrupt law, applicable to
bankers and traders, classes which all must
agree. were intended to be embraced by
the clause of the Constitution relating to
this subject. An occasion of at least equal
urgency for such law exists at this time.
The embarrassment caused by the pernicious
expansion of the currency, and the conse-
ouent facilities of credit and cash enter
prisc, which have unfortunately character
lied the last few years, are such as to rem.
der an interference of this kind greatly
conducive, if not absolutely necessary to
the public good. WOULD, THERE.
FORE, HAVE UNHESITATINGLY
OPERATED AT THE PASSAGE
OF SUCH A LAW, properly guarded
against frauds, and SO framed as to secure
10 the creditors the present estate of their
debtors, when the latter were discharged
from their obligations"
What sort of Bankrupt Law is this, here
spoken Of if it is not one retrospective ir
its operation' If it was not retrospective
why should "the endorsements caused
by the expansion of the currency" have
rendered il "greatly conducive, if not abso
lutely necessary to the public goodl"
But Mr.. Van Buren, was not the only
man of his party in favor of the passage
of this law! In 1927, Mr.. Senator Bentol
voted in favor of the same Bankrupt Bill
for which Mr.. Van Buren, voted, ant
finally lost. lie he'd the same position il
1910. In a speech, in the Senate, on TIT
eth May of that year, he says:
~ no ,;c;ss;tuJoS Of human affairs" 81