The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-01-24
voLumE VI.

moved he has avowed it, is to prevent speculation ia
he claims against the government The bill stands
70 the purchaser OF any claim the full Of that
clam might then be obnoxious to the objection which
the senator from Texas has urged But prevent any
thing OF the kind, the bill provides that the assign nee shall
receive no more than he paid and the interest upon that
sum. And are we sure that by adopting the amendnen
OF the senator from Texas should not do great
long OF individuals transferring their claims bona ds.
IN payment perhaps, of an honest debtranserred too,
tor specific sum- the estimated amount of the claim
And II is proposed that that bona fde holder shall
receive nothing whatever. The bill only allows him
what he would seem to be fairly entitled to- The
tors amendment goes further II proposes that the in
claims are held by insurance Offices Where the insurer
makes policy OF insurance against risks OF this kind IL
is we'll understood by both parties at the time Of the
cuton OF the policy that in OF loss the insurer shall
have not merely the premium paid but that he shall have
the claim in Of capture.
The senator. however. bases his remarks upon the
statement that these claims not like acknowledged
account. Now. we stand in the situation OF the gov
erAment OF France and will ask the attention OF the
Senate while read single sentence from of the de-
OF the National Assembly of France, under which
some of these captures were made When Europe was
bent attempting to starve that country, the govern
ment of France issued orders authorizing the bringing in
OF all neutral vessels laden with provisions; and in that
very decree they say:
Articles Of provisions belonging neutral nations, and
laden Tor an enemys port shall be paid Tor according 10
the value IN the place to which they destined"
decree under which portion of these captures made,
declad that circumstances compelled her to take and
scae this property TO keep her rich as well as poor
citizens from starving, and that she would pay for the
amount France denied these claims, up the
day OF the ratification OF the treaty France acknowledged
their justice but We having obtained release from ob!ga
deed the claimants for fifty years. and say that these
claims not just, which Madison pronounced to be
just, which Marshall pronounced to be just, both of
them Secretaries of State during times in which the sub
nected with it. Still, told to-day that there was
nothing tangible that could be to equitable assign
mentwhen have here in the very decree, declara-
ton that the French government thought the property
thus taken should be paid for.
Mr.. BORLAND desire to say single word upon
one pon. An objection has been made to this amend
ment, upon the ground that we by this bill will ac-
knowledge the justice Of this debt, and then seek to
limit hat the amendment will in fact contradict and
principle OF which is thai us debt, which
bound TO pay, and for that we have right TO
propose any limitation Now, !. seems to me ,ha. the
that II is not just debt, tha, it Is no debt, but
a grauity, ! think very clearly shown
by the senator from Virginia Mr. HuNrERl the other
to pay, what right have we to limit the amount
to 50 00o,O 900 which should be paid II there be
hundred millions established, the same obligation
upon TO pay that hundred millions as there rs to
pay the five millions. If il be debt. ought to pay
il; but il be not debt, think that for very coed
reasons we ought not TO pay IT, We are not IN con-
gratues TO the amount specified and named in this bill
Mr.. CLAY | have had some familiarity with the
subject OF this claim, when occupied higher position
in the government OF the country. II had been my IN
enton if felt necessary. say something upon the
merits OF the claims at large Bu Mr. President, it has
been long discussed and often under consideration
that have decided to iorbear think could have said
in fifteen minutes everything connected with this claim
and completely vndcaled its justice against all the argu
ments that have heard advanced in opposition to IT,
will not however, take up the time OF the Senate, but
w n n
ment proposed by the senator from Texas. Mr. RUsK
His amendment embraces as has been very properly
said classes Of casesihat is to say, the assignees
Of claimants, and underwriters insurers Some argue
for the amendment upon The principle that this claim was
by lis nature not assignabe. Now, MIR. President,
know OF nothing, OF property, Of no chose IN action
that is not transferable assignabe by law There
may not be legal assignment so as to authorize the
assignee make suit in his name but you know
very we'll the difference between what is regarded
legal and what is considered equitable assignment
perfectly in the power Of any OF these claimants,
while il existed against France, or when II was trans
iered By virtual assignment OF the debt TO transfer
his right in equity 10 any person and for any purpose
Now an argumen, has been urged and repeated o-day,
with regard TO the magnitude OF the claim It IS SAID
that if we owe the debt we ought TO pay much more
than is proposed TO be paid by this bill Now, do not
think so. When we renounced upon France our claim
Tor indemnity for spollanon what was u IN ,hat we re-
nouncedl That is the question What we did renounce
the value or, other words, the prospect OF re-
covery from France Of the total amounhe aggregate
OF all the sPoliaons committed WELL sur nobody would
say after ali experience with France and other for
egn governments that actually renouncei IN amount
the half OF the full OF the claims against France
All that responsible for to claimants against rance
ia consequence OF the mutual reDunciation made by
France this country The treaty o $500, IS TO pay The
value OF the claims which the claimants had upon
France or other words repeat the prospect they had
of the recovery OF those claims upon France We indem-
nifty them for the loss OF their opportunity OF Preferng
and pursuing their claims against France, What that
amour, OF indemnity should be | admit 10 be a dihcuty
that have also experienced myself, when hrst con-
sdered The sublec-a difficulty now disposed oil 10 some
extent has been settled down to o,OO0,0oo-hali
perhaps or third Of the actual nominal amount of the
debts upon France So much IN answer 10 the observa-
tons OF the honorable senator from Arkansas, Mf.
BoRIAND -
But To resume The question Of the amendment Now,
with regard to the assgnmeni,he property having been
asslgned-he chose action having been assignaoe,
ask il we have a sufficient, guard against speculation
by limiting the amount TO be paid 10 assignees TO the ac-
,ua amount that they paid But with regard TO The other
cAss the class OF underwriters. Now Mr President IN
g,eai number of Instances. thes. underwriters these
insurance Offices were utterly destroyed And who were
thew composed OH OF ndivduals--of widows and Of
phans OF persons in every condition IN e Ihey were
Inued their property impaired, and they brough. 70 rum
IN consequence of the spolatons committed py france
in consequence oil not getting the indemnify 10 which
they were entitled either from France or from this coun-
try An insurance company in itself may not oe an op
iect o any particular regard. entlemen may dislike a'i
corporations all forms but these insurance ofnces con-
sisted of individuals ruined and prosiraed nd'vdnas-
whose families have been and now. suffering io ths
want of that indemnity 10 which they are enuted'
cannot, therefore, the proprey OF wihhooinx IRON
the individuals composing these companies tnal oeheht
which is intended TO be secured by this bill am re-
minded by friend that there were great mum