Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1852-07-15

The Bankrupt Law.

The Indiana Journal contains long ard labored effort
TO prove that William j. Brown and divers other Demo
Gratis opposed the repeal OF the Bankrupt law
Now the record proves such thing but it does prove
that JOHN d. DEFREEs opposed to its repeal. But
suppose it tue, Defrees alleges that William
Brown was opposed to the repeal of that outrageous
act how could that effect the Presidential election
Frank Pierce a member of the United States Senate
voted against the passage Of the Bankrupt bill. Gen
Scott, in letter, declared that had he been member
OF Congress, he would have voted for it, The issue is
between these gentlemen. Its their opinions that the
people to set in judgment on, and the opinions
Of William j. Brown any else
The Bankrupt law was Wing measure IL was in.
troduced into the Senate by Whg aud carried by Wing
It part of Mr. Clays celebrated programme
of Wing measures, at the Extra session of Is4l-
Whilst it under consideration in the Senate, Mr..
Nicholson, Democrat from Tennessee moved amend
men extending the compulsory provision of the bill to
banks and corporations This provision was advocated
by Woodbury., Benton PIERCE, Buchanan, Wright, and
the leading Democrats of the Senate but il was voted
down by the Wing majority in that body The bill con.
tanned provision authorizing cases of compulsory bank
iuptcy. Where an Individual concealed hin property,
for the purpose of deiraudng his creditors, they any
Of them might by petition force him dsgorge his
property and account under oath This was the only
good feature in the law. The Democrats in Congress
in favor of applying the principle to banks
corporations WHO might suspend payment and lock
up their in their vaults aad then defy their honest
creditors.
Immediately after the passage Of the law, thousands
awaited themselves OF its benefits The banks were in
state OF suspension Their vaults locked up, and
there was no remedy Individuals who attempted to
deraud their creditors forced disgorge their i'll.
gotten gains and TO divide it among those who were
Justly entitled to it.
At the session of The Legislature Of lS4l-2, DR..
Ritchey, Of Johnson county introduced Joint resou.
ton instructn2 Senators extend the pro-
visions Of the Bankrupt law to corporations. For this
resolution William j. Brown voted Ave. John D. De.
frees voted No.
In the debate on this question: DIR. Ritchey said:
GAS the law stands il is worse than nothing Ii its
provisions extended banks and corporati9ns-so that
when they suspend specie payments otherwise con-
verified themselves into engines for swindng the
nity-he should rejoice to IL 20 into operation But
willie these institutions embraced the eompul.
sorry provisions of the Bankrupt law and suffered
practice the most stupendous frauds upon the country
with mpunitywhile their avorites, the great specua
tors who have been furnished with the credit necessary
enable them carry their fraudulent operations
by those Institutions alone he benefited by its
operations, and by summary process allowed 10
absove themselves from all obligation pay their hon.
est debts"
This will show the objects of the resolution for which
voted. We opposed to the Bankrupt law from
its very inception. No vote of ours be found in
favor of it. When canvassng FOR the Legislature in
this county and for Representative in Congress in this
District, every where, and all occasions denoun
ced the law. This thousands will remember,
In conclusion, we will say to the editor of the Indiana
Journal, that have been four years member Of the
Indiana Legislature, and four years in Congress. 1.-The
thinks he benefit his party, and has leisure, adj
wise him to take the journals of the Legislature and
Congress, and them over, leaf by leaf and publish
all our votes, from 1923 up to this time. They all
Democratic. He will possibly find enough in them 10
convince the people Of Indiana that they ought to
for Gen. SCOTT and the Bankrupt law If he can, then
he duty his party which he should not neglect