Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1858-01-02
r.. pro,os,a nsnnkrupt Law

There Is another experiment ready Mt
hand. Itis no other than Il bankrupt law
arains. banks, says tie President. ainst
ali hanks, railroads. and traders, say, the
Secretary. The latter ionoccnty enough
tells us. that when crelit has been extend
ed 70 far beyond the bounds of legitimate
confidence as to create IevulsiJn III trade,
occasioniDs a fall Of prices aud desrruC-
ton Of private credit. a speedy adjustment
Of the rel atoms between debtor ana creditor
by liquidation and settlement, is the surest
mode Tor the restoration OF the equilibrium
Aud TO pro luce the desired "euuilrbr
he cUmmerds bankrupt law. That "a
speedy adjustmcu;' would follow such q re
mcdy Us this, there can lie n, doubt There
is NJ trader IN tie country. 1t his capital be
what it may, who does MT owe NOR morey
than he has actually on hand. Even In
/ lttle that he keeps Oh haud, is alway~ dep -
siled in bank l. follows that Il bankTuTt
law, at a time when al. the banks have suS
pended, 10 consequence OF Revision eH-
tending to all parts Of the c"uutry, would
bring t. the hammer the property of every
trader in the whole United StHe., and a. it
would of course, be Id for cash, the few
none, holders would buy il in TT treir
own prices 1t is Im possible u 20 cclve u
worse scheme for aggrayatlrg the public
distress, couched n more bla i and cnnci!3a-
tory language. One might have suor sed
tlat the States might BE- left to DEL with
, their Own broken corporations and dlstreS ed
adesmen after their own fashion. Bot
I Messrs. Buchanan and C,bb are afraid .
trust them State Legislators are too much
under tae Influence OF their constituents -
| The delegates must be turned over to the
| federal arul. which knows neither mercy nor
remorse. The Democratic 81 T. o! New
York has a bankrupt law, which reqnras
every suspended bank to lie immediately put
in liquidation, and by Il rroyisi q Of it.
| democratic const tuition, the Leg s.atlre Is
| forbidden % release the penalty. Yet 10
! silt, of b,:h law and constItIt %, the banks
! Of New York did suspend, and IN spite Of
both law and Constitution, the Democratic
| Legislature pW relieve them. In this Stat,
! Democratic wisdom devised Get lin penalties
! for suspension, which, 1t was believed Uy the
! Democracy, would render suspension imPos-
| sible Yet, the banks have all suspended,
aud Democratic Weldon Will be soon devils
| ing schemes to relieve them. The President
ADD Secretary are right. 1t will not do to
trust even to Democratic Legislature the
delicate task OF running the entire body Of
its cun.t tnents by siuge stroke of policy.
AT the same time that Pres lent Bucha"an
and Secretary Cobb ayow il to be the duty
of government to furnish e sound and urI-
form currency, they admit tIut the currency
/ witch it actually does furnish, can, hy no
possibility. be rerde'el sourd or uniform,
and that lis very want OF tHcse essential
quail ties HIS the effect Of inducing the PEG
| pie to oger:rade, and thereby create con-
merciaI aud financial rcvuIsions. II the
currency which il furnishes has this Effect,
| by what principle OF justice are they guided
10 recommending such q terrible punishment
for sins which the government itself en-
oourages! 1t first neglects its own duty o'
providing sound currency, II then tsmEtS
them with bad currency, well knowing
that they cannot resist the temptation, and,
lastly, 1t seeks power L punish tucm for
| Welding 10 it.--Ricb. wing.