The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-03-27


We are told by eminent psychologists that au-
MAJ life cannot be sustained for very leugthen-
period ifthe nourishmeut is confined to single
description of food, no matter how ahundantlyi it
may he supplied. Not only does it become
naueesting, but the economy of nature is such
that it soon ceases to perform its chemical func-
tions; and this physical Law holds good in mat
tiers less material. II the human body wastes
away confined to a solitary article OF sustc
nance, the human mind suffers no less emaeia.
ton II confined to q solitary idea. This phi
lcsophical truth gives us hope that time may
arrive when Kansas and niggers will. at all
events. be temporarily disposed of, and Congress
will treat itself to some new and more nutri-
cious pabulum.
The petitions which are being forwarded to
Washington from all parts Of the country ia "a
vor of the passage Of Bankrupt law, the fail
ures which, though not announced In the pa
pers, are in reality increasing weekly in num-
Der. and the general feeling that the time has
arrived when the United States must place H.
seH on q par with other commercial ma
tons In afordiug security alike to the creditor
and the honest debtor, all 60 to chow that the
subject will very shortly become the all en-
crossing question.
There is striking similarity between the
present condition of the country and the era
extending from 1887 to l84l. Bank mutations
and speculations had at that time produced the
same results they have now, and thousands
found themselves unable to meet their liabili-
tee. The country was not as wealthy then as
it is at present; and although the number of
failures was probably far under what it will be
now, the effects were more Immediately apparent
Mr.. Van Buren,, in 1887, believing that much of
the then impending evil was due to an irrespon-
sibie issue of paper money, recommended the
passage of Bankrupt law, applicable exclusive
ly to banks; similar idea having been ineffec-
tually mooted in Congress as far back as 1927.
The subject was not, however, pressed. Thus
matters remained until the election of General
Harrison, when the whig party, under the lead
of Mr.. Clay, prepared for a series of sweeping
laws, including q distribution Of the public
lands, national bank, and repeal of the indie
pendent treasury law. A Bankrupt Law formed
no part Of their schedule, but the advocates of
that measure which really had not a
majority of friends in either house
managed at the extra session to get
it passed by a judicious system of lorolliug
which compelled Mr.. Clay to favor it, and pass
it in advance of his own measures.
In the discussion preceding its passage an ef
fort was made by the democrats in both houses
to extend it's provisions 20 Us to include banks
ard corporations, and also TO make il less an
insolvent and more Bankrupt Law. But the
friends of the banks and corporations were too
strong, and the effort was defeated by decided
vote, embracing every whig in Congress-
What we now require is a general Bankrupt
law properly framed and strictly guarded, and
which will embrace banks, railroads, corpora
tons and individuals, and thus carry out the
evident intention of the trainers of the constitu-
ton. The arguments which have heretofore
been used to exclude the banks and corporations
are Of the most fimsy character. 1t has always
beea urged when the subject has been before
Congress that the term bankruptcy" has in
England a legal meaning referring wholly to
individual traders, and that the trainers of our
constitution, recognizing the judicial system of
England, evidently intended the term to ap-
ply 10 individuals only. A sufficient answer
TO this is found in the fact that since the
adoption of our constitution the Parliament
of England has materially changed, and
enlarged their Bankrupt laws, extending their
provisions to nearly all classes, and including
banking houses and corporations " we are,
therefore, to be governed by English authority
it follows that Congress has at least equal
power with the Parliament Of that country to
enlarge the meaning Of the term. Independent
Of this is the common sense view of the matter,
that We must Judge Of its origin and meaning
irrespective Of the particular construction put
upon II by England, and that no such restric-
tion an the banks and corporations sought to
maintain can be found beyond the mere fact
that the banks and corporations had been strong
enough in England as in this country to control
legislation, although, as we have already re-
marked this no longer holds good In England
as applied to their Bankrupt laws.
Had proper Bankrupt law been in existence
last year, none Of the banks here would have
suspended specie payments, for it would have
permanently closed their doors. Let such q
law be passed, aud they will be compelled to
manage their business carefully, aud thus Sc
cure the community against the imitation Of that
class Of mercantile ehepalisrs dindtS.rie, who, by
trading on borrowed capital, give a fictitious
value 10 everything, increase the cost Of liv.
ing to the poor man in consequence, and end
by cheating every one. ABankrupt law extend
ing to corporations would soon wind up the
rotten railroad companies, and give US bona !fdc
representatives Of property In the place Of the
wretched fdnaus who now float on the surface
Of the commercial world.
Unless we can adopt proper, uniform and
general system Of Bankrupt law, we must ex-
pect periodical returns Of "criscs" ~ the only