New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-06-04

his means toSatisfyng the just claims Ofhis cred-
tors-bctween these two we hold Bankrupt
Law to offer the just and equitable and practi.
cable means which may regulate the com.
mercial relations Of men without totally sub
verting the foundations on which all mercantile
transactions now rest
A bankrupt law has been concSely defined to
be law "intcnded to secure the application
of the effects Of the debtor to the payment of
his debts, and then to relieve him from the
weight of them" The power TO pass such a
law resides concurently in the National and
State Legislatures; in the former by an express
provision of the Constitution that Congress may
pass uniform laws on the subject Of bankrupt
cies throughout the United States" in the
latter because it has been judicially decided
that the jurisdiction Of Congress is not exclusive
Of the original power residing in the States.
And there have accordingly been State insolvcnt
laws existing since the adoption of the Constitu-
ton, but subject to important limitations. They
have been confined to contracts subsequently to
the passage of the law, because no State can
pass any law impairing the obligation of con-
tracts, and their operation is restricted TO o
great extent within the States passing them,
since discharge of the debtor under
the law .of one State is no bar to an,
action by citizen of another State, unless the
latter becomes party to the proceedings by
which the discharge was obtained. The laws in
the different States moreover, were materially
different, often inconsistent and conflicting, and
frequently operating to disturb and unsettlo
rather than to adjust the rights of different
classes Of creditors. 1t HIS become very plain
from their operation, as well rs from the consti-
tutional requsition of uniformity, that the power
to establish u general system for all the States
which resides in Congress ought to have been
deemed exclusive of special State legislation.
and ought long since to have been exercised for
the benefit of the whole country. We might
have had q Bankrupt law which, if defective
when originally passed, wonia long before this
have been perfected by experience, and would
have been blended alike with the judicial al
minis,ration and the mercantile habits of the
SoutH u NV'bi NOW F''''" :"
incaa1lable blessing to debtor and creditor.
We presume Mr. Jenckss's bill, which va,
reported To the House on Wednesday, Is not cs-
scnGaly different from the drait which was SUBJ
nit;od early in the session, and which. on mo
ton. was recommttcd for revision and amend
meDt. The first bill w.-s in the main good
one and this certainly 10 not worse. NJ.
Jenakes is a lawyerof large experience and good
ability, and has competent colleagues on his
Committee. They have framed this bill in the
/ light of numerous systems which have had bong
trial in Great Britain, Etance and the digcr-
ent States Of this Republic. Our
own opinion is that the Insolvent
Law of Massachusetts, as finally amended, is
the most perfect State la~, and we are glad 20
ace tbs, many of It's bost features ara copied
in Mr.. Jenckes's bill. And at any rate the cOun-
try may take il for granted that the measure
which Congress is now asked TO pass is care
I fully and OH the whole wisely maturod; that it
! is infinitely better than 40 law at all. We re-
joice TO believe that the vote against postpone
mcnt on Wednesday indicates the purpose of
the House to pas the bill.