New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-05-18
a NATIONAL BANKRUPT LAW.

We hear and trust that the House of Repre-
scntatves is soon to take M the project OF u
National Bankrupt Law reported by Mr.. Jcnck'
from the Select Committee on the subject, ard
that there is a good prospect that such law
will be enacted We fcryently hope il may be,
even though Congress should sit week longer
for the purpose.
The power expressly conferred on Congrcss
by the Federal Constitution (Art. l., -
ITO establish uniform rule of Naturalization and
uniform laws TIE sulc Of BanEutc!e, Throughout
the United states
is one Of the most important and valuable Of
any conceded by that instrument. 1t is not
only a bcnefcently comprehensive power, but
it affords of itself a staggering refut'io 10 the
State Rights sophisiries which deny the Ma
tional purpose and effect Of our Union and
would reduce tie Federal Government TO the
level of a nero ".agency" Gas JEFF Davis calls
t) for efIecting certain limited, specified pui
poses-an agency which any one of the States
may withdraw at its own good pleasure.
Naturalization and Bankruptcy are matters
which every State might have managed for IT,
self; there is no Inherent, imperative necessity
that they should be confded to Federal author
ity; nor would they have been by Con-
vention made up Of such as John Randolph,
Calhoun, Dixon ii. Lewis, Rhett, Ruiiin, JET.
/ Davis De Bow, &C., &C., instead of such Us
Washington, Franklin, Roger Sherman, Uamil-
ton, and Rufus King. But IN fact the entire
list Of powers CONFERRED on Congress by the see
ton above-quoted is at war with the theory Of
our Government maintained by The spectators
who have lurcd the South into treason and
plunged the whole country into a desolating
Civil War.
Congress ought to have passed q National
Bankrupt Law as early as il passed Naturalza.
ton Law, and the country should never since
have been without one. The constitutional
power to legslate with regard to Naturalization
and Bankruptcy was clearly intended to be !
exclusive, not concurrent; and, had Congress !
acted on it as the Constitution plainly contem- |
plates the Courts would doubtless have held |
that State ACTION thereon was procluded. But
Congress has not done as the Constitution plainly |
requires; hence State 'insOlyent laws, and two
third acts necessarily partial in their operation
and limited in their effects. The Constitution |
Justly and pointedlv condemns these by antici-
,ation in It's requirei ucnt Of "unyorm laws on
nc subjeot Of bank ruptcies throughout the
United Stat6s,"
Knowing that the Coiumittee which has re-
orted the bill now before the House is a strong
ne, we presume that bill to be wisely drawn and
-ell guarded; if defective in ANY particula-, the
louise will Of course amend 1t. But the ex-
erience Of nearly every civili ed nation has es-
ablished landmarks that can Sc 'arcely be disre-
arded; so it is hardly possible Il '2t bad Bank
upt Act should now DO framed b va competent
Committee. The ends to be co Tnpassed are ,
efinite and obvious: viz: /. To compel dis
onest debtors TO surrender their property to
heir creditors, no matter in whose hal'ds 1t may
ave been placed; and g To free honest debtors, (
Tho shall frankly and fully surrender thrr prop s
rty TO their creditors, from the chain-and-ball
legal annoyance and spoliation. Legallzcd I
bankruptcy pays no debt; it discharges no 8
loral obligation: it is simply the States GER /
lficatc that A. b., having delivered up all his i
property to his creditors, is henceforth exempt
rom legal harassment on account Of his old {
ebts, and at liberty TO earn and save for him G
elf and family. He still owes, and, If honest t
yil pay whenever he shall be really able, but 1
he Law will no further constrain him.
We urge the passage Of a National Bankrupt t
law, not alone in the interest of the many thou
ands now crippled and paralyzed by loads OF i
lebt which, if left exposed to legal ve1ation by
heir creditors, they cGn never hope to discharge,
md who might and would be actively, efficiently
Useful but for this liability; though We heartily
ympathize with many of these, and with their
needy, straitened families, Nor yet are we
mainly solcitous that our fearfully burdened
country shall be benefited by giving free play
,nce more to the energies of this large and in
rood part energetic and capable class, though
we believe this an object of no slight importance.
But we demand Bankrupt Law, moreover, as
, most efficient fundamentally for afiixing just
and wholesome limitations to Mercantile Credit,
hitherto so enormously and balefully inflated.
When Peace returns and the wreck Of our old