Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-04-11
Iaipn aud Ameritan.
WEDNESDAY. APRIL II. 1866.
THE BANKRUPT BEL.


not be revived and passed. 1t is no party
measure, and was supported and opposed
alike by Republicans and Democrats. The
Republicans who voted upon the bill were
equally divided upon it-53 TO 50.
The bill was lost on account Of the alb
aence Of ffty-one members from their seats
when the vote was taken. Iii a full House
it would have passed by decided majority,
as it may yet do, before the close Of the ses-
sion.
twas taken for granted by the CONNER
cial world and loyal public that the bill,
having passed the House at the last session,
and having failed in the Senate only for
want Of time, was to be enacted at this ses-
sion, and its passage was, in fact, only mere
matter Of FORM The subject had been fully
discussed in Congress, and by commercial
bodies, and by both the debtor and the cred
itor interest, and the measure was matured
b the satisfaction Of all.
The demonstrations which have been
made in favor Of n bankrupt system and Of
the bill which was reported by Mr.. Jenckes,
of Rhode Island, from the select committee
on the subject, have been more earnest on
the subject, have been more earnest aRdwide
sDread than were ever made in favor of any
other public measure.
The debtor interest is, Of course, in favor
of the law; and Mr.. Jenckes presented to
the House and 10 the country recommended
tions Of this bill by the creditor interest of
the entire North, Beginning with the Board
of Trade of the city of Boston, endorsed by
the Chamber Of Commerce Of New York,
and further similar boards in Buffalo, Cleve-
land Detroit, Chicago, Milwaukee, st. Louis,
Dubuque Cincinnati, &c, representing at
least nine-tenths, If not nineteen-twentieths,
OF the creditor interest Of the country.
From the Southern States numerous and
most urgent representations have been made
in support Of the system.
The bill presented a common ground up
on which debtors and creditors Of the
North and South of the East and West
could meet and arrange their affairs TO their
mutual satisfaction.
Among the Northern creditors were mer-
chant princes who had large amounts still
due 10 them from tbs South, but who cordi-
ally accepted this law. They were perfectly
willing to meet their debtors on this ground,
and, settling old scores, to resume CONNER
cal transactions with them. On the part of
debtors there was the same feeling. In the
history Of the commercial world there has
never occurred better examplifcation Of
the mutual confidence and good faith be
tween the creditor and debtor classes than
this.
The unexecuted provision Of the Consti-
tuition for the passage Of uniform system
Of bankruptcy is one Of the most important
Of the whole instrument. The trainers of
the Constitution foresaw that this must be a
commercial country, and that by reason Of
its division into States, the laws relative to
debtor and creditor would be various and
unsettled, causing embarrassment in all
transactions between citizens of the several
States. They, therefore, provided for uni
form system, so that citizen of one State
should know what were the laws Of another
State in regard to debt and credit.
Frequent attempts have been made TO
enact a proper system of bankruptcy by
Congress. The law Of 1890 was a sort of
Jail delivery. 1t was not properly bank
rupt law.
The law Of lS4l was a partisan affair, and
only temporary measure for the immediate
relief of insolvent or bankrupt debtors.
In 1920, Mr. Lowndcs, of South Carolina,
prepared, with much care, an excellent
bankrupt law, but il failed to pass Congress.
In 1927, Mr.. John Sergeant, of Pennsyl-
vania, prepared another bill, which met the
appreciation Of Congress and businessp people,
but Congress did not pass it.
The system now presented by Mr.. Jenckes
has undergone a more thorough and search
ing scrutiny, by those acquainted with and
interested in the subject, than any other
which was ever brought before Congress.
Last year. while the British House Of Com
mons had the subject of these bankrupt laws
before them for modification and liberaliza-
ton, the select committee on the subject
adopted the greater number of these pro-
posed notifications from Mr.. Jenckes's bill.
DIVIDED STATES.
From the Cincinnati Garettc.l
The practice Of dividing States for incom-
ratibiity Of political temper, is one that
will have no end if fairly inaugurated 1t
was begun in the case Of Virginia, and n
new State was constructed out of the western
counties, as a kind Of war measure. A
government, claiming to be the legal gov
eminent of the whole State, was already set
up there, Of at least as much legality as that
which succeeded it under the new State con-
struction. Therefore the division gave the
nation no strength in the war, and we think
il will now be admitted that a State govern
ment founded on the western counties would
have had a much broader and more loyal
foundation from which TO take in the whole
State at the downfall of the rebellion, than
the shadowy one of Gov. Pierpont had. And
with this strength, and the political changes
that freedom will bring, the sentiment prev
alent in West Virginia would, before long,
control the whole State.
The people of East Tennessee are agitat
ing for division Of the State on the ground
of political incompatbility. 1t seems to us
that this sectional difference will be over
Il 4 Al a., Net,
would generally be found together in politi-
cal action. The aristocratic power of slave
~ is now broken down, and if the people Of
East Tennessee are true TO freedom and TO
equal rights, they can soon control the poll
tics Of the whole State IL they are not,
there is no reason of general interest for their
division.
In nearly all the Southern States there is
marked difference in the character Of the
up-country and the low-country sections. II
these differences are cause for division, we
may go on cutting up until different party
control Of different counties or towns shall
call for divorce. IL there is any hope for
popular government right principles will
eventually get the ascendency in all these
States. The national welfare needs that these
more republican sections shall remain 10
leaven the rest.
There are differences also in Northern
States which would cut them up, if the
practice Of dividing according 10 partisan
color is 10 come in. Mr.. Samuel Cox, during
his valuable service in Congress, undertook
10 show that If Ohio were divided on the
line Of the National Road, the southern
part would be Democratic. But events have
shown his mistake. No maker of maps
could shin boundaries rapidly enough 10
follow the shifts and fortunes Of the Demo
cratic party.
Illinois has its Egypt, with quite yaria-
ton in political complexion. Indiana va
ries considerably with parallels Of latitude.
II has already been suggested that New
York City ought 10 be made a State 10y it.
self, on account of political incompatihility
with the rest of the State and at the out
break Of the rebellion the Democratic lead
en- wanted to separate il from the Union.
And besides this there is traditional po-
litioal landmark in the New York State
elections, called Cayuga Bridge, which is a
kind Of Rubcon in election returns. Pop,
ulatiOn and partisan sentiments are rapidly
changing in America. No territorial di-
visions can tit them, or make any safe cal
culations on political results aid there is
no intelligent object TO be sought by them
that can compensate for increasing the in
equality Of representation in the Senate.