The Portland daily press., 1866-06-13
The Bankrupt Bill.
SPEECH OF MIR. JENckEs OF RHODE ISLAND

| SfEECd VI Mhs JENCkE6 OF hhODE ISLAND
We copy from the Congressional Globe thu
following report of the speech of Mr.. Jenckes
of Rhode Island, delivered in the House O
Representatives, on the Bankrupt Bill. Mr.
| Jenckes said:
Mr.. Speaker, in closing this debate 1 wish
| to state and to reply to some general Objec
lions that have been raised to legislation upon
| this subject. 9,
The first one is that no law should be passed
| which authorizes the discharge OF debt with
out payment in full or which cancels the obi
cation of a contract. ALI bankrupt laws on
this principle would be pronounced inexpedi-
ent and unjust.
My reply is, that in the progress Of civiliza-
| ton it has become repugnant to the conscien-
ces of enlightened nations that there should
be any longer servatude for debt There are
two parties to every contract, and there are
uncertainties with regard to the performance
| OF it by each. All commercial nations have
discovered that il is as necessary for the prompt
| transaction of business, the preservation of
mercantile honor, and the encouragement OF
trade and enterprise, to provide a remedy for
the honest, unfortunate debtor against the
persecution Of some grasping creditor, as 10
provide remedy for the creditor against a
fraudulent debtor. The security, even the
life of trade, requires that the relief provided
by law should be mutual. Otherwise, homes
ty is COMPOUNDED with fraud, and misfortune
with crime.
A well adjusted system of bankrupt law pro-
| vides the desired remedy; and while it
| strengthens rather than weakens the creditors
| rights and powers, it rewards unfortunate
| honesty with emancipation. Hereafter, if this
bill becomes law, imprisonment fol-. debt, that
rnIio of hqrhQrOnc which,
some OF the States, will cease to exist. and
can never be restored. The energies of the
unfortunate debtor will no longer be lost to
his family and his country. The past, with its
retrospect of embarrassment and misfortune,
will no longer cast its baneful shadow over
his mind, his future will no longer be uncheer-
ed by hope. The pursuit of happiness, the
road to honor, a career of industry and en-
terprise, with its rewards, will again be open
ed to him, and he will enter anew, as re-
deemed man, into the life and prosperity Of
the State.
2. Another objection is, that although the
power to pass a system of laws ON the subject
OF bankruptcy is clearly granted to Congress
by the Constitution, yet it is inexpedient for
Congress to exercise it. Such an argument
might have weight if this bill were brought
forward as a party measure, or if it were par
tial and unequal in its operation, and did not
tend to produce the beneficial results it aims
at. But the most ingenious and suspicious
mind has failed to discover any partisan char
acter in it, and the closest crit: ism, in and
out Of Congress, has not disclosed any OF the
other obnoxious qualities. 1t cannot be pre-
tended that State legislation can afford ade-
quate relief, for its power over the subject is
iih,iIeu, and the persons ceases entirely
at the States boundaries.
Al tne tme of the adoption of the FEEDER
al Constitution, Rhode Island had a perfect
bankrupt law, discharging the debt as well as
the person OF the debtor. but the Sunreme
Court declaredit to be unconstitntionaI and
null. New York once passed a s;,n;Iar Iar,
which met the same fate before the same tr,.
bunal. The power resides solely here and
being sole and exclusive it implies q corro-.
spending duty, which is the exercise of that
power for the benefit of the people. The Re.
public has right to the free and unfsttered
services of all its citizens, and every interest
of the State demands that they should have
the free exercise OF their faculties in all the
pursuits OF life. 1t is contrary to wise policy
TO permit one class to hold another in bond
age where freedom from incarceration only
makes the suffering more intense. With ruin
ed fortunes, blasted hopes, paralyzed e1. ergies.
how can those, irretrievably insolyent. con.
tribute to the welfare OF the family or tbe
prosperity of the State?
=, Not alone the miseries of these men. but
Inc material interests of the republic demand
the exercise OF this benefcient power. Nor is
tnere any considerable opposition to it from