The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-05-23

Eether conclusive is the constitutional argumen. assss
date must BE- fixed in such statute before Hhls2
tracts must remain binding, and beyond which tney may
be annulled The business Of the country must ~ cor
traced the usual credits. man fails month aI.e.
the day designated From the obligations contractea
remain in the chains OF all his previous haoiii.
ties, although they may run back tnrougn q e
Sebt NAV be or 81 no statute could
give equal and full relief TO all debtors this principle
unless It's operation should be postponed until twenty
absusdy As present of re lief purely pro-
spectve statute to take effect from its date would be
So aeons his 1Ss and S
life; one half or some other fraction Of him
spirit Of the terrible Roman statute which gave the living
body Of the debtor to be cut in pieces by his creditors
horrid dividend It would be as unjust to the Gre
and stand equal before the law 1t would discriminate
against some and favor others some would take the
valid; Others would be compelled TO discharge their
whole debt for the dividend Such statute could
fore be unconsutiona For as haVe maintained in
this debate, the constitutional requirement in bank
rupt law is that u should be uniform In It's effect upon
the relation of debtor and creditor That is personal
relation. Their rights personal rights their con-
tracts personal contracts; their remedies are by per
is discharge from these personal actions The effect
should be uniform upon ALL the constitutional re-
Quirement violated this statute properly
be called retroactive even sense that all remedial
statutes retroactive. II Is not within the prohibition
OF past ato laws u takes effect upon tho business
OF the country as 1t is in the same manner that the two
previous statutes took effect ~ their respective
dates Tho warrant TO enact 1t is found in
ton, and to bill like this with less propriety than
perhaps any other the retroactive or
existing rights and liabilities without notice; for every
contract that has been made since the ratification Of the
constitution has been entered INTO with fun knowledge
of s contents and subject to the power of Congress to
pass at any time law by which that contract might be
annued About the details Of the bill, as originally
reported, the committee have never been tena-
cious merely carried out their instructions
in contendne for what they had carefully con-
der and m AND , as
offered Since the last reference of the BILL friends of
the measure not upon the committee, have submitted
amendments which the committee have become satisfied
improvements on the original plan. These have In
svery instance been incorporated into the bill as now
vas under discussion IN the House. If they
had been they would have been promptly accepted then
was instructed 10 sustain and defend the bill in the
spirit of the teaching Of the Roman poet which forms
maxim in his art
--si qud novisti rectius istis.
Candidus imperti; 81 non his utere mecuin.
And whenever the better have been impaired they
have been gladly accepted Mr.. Jencks concluded by
moving the previous question.
to T BE- oed striking out the Involuntary
bankruptcy features Of the bill as contained in sections
80, 40, Al and AZ.
Mr.. JENCKEs declined to withdraw the motion for the
previous question.
Mr. STEVENS, lrep Of Pa wished to move to postpone
hoped the gentleman from Rhode Island (ir. Jenckes)
would allow that time to clapsc before calling on them
to commit hari-kari tfanghter)
Mr. JEycKgs still declined to withdraw the previous
question: and the House seconded it.
Mr. STEVENS moved to lay the bill on the table.
The motion negatived by vote Of 40 yeas to %
nays.
The bill was then passed by vote of IS yeas SO
nays
The following a summary Of the Bankrupt Law as it
passed
The second section gives tbs United States circuit courts
questions arising under the a" ,s. 70 the
ton Of the law in courts Of bankruptcy.
ns provides fH sfs
Hss hSPfisa ssI' Sa
"snes to pa" as deS bis fun for and The his %
OF his creditors the fling Of such petition shall be an
% the
The estate and keep until the appointment Of
Notice then 70 be given the creditors to hold
l2 to 49, inclusive define in great detail the duties
10 to 2s inclusive relate 10 debts and the proof of
Section Is provides for the sale Of peshabie properly
Section &c provides for the examination q bankrupts be.
during The pendency of the proceedings in bankruptcy in
relates the distribution of the bank
estate All creditors whose debts are duly proved and
9 sr sS:
within * months preceding the - o.
S Sa%f a ,'Ga The
s sa ar e M ss o%s OF Be-
and % suits and for the custody q proSery
!s,e, assessments unser The laws thereof;
h al GeOis ns 70 sns Sea ali pe
NADER uds under . e such states.
exessdns MY dollar. .r labor
ss
as this s had II s % n:s: %s TED
and and collection OF taxes by the United States
section twenty nine and following sections
the bankruptcy discharge and its effect shai appear
he ay una This he s
@ 70 % % asS ss ss
after provided and shall give HIM certificate thereof under
Section thryhve declares preferences and raudaleu.
Sections thy-sir thrty.seven thirty relate TO
bankruptcy OF partnerships and corporations and to dates
thirty fortywo inclusive provide for the
q ne y 81 Ts on eo tn.
ees%en, Of rpey rands'ens a'gsmen, Of property
mersal fourteen days shall be deemed Of
section or,yhree provides for the supesednC of the
i;Sss's provide: .ss:. bankrupt.
Of ys s. Q,
q gaming. permitting ncoas debt TO Sc proved against
months s1S s
shed BY mprisoumsnt with or without hard labor for
term not exceeding three years
officers in I'd, sdmni. ,srlns .ss law ...,.
Section oryesat regulates stamp duties on petitions
fory.nne and hfsy define the meaning Of terms
and the computation Of time
and take the appointment OF
s% e. Y q sss
no petition or other proceedns under this act shall be fled