The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-03-06
$50 e.asI, =.

md. Ia sooss fisssa Co tliossa hae one
trio bankruptcy On the declaa1tio oI 10y
letter TO YOU Of the 2eth OF July Inst 20 90.
min from Congress deelaratory iass se1eihs
forth and declaring Che intention Oh iss ace "
June 8, 1872, to have been to 9ire me5HoDle''
stead in faror Of debtors ruined 6y we W 9,
It Is no part OF my duty to deteno tne
bankrupt act of June 8, 1872. hs con-
str,1ed BY the courts, this act was little !ess
than monstroUs. never saW much merit III
il except so far as 1t was designed 10 ah2ru
relief to debtors ruined by the war-a relisl
which could come from no other source
under heaven. When this benign eneeG OF
IL was defeated by judicial decisions, saw
NO special merit in it unless IFS original ano
chief design could be efiectuated by de'
claratory net applying its exemptions IN iaYol
of those citizens whose debts were con.
tracted previously to July, 1869. In lac1,
felt that the only way,of rescuing the aet OF
lime s. 1872, from utter eXecratlon was u
convert it into measure of relief to the dis
tressed condition Of that large and merltorl'
ous class of our people whose eInbarrass'
ments resulted from the great public cause
and not from their own improtdeDce.
If was in this spirit that, when in wash
;noton lately. I exerted myself to procure
the nassace of such law as the cXl9ency
which have stated required.
The Republican members of Congress
from Virginia, and some Of the Conservative
members. warmly sympathzed with me III
my desire to procure the passage OF aPi ,o's.
dccaratory law. The honorable Judge
Critcher especially devoted himself 10 the
advancement of this object. lfound that none
of the proposed amendments when were
before Congress were of any worth. Mltn,
out exception they merely lntimated VIVA,
was wanted, without using the Dolu al,u
plain language necessary to It's accomplish !,
ment. Tn company with Judge Crltchef !
examined all these amendatory bills, and we
both concluded that they were worthless.
At his request. therefore, drafted at MS
desk in the House of Representatives tne
following bill:
{" AN ACT TO DECLARE THE TRUE INTENT M
MEANING OF THE ACT APPROVED JUNE 8, loia,
ANESpATORY OF THE GENERAL BANKRUPT
Law.
"Be it enacted By the Senate and House Of
Representatives Of the United states o.
America in Congress assembled, That 1t was
the true intent and meaning Of an act ap-
proved June s, 1872, entitled IAN act 10
amend an act entitled an act to establish 4
Uniform system of bankruptcy Throughout
the United States, approved March 2, 1851
that the exemptions allowed the bankrupt by
the said amendatory act should, and 1t Is here
nv enacted that they shall, he the amount al.
lowed by the constitution and laws OF each
State, respectively, as existing in the yeaI
1871: and that such exemptions be valid
against debts contracted before the adoption
and passage of such State constitution ano
laws. rs we'll as those contracted after the
same, and against liens by judgment or dc'
cree of any State court, any decision OF any
such court rendered since the adoption ano
paS,ace of such constitutions to the contrary
Notwithstanding.
"Approved Sd March, 1873"
This bill was moved by Judge Crltcher
and under his patronage was unanimously
approved by the Judiciary Committee OF the
House Of Representatives, and reported tc
the House by the chairman Of that com
mittec.
When put upon its passage member from
Wisconsin moved us substituted bill repeal
ing the general bankrupt act and all lis
amendments, and the substitute passed
under mistake Of many members, osllp
posed they were voting for Judge Crltcher:
bill.
On another day the bill was re0tlered by
Mr.. Patt, of Virginia, and under his etllclen
auspices passed By the House.
1t lay in the Senate three weeks. Finally
we induced Mir. Pool, Il member of tht
Senate Judiciary Committee, to have it re
ported by that committee which was done
unanimously. By the time it came up iol
massage in the Senate, poll OF the Republic
can senators had disclosed that nearly all o
them were favorahly disposed to the bill
and Judge Critcher reported that slmilal
polling by himself Of the Democratic side o
the Senate had been alike satisfactory. /
only remained, therefore, for Senator Pool
bv his address, to get the bill up for action
which he succeeded in doing on the 18th o
February, and then, largely aided by the Ell
Gent advocacy of Senator Thurman, of Ohio
| the bill easily passed.
Thus, you see, this was not a party mea
sure in any sense worthy Republicans ant
| worthy Democrats vieing with each other il
| the zeal and efficiency Of their friendly com
petition for its advancement.
Whatever objections may be honcstl!
urged against the general bankrupt act ant
against the amcndatory act OF June S, 1872
none do lie against this dcclaratory act @
March 3, 1878, the siugle object Of which i
to give to debtors bereft Of their prOpeit.
by the war the same exemptions as were
given to debtors becoming so since 1869.
The opposition which WAS made to th
signing OF this righteous and humane act b,
the President was z mistaken one, founded
in hostility TO the general law and the act 0
June, 1872, and not well taken against thi
declaratory act Itself.
The effect of this act will be marvellous fol
good in the State. Cur worthicst citizen
can be relieved from utter ruin, and from
the mental thraldom Of debt. Their large
landed estates will be divided into smalle
farms. Bankrupts will be purchasers 0
lands to the amount Of s. 800 each; ant
this large increase of bidders will raise tn
price of lands in the State by heavy per
centagc.
1t affords relief to our people from tn
only source from which it can come; and a
that source is the National Government, AM
as the relief has been granted by the alnios
unanimous voice Of both Houses of Con
gress, and by the President, in spite of em
Uttered opposition, the good and right
minded people of our beloved Common
wealth will recognize in this act new grount
of that loyalty to the nation which, during al
the carly years Of the republic, wise AM
true Virginians were proud to cherish.
l am most sincerely and rcSDectfully