The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-12-17
CONGRESSIONAL.
Yesterdays Proceedings.
TUESDAY. DECEMBER ]

TUESDAY,, december 10.
Senate. Mr.. Wright presented volu.
minous petition, signed by citizens Of
several states, asking the repeal Of the
bankrupt law.
Mr.. Sherman, fromcommittee on finance
reported adversely on bill to authorize pay
ment of a portion of import duties in legal
tender notes, and the bill was indefinitely
postponed.
Mr.. Morton asked to take up his resolu-
ton to admit to seat in the Senate P. s.
b. Pinchback, OF Louisiana.
Opposition was made by Messrs. Ferry,
Salisbury and Stockton. After further dis
cussion it vas taken up and Mr.. Morton
proceeded to address the Senate in support
of this resolution.
House.-Mr. Tremaine IN. W, in.
speaking upon the bill to repeal the bank
rupt act, said the committee of the judi
ciary had agreed that there were serious
defects in the law as it existed, and the
only difference Of opinion was whether
the law should be repealed absolutely, or
whether it should be amended. The ma.
jority of the committee decided for repeal.
He thought the country demanded relief
from this bill. He said no other bankrupt
law was 50 odious as this, especially in its
involuntary features, which would force
man into bankruptcy no matter how
honest he might be.
That such law should have remained
upon the statute-book for a period of six
years was to him an evidence Of the for
bearance of the American people. He be-
lieved the late financial panic was in part
due to the existence of this law, for the fear
of being forced into bankruptcy made men
fnx I,f5 L. 81 -
bankrupt estates were generally eaten up
by costs. lie did not believe creditors
wanted the involuntary clause. On behalf
that the House would pass the pending bill
before the holidays, and it would be hailed
withjo by in all the country, from its centre
to its circumference.
Mr. Wilson Qnd.) opposed the pending
bill. He referred to the failure of Jay
Cooke Il Co. in September, and attributed
all the financial evils that had come upon
the country to their failure, owing to the
fact that they had made investments in
speculative stocks. The Forty-third Con-
gress had sarcely met when the lawyers Of
Jay Cooke & Co. came into this body and
asked for the passage of the pending bill.
He believed it was all in the interest of
spectators. The title should be changed
and the bill should be called "a bill to en-
barrass Justice" Under the law the firm
of Jay Cooke K Co. and Others could go
on with their speculations. and need not
make payment to their creditors. He ad-
united that the law had defects, but he
thought the wisest course was to recon-
init the bill and to amend it so as to make
it perfect. q
Mr.. Frye (Me0 opposed the pending bill.
lie argued that the bankrupt law protected
the honest debtor who was willing to pay
his debts, but there were dishonest debtors
everywhere, and the law was, therefore, q
necessity to the interest Of the creditors.
He referred to the state of Maine, and
said the people there all desired bankrupt
act. -
Mr.. Hale Me.) disputed that, and said
ninety out Of one hundred of the people of
Maine demanded its repeal.
Mr.. Jewett Ohio said the principle of
the pending bill was right, and he advocated
the repeal of the bankrupt act.
% Mr.. White (Ala.) opposed repeal, but
advocated certain amendments, the points
Of which he suggested.
Mr.. Ward dll.) thought the bill should
be wiped out.
Mr.. Poland (Vt.) agreed that there ere
detects in the bill, hut thought they conld
be met by amendments.
Messrs. Potter IN. Y } and Butler Mass
advocated the pending bill.
Mr.. Tremaine then demanded the pre-
vious question, which was not seconded.
Yeas. III nays, 121.
Mr.. Beck then obtained the floor and
offered his amendment, of which he had
previously given notice, and demanded the