The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1873-12-27

Ny tnC uiOSl SOleun pleuSc TO Ieueem
our notes in coin, or by giving the
holders. at their option, an equivalent,
l do not believe this is the time to
undertake to do it or to enter upon
it, ~
Repeal Of tho Bankrupt Law.
On the 10th. the bill for the re-
peal of the Bankrupt Law, being
under consideration, Hon. ]. M.
Wilson, made the following brief
speech thereon:
Mn. SPF sKER-The House started
yesterday in hot haste to do an act
which, in my humble judgment, it
will, if it is done, lie called upon at
an early day to undo. On the 18th
OF September last the banking
house of Jay Cooke & Co. failed,
and to the reckless arrangements Of
that firm, its hazarding the money
OF its depositors upon imaginary
securities, is to be directly attribu-
ted the present financial condition
of the country-wrecked fortunes,
closed manufactures, thousands
upon thousands of laboring men
thown out of employment in the
winter season of the year, the pri-
ces of tho produce, which is the re-
suit of a whole years labor of the
agric,,lturists, diminished, until it
aggregate millions Of loss to them;
these wide spread calamities are
sprouts out of the management of
that firm: Yet, sir, hardly had the
Speaker announced the organize
5tion Of the Forty-third Congress,
until the. lawyers of Jay Cooke &
Go. bring upon this floor the bill
the substance of which it was p1o
posed on yesterday to pass under
suspension of the rules without
any. debate or opportunity of ex-
PLANTATION, and which it is now pro-
posed to enact into law. So that
once more that concern is to make
itself felt by the country, and, I
fear, once more for evil.
The title to this bill ought to be
amended. It. should be called IA
bill to embarrass Justice" It is
impossible in the fifteen minutes to
which ] am limited to analyze the
provisions of this bill, containing
seven sections; but I especially call
the attention of the House to one
or two things that may be done:
81 A majority in value Of the credi-
tors of Jay Cooke g. Co.-and this
may be a few special friends-in
opposition to the wishes and inter.
ests of the vast horde of creditors
holding small demands for deposits
that they made, may select some
other special friend of Jay Cooke
& Co. and place such assets as that
firm may be willing to disclose in
his hands, or they may place the
estate in the hands of the firm.
If the estate is placed in the
hands of some other person, the
fourth section provides that the
debtor shall be subject to examine
ton, under oath, touching his pro-
perty, ETC., when required by the
person or persons appointed to ad
ministrator the estate, but not
otherwise. That is to say, no credi
tor shall be permitted to call upon
the debtor to say under oath what
property he has hidden away; only
the person appointed to administer
can do that. But / can not GO into
detail, and shall offer some consider
atoms against the proposed repeal.
Sir, the trainers of the Constisu.
ton foresaw clearly what, it seems
to me, time has proved to be
the true interestest of the country,
viz. that the law in relation to the
settlement of bankrupts' estates
should be uniform drought the
country. Accordingly, we find in
9 the Constitution the provision AL
7thorizing Congress to establish
uniform laws on the subject Of bank.
fruptcies throughout the United
g States. a.
In our commercial intercourse
with each other we are in ne degree
restricted, by State lines, and con
sequently the relation of debtor
and creditor exists between persons
! living under wholly different State
laws. This fact alone is sufficient
reason Tor having a law relating to
insolvent estates of unifornae appli-
Q cation throughout the nation We
must have laws on this subject
whereby the property of insolvents
may be applied to the benefit Of
creditors upon just and equitable
principles, and we must have them
either eminating from State legis-
lation or from Congress. To have
as many different insolvent or bank
rupt laws as there are States, each
of which would almost inevitably
differ essentially from every other,
cannot but tend to confusion, and
serious embarrassment.
The necessity for Legislation is
sufficiently attested by the fact that
the Legislatures Of different States
have attempted to legislate on this
subject, and three times in the his
tory of this Government Congress
has found it necessary to pass q
bankrupt law. The fact that it has
ever been necessary to enact such
q law proves the Importance of such
an act, and of making it, as far as
human wisdom can do SO, perfect,
and Of keeping it permanently upon
our statute books
1t is hardly possible that upon the