Abridgment of the Debates of Congress, from 1789 to 1856, Vol. 3 (of 16)United States. Congress
History
Abridgment of the Debates of Congress, from 1789 to 1856, Vol. 3 (of 16)
United States. Congress
Law -- United States; United States -- Politics and government
They contended that it would be true policy to suffer the act to expire
by its own limitation. Little more than two years would elapse before
the arrival of that period. This conduct was dictated by the undisputed
fact that the present system had been adopted as an experiment. Hence
the limitation of the act. This experiment was now in a fair course of
trial. Little more than three years had elapsed since its commencement,
and sufficient time had not yet passed to test the goodness or the
badness of the principle it involved. It was a fact that the distresses
of the commercial world called forth such a system when it was formed
in the year 1800; it was a fact that it had done much good; and it
might be that a system of bankruptcy, improved to the extent of which
it was susceptible, would be of permanent utility. Amendments, radical
amendments, the system certainly required; and should the House determine
not to destroy it, the amendments could and doubtless would be made.
It was believed that the general sentiment of the nation concurred in the
propriety of affording some relief to the distresses of the commercial
world. On the form and extent of that relief great contrariety of opinion
existed. It was the opinion of well-informed merchants and of the best
writers, that a greater relief should be afforded to the misfortunes of
men engaged in trade than in other occupations. To the argument that the
proper relief to be extended should be left to the determination of the
States, the objection that the laws of the different States were on this
point various and contradictory, was conclusive. Trade, of all human
occupations, embraced the widest range. Its operations were confined to
no particular State or climate, but pervaded the whole world. It was
of great importance then, if practicable, that laws in relation to it
should be equally wide with this extensive range. Though this was utterly
impracticable, yet it was practicable to make the same laws pervade a
whole nation. Of this opinion were the venerable patriots of 1789, who
framed the constitution; such was the spirit of the constitution itself;
and such its language in speaking of uniform laws respecting imports,
bankruptcies, and intercourse between the several States. Not that the
power to pass such laws was imperative: but they manifested the sense
of that body and the spirit of the instrument, that all laws on those
subjects should be uniform throughout the United States.
To the argument, that the exoneration of property from the payment of
just debts was a violation of justice, it was replied, that however
correct the principle might be in ordinary cases, it did not hold in
commercial concerns. In other employments an inability to comply with
contracts was generally the result of idleness or imprudence; but so
great and inevitable were the risks attendant on commerce, that no human
prudence could guard against them.
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