The close of the war, in 1815, was followed by extensive financial embarrassment among the commercial classes. The merchants of Philadelphia suffered severely during the five years which succeeded the peace, and it was by one of their Representatives, Mr. John Sergeant, that a bankrupt bill, retrospective as well as prospective in its operation, was introduced in the House, on the 11th of December, 1821. On the 22d of January, 1822, the debate was opened by Mr. Sergeant, as Chairman of the Judiciary Committee. His speech was exceedingly able, and even pathetic, for he spoke for a large class of ruined men. The discussion continued until the 12th of March, Mr. Sergeant standing almost alone in advocacy of the bill, in opposition to George Tucker and Philip P. Barbour of Virginia, and to Mr. Lowndes of South Carolina. The latter, although opposed to the bill, did not accord with the strict constructionists of Virginia. Thus far, the proposed measure included only commercial insolvents. But on the 12th of March, a member from Kentucky offered an amendment that included all insolvent debtors, which was adopted. This, of course, changed the aspect of the whole subject, and whether so intended or not, finally defeated the bill. Mr. Buchanan spoke in opposition to the bill on the day the amendment was adopted. He did not question the power of Congress to pass a bankrupt law. Nor did he contend that the “bankruptcy” referred to in the Constitution, necessarily included only commercial insolvents. But there is very perceptible in his speech on this occasion a tendency to that line of politics which he afterwards adopted and always adhered to, and which may be described as a forbearance from exercising Federal powers of acknowledged constitutional validity, in modes and upon occasions which may lead to an absorption of State jurisdictions. Thus he said: “The bill, as it stood before the amendment, went far enough. It would, even then, have brought the operation of the law and the jurisdiction of the Federal Courts into the bosom of every community. The bill as it now stands will entirely destroy the symmetry of our system, and make those courts the arbiters, in almost every case, of contracts to which any member of society who thinks proper to become a bankrupt may be a party. It will at once be, in a great degree, a judicial consolidation of the Union. This was never intended by the friends of the Constitution...... The jurisdiction of Federal Courts is now chiefly confined to controversies existing between the citizens of different States. This bill, if it should become a law, will amount to a judicial consolidation of the Union.” Of the general tenor of this sweeping measure, Mr. Buchanan said: