Thirty Years' View (Vol. 2 of 2): or, A History of the Working of the American Government for Thirty Years, from 1820 to 1850Benton, Thomas Hart
History
Thirty Years' View (Vol. 2 of 2): or, A History of the Working of the American Government for Thirty Years, from 1820 to 1850
Benton, Thomas Hart
United States -- Politics and government -- 1815-1861
The right to use this remedy against bankrupt corporations was of
course well considered by the President before he recommended it and
also by the Secretary of the Treasury (Mr. Woodbury), bred to the
bar, and since a justice of the Supreme Court of the United States,
by whom it had been several times recommended. Doubtless the remedy
was sanctioned by the whole cabinet before it became a subject of
executive recommendation. But the objections of Mr. Webster, though
rather suggested than urged, and confined to the _right_ without
impeaching the _expediency_ of the remedy, led to a full examination
into the nature and objects of the laws of bankruptcy, in which the
right to use them as proposed seemed to be fully vindicated. But
the measure was not then pressed to a vote; and the occasion for
the remedy having soon passed away, and not recurring since, the
question has not been revived. But the importance of the remedy,
and the possibility that it may be wanted at some future time, and
the high purpose of showing that the constitution is not impotent
at a point so vital, renders it proper to present, in this View
of the working of the government, the line of argument which was
then satisfactory to its advocates: and this is done in the ensuing
chapter.
CHAPTER XIV.
BANKRUPT ACT FOR BANKS: MR. BENTON'S SPEECH.
The power of Congress to pass bankrupt laws is expressly given in
our constitution, and given without limitation or qualification.
It is the fourth in the number of the enumerated powers, and runs
thus: "Congress shall have power to establish a uniform rule of
naturalization, and uniform laws on the subject of bankruptcies
throughout the United States." This is a full and clear grant of
power. Upon its face it admits of no question, and leaves Congress
at full liberty to pass any kind of bankrupt laws they please,
limited only by the condition, that whatever laws are passed, they
are to be uniform in their operation throughout the United States.
Upon the face of our own constitution there is no question of our
right to pass a bankrupt law, limited to banks and bankers; but the
senator from Massachusetts [Mr. WEBSTER] and others who have spoken
on the same side with him, must carry us to England, and conduct us
through the labyrinth of English statute law, and through the chaos
of English judicial decisions, to learn what this word bankruptcies,
in our constitution, is intended to signify. In this he, and they,
are true to the habits of the legal profession--those habits which,
both in Great Britain and our America, have become a proverbial
disqualification for the proper exercise of legislative duties. I
know, Mr. President, that it is the fate of our lawyers and judges
to have to run to British law books to find out the meaning of the
phrases contained in our constitution; but it is the business of
the legislator, and of the statesman, to take a larger view--to
consider the difference between the political institutions of the
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