ary to his excellency
the governor, five hundred raccoon do.; the treasurer of the State,
four hundred and fifty otter do.; each county clerk, three hundred
beaver do.; clerk of the house of commons, two hundred raccoon do.;
members of assembly, _per diem_, three do. do.; justice's fee for
signing a warrant, one muskrat do.; to the constable, for serving a
warrant, one mink do.

"Enacted into a law this 18th day of October, 1788, under the great
seal of the State.

"Witness his excellency, &c.

"_Governor, captain-general, commander-in-chief, and admiral in and
over said State_."

This, Sir, is the law, the spirit of which I commend to gentlemen. I
will not speak of the appropriateness of these several allowances for
the civil list. But the example is good, and I am of opinion that, until
Congress shall perform its duty, by seeing that the country enjoys a
good currency, the same medium which the people are obliged to use,
whether it be skins or rags, is good enough for its own members.

[Footnote 1: The Secretary of the Treasury.]

A UNIFORM SYSTEM OF BANKRUPTCY.

FROM A SPEECH DELIVERED IN THE SENATE OF THE UNITED STATES, ON THE 18TH
OF MAY, 1840, ON THE PROPOSED AMENDMENT TO THE BILL ESTABLISHING A
UNIFORM SYSTEM OF BANKRUPTCY.

Let me remind you, then, in the first place, Sir, that, commercial as
the country is, and having experienced as it has done, and experiencing
as it now does, great vicissitudes of trade and business, it is almost
forty years since any law has been in force by which any honest man,
failing in business, could be effectually discharged from debt by
surrendering his property. The former bankrupt law was repealed on the
19th of December, 1803. From that day to this, the condition of an
insolvent, however honest and worthy, has been utterly hopeless, so far
as he depended on any legal mode of relief. This state of things has
arisen from the peculiar provisions of the Constitution of the United
States, and from the omission by Congress to exercise this branch of its
constitutional power. By the Constitution, the States are prohibited
from passing laws impairing the obligation of contracts. Bankrupt laws
impair the obligation of contracts, if they discharge the bankrupt from
his debts without payment. The States, therefore, cannot pass such laws.
The power, then, is taken from the States, and placed in our hands. It
is true th