Litchfield Enquirer

Litchfield, Dec. 29, 1840.

Mr. Editor—The form of a Petition praying from Congress the passage of a Bankrupt Law has recently been sent from the city of New-York to this town—probably similar forms have reached other towns in the county. The condition of many of those merchants of New-York who failed during our late commercial embarrassments is doubtless sufficiently deplorable, and I should rejoice in any project which could possibly relieve them without injuring others.—The proposed measure, however, while it would answer its object in relieving the insolvent city debtor, would, it appears to me, act most disastrously upon a farming community.

The measure is one of great moment; the people of this state and indeed of the country seem scarce aware of its magnitude and character. For good or for evil it is to affect in a greater or less degree the entire relations of debtor and creditor. A distinguished Senator in Congress has characterised it as a bill the whole effect of which was "to destroy the contract between debtor and creditor" and "as the greatest loco foco-measure that had ever been passed in a legislative Assembly." I do not however design to discuss the merits of the Bill in question; but simply to present the form of a petition which is in circulation in the agricultural portions of the state of New-York, and to suggest its adoption and action under it by the agriculturalists and others of the several towns of the County of Litchfield. It strikes me that no party considerations can with propriety enter into this question.

L.

"TO THE HONORABLE THE CONGRESS OF THE UNITED STATES.

"We the subscribers, citizens of County of and State of having seen a proposition now before Congress for a general Bankrupt Law, beg leave to ask your honorable body to pause before passing such a law; believing that it never was calculated for a country so extensive as ours and with so much enterprise among its inhabitants.

"We further respectfully represent, that if such a law should pass, it would be attended with serious evil to our Farmers, Mechanics, &c. as many and most of them give out their notes, not expecting them to be promptly met. If such notes should get into the hands of their enemies, they might be declared Bankrupt; and by that means lose their Farms, or their Shops and Tools—whereas in case no such law existed they would be able, by industry and indulgence, to pay their debts, and become wealthy and respectable citizens.

"We, therefore, earnestly remonstrate against the passage of a law so dangerous to the public welfare."