Southport Telegraph

CONGRESSIONAL

The prominent subjects under discussion in Congress since our last notice of Congressional proceedings, have been the Tariff, the General Bankrupt Law, and the Secretary's plan of Fiscal Agency. Each of these subjects are destined to consume much time. A strong effort will be made the present session, to repeal or render nugatory the operations of the General Bankrupt Law, and the friends of this measure entertain some fears that the effort will be attended with success. We copy from a correspondent of the New York Tribune a sketch of the proceedings in the House on this subject.

The bill introduced by Mr. Benton to postpone the operation of the Bankrupt Act till the first of July next, so as to amend it by including Corporations, was taken up, and Mr. Berrien moved its reference to the Committee on the Judiciary.

The propriety of the reference of the bill to any committee, considering that the time is now so near when the Bankrupt Law is to take effect, was discussed by many Senators, most of them, both friends and opponents of the act, concurring in the opinion that a reference was not necessary. The merits of the principles of the Bankrupt bill were scarcely reached, although many allusions were made to its imperfections. Mr. Mangum had heard from Judicial authority that unless the officers invested with the execution of the law, as it now stands, were invested with ubiquity it could not be carried out. He was for postponing the bill till time could be given for the proper amendments : Mr. Calhoun concurred in these views. Mr. Clay was in favor of the law on the broad principle that it was demanded by the commercial and other states. and because the General Government only had the power of passing a law of this kind. If the bill were imperfect, he should have no objection to postponing its operation for time to amend it. Mr. Buchanan urged the impractibility of the act, and that the courts would not be able to perform the business growing out of it. Mr. Henderson said it might be imperfect, and might throw too much business before the courts, but all that could, should be done; and there many cases under its operation which would not come to courts, but be settled by magistrates. Mr. Preston had no objection to acting on this bill now: it ought to be considered before the time arrived for it to take effect. Mr. Huntington said that public opinion still remained in favor of the act. Mr. Tallmadge wished that the act should have a fair trial, and that it should go into operation at the time fixed, and then when defects were discovered in its operation they could be remedied. He was opposed to postponing the bill and much more to repealing it. Mr. Barton urged the necessity of immediate action on the bill, as but thirty days-twenty only of which were legislation days--remained before the act was to take effect.

The question was then taken on the reference, and lost: Yeas 15. Nays 25. Thus the bill without reference remains before the Senate.

With regard to the fate of the Bankrupt Bill another correspondent of the Tribune remarks:-

Mr. Benton's bill to postpone the operation of the Bankrupt Law until July next had its second reading, and, on motion of Mr. Berrien to refer it to the Committee on the Judiciary, the Senate refused by a large majority. This vote indicates a disposition on the part of that body to indulge the Senator from Missouri, and there is some well grounded apprehension that the law will finally be repealed.

The ostensible object of this movement is to amend the law by inserting provisions to embrace corporations, and render it more practicable ; but the better informed are of opinion that a total repeal is intended.