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Updated: June 15, 2025
To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes; To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States; To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
The capital was in anxious suspense; the depressed temper of the capitalists, the suspensions of payment, the frequent bankruptcies were heralds of the fermenting revolution, which seemed as though it must at the same time produce a totally new position of parties.
Cape Town, that has been more than dull that has been dismal for months, thinking and talking of nothing but bankruptcies bankruptcies fraudulent and bankruptcies unavoidable was now all astir, full of life and motion. The stoop of the Commercial Exchange was crowded with merchants, knots of citizens were collected at the corner of every street; business was almost, if not altogether suspended.
But they have little peace:-and, look at the bankruptcies of our city. They are without number they produce no shame do not seem to affect the credit of the parties; and, certainly, in no respect diminish their expenditures. They live as if the present day were the last they had to live; and living thus, they must live dishonestly. It is inevitable.
To lay and collect taxes, duties, imposts, and excises, to pay the debts, and provide for the common defense and general welfare of the United States; Second. To borrow money; Third. To regulate commerce with foreign nations, and among the several States, and with the Indian tribes; Fourth. To establish an uniform rule of naturalization and uniform laws respecting bankruptcies; Fifth.
You have given an account of the bankruptcies in the cotton trade during a long series of years till last year inclusive; are you able to say how the first nine months of the current year stands in comparison with its predecessors? I so highly prize your new work, that I must ask for a dozen copies to distribute among my friends.
The subject follows naturally in the train of commerce, for bankruptcies, as understood at the time, were confined to the mercantile class, bankers, and brokers; and since the regulation of commerce, foreign and inter-state, was to be placed under the sole charge of the General government, it was necessary that bankruptcy should be included.
And since he was one of those people who are continually avenging their wrongs, who accuse everything that passes before them of everything which has befallen them, and who are always ready to cast upon the first person who comes to hand, as a legitimate grievance, the sum total of the deceptions, the bankruptcies, and the calamities of their lives, when all this leaven was stirred up in him and boiled forth from his mouth and eyes, he was terrible.
You say, perhaps, that if all your creditors were of this way of thinking, I too should come badly off. But if all men thought as I do, there would be much more thinking done, and in that case probably there would be neither bankruptcies, nor wars, nor gaming tables."
One day in debate he broke out in the most violent appeal to Martin Van Buren, then presiding in the Senate, to go to the President and represent to him the actual condition of the country. "Tell him," said Clay, "that in a single city more than sixty bankruptcies, involving a loss of upward of fifteen millions of dollars, have occurred.
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