Mr. JOHNSON. My information is of the same character with that stated by the honorable member from Vermont; and if I had not been so informed, reasoning on what I know must be the condition of the South, I should have come to the same conclusion myself. The difficulty mentioned by the honorable member from Ohio does not exist in point, of fact in the 1st place; at least I am so told. A northern creditor can sue in the local courts and get judgment and get his process with as much facility as any southern creditor, if there be southern creditors; and he can make his money out of the assets, whatever they may be, of his debtor just as soon as any other creditor. But that is not the difficulty in which the northern cred itor would be placed. These gentlemen own large estates; they are now comparatively val ueless. Most of them were in debt when the war commenced; they are of course in debt still, and their negroes have been emanci cause of the war, and they have now no means at all of cultivating them to advantage. The result is that they sell their lands to different purchasers. The debtor of today who owns 1000acres is forced tomorrow to sell, and the next day perhaps he only owns 100 acres, if he owns any, if he does not sell all. There being no bankrupt law, that places what would have been assets, and will. assets if you pass this bill, out of the reach of the creditor; he cannot follow the lands into the hands of a purchaser under the bankrupt, there being no existing bankrupt act. But that is not all. The local creditor may sue, or the northern creditors may sue, such of them as think proper to sue, and he who sues 1st gets his judgment 1st, gets his execution 1st, and then the property is sold to satisfy his debt, and it often sells for not more than enough to satisfy that debt. I saw a statement the other day, showing the destitution of the South and how completely their property was rendered valueless, of the sale of a sugar plantation that had been purchased a few years ago at $225,000; I suppose there were some slaves upon it. It was bought in the other day at a compulsory sale at $25,000. If the bankrupt law i. been in force that estate would have gone into the hands of the assignee, and he could have husbanded the estate from time to time until eventually what inured only to the benefit of the creditor suing, to the extent of $25,000, might have brought $200,0gone to the payment of all the debts. I look upon the bill, therefore, as effecting 2 things, effecting one just as completely?s it does the other, and both of them very proper objects. The 1st is, that it enables the cred itor to secure at once against the debtor and against rival creditors the assets 6f his debtor; and the other is, that it enables the debtor to escape the thralldom of debt.