Mr. FESSENDEN. Mr. President, I took some part in passing the bankrupt act of 1841. That contained, as this does, what is called the voluntary clause, and I have always been in favor of it. I have been in favor of it for several reasons. I believe that we ought to have a bankrupt act in the country; and my observation has convinced me that it is impossible to pass any bankrupt act at all except under the Pressure of opinion and feeling created by the existence of a good deal of bankruptcy in the country and the desire of individuals to be relieved. I have no question about the constitutional authority, the perfect power of Congress to pass it in that form if it sees fit. The reasons, in addition to what I have already stated, why I have been in favor of it are two: 1st, because I am willing to relieve individuals, of whom there are a great number who cannot be relieved in any other way, for their own benefit; and 2nd, because I believe it would be very beneficial to the country to restore to the power of labor and usefulness, nd to relieve from the opPressiveness of a burden of debt which they cannot meet, a large number of individuals who would become act. ive and useful citizens, and thus advance the interests of the country..have always operated on nt me to induce me to run the risk of the odium (if odium may be occasioned by it) or the unpopularity that may arise from the passage of such a law. I believe it will be beneficial and useful; and when the country has once been relieved in that way by the voluntary clause, it will be but a very short time before it will cease to operate, because then all come under what is called the compulsory clause, as a general rule. That is to say, existing debts being swept away, others will be incurred under the act itself; and they will be debts made with a perfect understanding in the community as to what they will be subject to, what the law of the land is, and every body who gives credit will give it with a perfect understanding of what the result may be. That being the case, I am utterly o to the proposition of the Senfrom Massachusetts. I have felt pained that I was obliged, by my sense of duty and by the conduct of men in the southern States which were in rebellion, to resort to the stringent measures to which we have been obliged to resort in order to prevent evil to the public. These test oaths and other measures of that description are in themselves of an objectionable character always, and only to be excused by the necessity of the case. So far as they are applicable to political power, to holding office, so as to prevent certain men from seeking or being able to get the control of public affairs, I think they are entirely justifiable at Present; but outside of that I am desirous, and I Presume every Senator here is desirous, that at the earliest possible day all these States of which we speak may become again prosperous, that they may be relieved from their Present condition of pecuniary and other suffering, and may again be prosperous in every sense of the word. think we all desire that. It is for the benefit of the whole country that it should be so, not quite so directly for our benefit as for theirs; but indirectly whatever tends to promote their prosperity and their good tends to the prosperity and the good of the whole country. Now, sir, in legislating upon business affairs, matters merely of every day occurrence, having no connection with the political power of the country, no connection with any question which would tend to create difficulty hereafter, but simply affecting their pecuniary interests, their prosperity as individuals constituting communities, I am shocked at the idea of making a distinction between them and us. Why do it in any law which has reference simply to matters of business, affecting only individual pros perity and comfort? I would relieve them gladly if I could do so with a proper regard to the safety of the country from all these test oaths. cannot do it according to my own judgment of what is necessary, and therefore I leave that to time and the changes that time brings with it. But, sir, in everything else, with reference to any measure that may tend to promote the prosperity of that region, I feel an interest in it which would'induce me certainly on no occasion to make a distinction between them and us with regard to those ordinary matters. I was in favor at the last session of appropriating a large sum of money to repair the levees on the Mississippi river; and the Senate I think passed the proposition, but the other House rejected it. I am in favor of other measures which will tend to encourage the growth of the interests of that section of the country just as much as I am of measures which will tend to encourage the growth of our own interests and of our own prosperity, because they are now a part of the body politic, and sooner or later they must resume their position as States. Hence a proposition of this character coming from my friendfrom Massachusetts a little surprises me. I am astonished that he does not see that it is for our good as well as for the good of these communities that there should be no distinction in all the ordinary affairs of life, in the application of laws, beneficial between them an Sir, if an osed ourselves. amendment of this sort was incorporated into the bill, desirous as I am to pass iIt would not vote for the bill. I would not vote for anything which to my mind is of so odious a character.