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offices under executive authority, and their duties were confided to new and loyal successors. No complaints against that power or doubts of its wisdom were entertained in any quarter. I sincerely trust and believe that no such civil war is likely to occur again. I cannot doubt, however, that in whatever form, and on whatever occasion, sedition can raise an effort to hinder, or embarrass, or defeat, the legitimate action of this Government, whether by preventing the collection of revenue, or disturbing the public peace, or separating the States, or betraying the country to a foreign enemy, the power of removal from office by the Executive, as it has heretofore existed and been practised, will be found indispensable. Under these circumstances, as a depositary of the executive authority of the nation, I do not feel at liberty to unite with Congress in reversing it by giving my approval to the bill. At the early day when this question was settled, and, indeed, at the several periods when it has subsequently been agitated, the success of the Constitution of the United States, as a new and peculiar system of the free representative government, was held doubtful in other countries, and was even a subject of patriotic apprehension among the American people themselves. A trial of nearly eighty years, through the vicissitudes of foreign conflicts and of civil war, is confidently regarded as having extinguished all such doubts and apprehensions for the future. During that eighty years the people of the United States have enjoyed a measure of security, peace, prosperity, and happiness, never surpassed by any nation. It cannot be doubted that the triumphant success of the Constitution is due to the wonderful wisdom with which the functions of government were distributed between the three principal departments-the legislative, the executive, and the judicial and to the fidelity with which each has confined itself, or been confined by the general voice of the nation, within its peculiar and proper sphere. While a just, proper, and watchful jealousy of executive power constantly prevails, as it ought ever to prevail, yet it is equally true that an efficient Executive, capable, in the language of the oath prescribed to the President, of executing the laws, and, within the sphere of executive action, of preserving, protecting, and defending the Constitution of the United States, is an indispensable security for tranquillity at home, and peace, honor, and safety abroad. Governments have been erected in many countries upon our model. If one or many of them have thus far failed in fully securing to their people the benefits which we have derived from our system, it may be confidently asserted that their misfortune has resulted from their unfortunate failure to maintain the integrity of each of the three great departments while preserving harmony among them all. Having at an early period accepted the Constitution in regard to the executive office in the sense in which it was interpreted with the concurrence of its found ers, I have found no sufficient grounds in the arguments now opposed to that construction, or in any assumed necessity of the times, for changing those opinions. For these reasons I return the bill to the Senate, in which House it originated, for the further consideration of Congress which the Constitution prescribes. Insomuch as the several parts of the bill which I have not considered are matters chiefly of detail, and are based altogether upon the theory of the Constitution from which I am obliged to dissent, I have not thought it necessary to examine them with a view to make them an occasion of distinct and special objections. Whenever administration fails, or seems to fail, in securing any of the great ends for which republican government is established, the proper course seems to be to renew the original spirit and forms of the Constitution itself.

WASHINGTON, March 2, 1867.

THE BANKRUPTCY ACT.

THE MAIN PROVISIONS OF WHICH ARE AS FOLLOWS:

AN ACT to establish a uniform System of Bankruptcy throughout the United States.

THE district courts of the United States are constituted courts of bankruptcy under this act, in all matters under, or growing out of which, they have original jurisdiction. They are always open for business under this act, and the powers of the judge in vacation, and when sitting in chambers, are the same as when sitting in court and in term time. They may be held in any part of the district. The circuit courts have also a general supervision of all cases under this act, and may be appealed to from the district courts, with which they have also concurrent jurisdiction in all cases wherein the assignee in bankruptcy is a party; but no claim can be maintained by or against an assignee touching the bankrupt's property after the lapse of two years. One or more registers shall be appointed in each Congressional district, whose duty it is to act in the place of the judge in all merely administrative and uncontested cases. Bankruptcy may be either voluntary or involuntary. The debtor may assume voluntary bankruptcy if his debts exceed three hundred dollars, by filing a petition, setting forth his debts, an inventory of all his possessions, and a declaration of willingness to give them up to his creditors. A warrant then issues from the court appointing a time and place for a meeting of the creditors. At this meeting an assignee or assignees are chosen, subject to the approval of the court, to whom is delivered all the property of the bankrupt, except that specifically exempted. The assignee possesses all the powers for recovering debts due the debtor, which the latter would otherwise have possessed. The court may examine the bankrupt, or the wife of the bankrupt, on oath, or any person who may be able to give evidence on any matter pertaining to the bankrupt's affairs, and may compel their attendance. All claims against the bankrupt must be duly verified in writing and on oath. Those which are approved are registered by the assignee, and all creditors, whose claims are allowed, are entitled to share in the bankrupt's estate, pro ratâ, no priority

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