A reference has been made to the British Government on the
subject, which, it may be hoped, will tend to hasten the decision of the
commissioners, or serve as a substitute for it.
Among the powers specifically granted to Congress by the Constitution
are those of establishing uniform laws on the subject of bankruptcies
throughout the United States and of providing for organizing, arming,
and disciplining the militia and for governing such part of them as may
be employed in the service of the United States. The magnitude and
complexity of the interests affected by legislation upon these subjects
may account for the fact that, long and often as both of them have
occupied the attention and animated the debates of Congress, no systems
have yet been devised for fulfilling to the satisfaction of the
community the duties prescribed by these grants of power. To conciliate
the claim of the individual citizen to the enjoyment of personal
liberty, with the effective obligation of private contracts, is the
difficult problem to be solved by a law of bankruptcy.
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