By tbis Mornings Seuthern dail.

The bankrupt -Retrenc hnent OF Il


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/ From our Special Correspondent.


WAsHiSGroS Dec. 2.ih. ISL.


Mr.. BsHton's bill to postpone the operation OF
The Bankrupt Law until July next had it. second
reading. and, on motion of Mr.. Bcrrien to refer it
the Con,attee on the Judiciary. the Senate ~
fused By e large majority. This vote indicates a
disposition on the part OF that body to indulge the
Senator from Missouri, and there i some well.
grounded apprehension that the law will finally BE-
repealed The ostenzible object OF this movement
Is 10 amend the law by inserting provisions to en-
+ brace corporations, aHd render it more practoa-
ble but thr better informed are OF opinion that 3
total repeal /, Intended


Mr.. Clay gave notice this morning that to-mor-
row he should introduce series Of Joint resoln-
tons, proposing amendments TO the Constitution,
restraining and modifying the veto power. trans
posing the appointments OF the head Of the Tree
,ury Department from the Executive 10 the Legs
lariye branch .; the Government. and rendering
ineligible Members ai Congress to appointment IN
der the authority Of the United States during the
period for winch they .hall have been elected
Upon these proposition, much animated discussion
j. anticipated and the yisters at thu Capitol will
eoioy st ,he heel ot the holy.lay- earlier treat
than they expected


There is rumor that Mr. Waggeman, late a
Senator from Louisiana, viii supersede Mr. Cas'
at Paris, and Mr. W Thompsoa will take the
place of Mr. Eli, in Mexico. do not youch for
the report, Yours, truly. LEO.
Washington Correspondence of The NewfOrk rrbu e


TUESDAY, bee. y l-il.


In the SENATE, Hon. Mr.. WALNEn, from Mis-
sis,ippl, appeared in his seat to-day.


Mr.. CLAY gave notice that he would tomorrow
introduce Joint resolution. amenlatory Of the Con
stitution of the Unised S,a,e-: to restrict and limit
the Veto pewer; to apPoin, the Secretary Of lhe
Treasury by Congress and to prevent Members Of
Congress from accepting any appointment; ftes1
the Executive during the term for which they are
elected.


He said he would not also propose to limit the
Presidential term, as friend Of his desisAed do
ing this.


The bill. for the relief of Samuel Crnpia and
fc< Il pension > Margaret Jamison were passed.
Several other private bills reported and other
wise acted on and petitions were presented.


The bill introduced by Mr.. BsS ros to postpone
The operation of the Bankrupt Act till the lst of
July next, so as to amend it BY including Corpora
tons, wa, taken up, and MIR. BERRlES moved its
reference to the Committee on the Judiciary.


The proprety Of lhe reference of the bill To any
committee, con,idering that the time is 40
near when tie Bankrupt Law is to take effect,
was discussed by many Senators, msSt OF them,
both friend, nd opponents Of the act, concurring
in the opinion that a reference was not necessary
The merits of the principles of the Bankrupt bill
wore scarcely reached although many allu,ons
were made to its mperiections. Mt. MANGUM
had heard from Judicial authority that unless the
officers invested with the execution of the law, as
it now stands, were invested with ubiquity it could
moi be carried out. He for postponing the
bill I'LL time could be given for the proper amend
mrnts Mr. CALHOUN concurred in these views
Mr.. CLAY was in favor of the law ON the broad
principle that it was demanded by the commercial
and other States. and because the General Govern
ment osly had the power OF passing law Of this
kind If the bill were imperfect he should have
no objection to postponing its operation for time TO
amend it, Mr.. BrcHASAN urged the impractca-
bility OF the act and that the courts would not be
able TO perform the business growing out OF IL.
Mr. HESDERs,s said it might be imperfect and
raight throw too much business before the courts.
but all that could should be done; and there were
many cases under is operation which would not
come 10 courts. but be settled by magistrates Mr.
rRrsroS had no objection to acting on this bill
now; il ought to be considered before the time
arrived for the act to take effect. Mr.. HUNTISc-
roS said that public opinion still remained in favor
OF the act Mr.. TALLMADGE wished thar the act
should have fair trinl, that it should go into
operation at the time fixed, and then when defects
we're discovered in it, operation they could be re-
medied He opposed to postPoning the bill
and much more 10 repeating it. Mr. BARToN
urged the necessity Of immediate action on the
bill, as but thirty days-twenty only Of which we're
legislation days-remaineA before the act was to
take effect,


The question was then taken on the reference
and lost: Yeas -, Nays -. Tsus the bill with
GU, reference remains before the Senatc.


The talii debate wa. continued in the House.
by Mr. HuDsoS, WHO coniiuLed his able and
practical speech IL favor of protection; By MIR
PAYSE OF Ala. who opposed the protective ~
TEN a. taxing one portion Of the country unjusiIy
tnr The ben-hi of nnother. and r.ptd 10 various