The bankruptcy act of 1841 : a legislative history

President John Tyler signed the Bankruptcy Act into law on August 19, 1841. The law went into operation on February 1, 1842 and was repealed, by the same Congress which passed it, on March 3, 1843. In fact, efforts to repeal the law had begun even before it went into effect.
The Bankruptcy Act of 1841 was one of the major pieces of legislation passed during the special session. Its passage and quick repeal raise questions about the Act's relationship to other legislation considered at the special session and to the fortunes of the Whig party as a whole.
The story of its passage and repeal helps to illuminate the differences between the Democratic and Whig parties and, more importantly, the strife within the Whig party itself.