The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-02-24

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because such statutes were already in ex.
isienco al the date Of the contracts upon
which they are made 10 operate. But the
whole power which is conieuded for is ex
erted 10 the modification OF them. Who
doubts the power of the Legislature to
modify statute Of limitations by provisions
which will apply TO aud control all suits
/ brought ate. It's euactmenis, though these
be founded upon contracts which we're
entered INTO before such modification -
Here, Il u, IN the exercise Of Ordinary leg.
isiatioo, IS an uie,posi,iou by the Govern
mcni, an interference with, and withdrawal
Of the remedy of the creditors for the
enforcement Of his pre- existing contract.
lie, US (said Mr. g. accompany the
creditor in the enforcement of his remedy
step further, lie prosecu'es his claim to
judgment, which, ipso facto, in the legisla.
lion Of some Of the States, gives him lien
upon all the property Of MS debtor. Is the
! lazy which regulates the continuing efficacy
aud universally of tbs lien irreyocable,
except prospeciiyeIy May not The Legis.
laiure prescribe tine after which all Iudg
ments not enforced shall cease 10 be obliga
tory rs judgments, or restrain the univer
salty Of their lien, by Withdrawing from ii
certain specified property of debtors!
Again Existing laws, laws existing al
tho date Of the contract, have given 10 The
creditor a right 10 enforce his judgmeu: by
The same process of execution aserust the
goods and chat,eis. and IN some Of the
States against The lands and tcnemcnis Of
The debtor Is the right of the Legislature
10 modify this remedial process limited to
suits founded upon contracts entered into
after tie date Of the amending act ? May
they no, subject to tho operation OF the
ordinary process of feri fdcids, property
which i, could no, formerly reach, and
withdraw from It's operation certain species
Of property which anterior laws had render
cd liable to It And what is it which the
bankrupt law proposes in relation 10 the
property Of the debtorl As the law now
stands, each creditor may enforce bis claim
by Judgment and execution against so much
orihe debtors property as will be sufficient
TO satisfy il. The right 10 do thus does no
arise from the contract, but from the law
Il does no, result from the obligation o
that contract, but from the exercise Of III,
legislative power in providing he remed,
Cor its enforcement. The remedy is glveI
By the Government. May it no, be nodi
fed by the same authority The bank
rup, law con,emplates nothing more. L
docs not propose 10 withdraw the property
the debtor from its liability to the claims
Of his creditors. Il simply modlfes the
process by which that liability is to be
enforced. Instead of leaving il TO be sacri
feed in detail by the separate action 0
individual creditors, or appropriated ii
gross to favored portion Of those creditors
II Inierposes the constitutional authority o
The Government, by the decree of It's Judi
cal officer, places the whole property Il
custodid Iegis, and then, acting upon thu
principle that equality is equity, provides
for the ra,able distribution OF it among al
the creditors. Yes, it does more. Wher
the property ofthe debtor is thus exhausted
) il declares tina, the remedy of The creditor
debtor mus, be surrendered: all must bt
applied in satisfaction of the claims Of biz
creditors the pound of flesh, for this is il
} the bond, but not one drop of blood-hl
, hopes, his expectations, his unieuered en-
ernies are all his own. These are tht
gifts of bountiful Creator, aud may no
be subjected to the grasping avarice OF man
The creditor has the fruits Of his process
/ against the goods and chattels, lands anC
,cnemcnts Of tie debtor, By having then
all summary subjected TO this claim
When this is done, no principle OF equity
no role Of good faith, no duty OF The Gov
eminent requires that II should extend tht
J romcdv, which il alone provides. ilavlu!
stripped the unfortunate debtor of all, hav
ing turned him penniless upon the world, /
is no, bound to authorize levy and sale
his hopes and expectations, or to aware
: agalns, living man, 10 WHOM nothing bu
/ life is left, judgment, payable out OF asset
qudnGo dccidcrint.
$ Gu, whence, said Mr.. BEBRIEN, thu
sacredness which is ascrlbed 10 contracts
, they were entered into. The propriely o
bankrup, law, operating prospcc;Yely, Il
admitted, or, if not admitted, is denied witt
diminished zeal. Whence this distinction
Why is the contract Of yesterday more
! merlonous, more sacred, than that of 10
day or to morrow Gentlemen tell US that
bankrupt law, operating prospectvely
! rjyes notice TO those who enter into con
/ tracts AFTER its date; that such contracts are
made with view 10 the law, which may
therefore be considered as forming part
of them, This is TO apply 10 the ample
, and cnie;tered legislation Of Congress, de-
rived as il is from an express constitutions
, grant, the principle which, by peculiar
, concurrence Of circumstances in the Su
preme Court, has been bSought TO uphold
the restricted Legislation, of the States over
this subject. But let it be considered. A
bankrupt law, operating prospectively
. | r,pa rotira IN rroliforS thpy wnulI