The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1851-01-11

tne leGhhture relsaved rom acting upon masteeo
csnPara,ively 10 the dark. Thses suggsseisss
derive additional claim to ocnsiderati0n, lfvM
the facility with which reissue of state indsh4sd-
ness u ordered for such ~ 10 claimed TO have
been lost by parties interested. Applications on
! tins account have been frequent, and complied
with upon evidence winch afterwards proved Ia
| sufficient. Too much caution can hardly BE- sb-
served in ascertaipng whether securities allsdged
/ to have been lost have not been previously re-
ceived in or taken up by the state. To learn this
often takes much time, owing to the great mass
public securities which are deposited in the ss-
veral offices Of state.
again take occasion to suggest the propriety
of providing 10y law fow the exemption Of ahowe-
stead from execution in certain Cases. II may DO
thought that the favorable copsi,ieration Of this
question is urged with a perseverance To which
lis merits do not entlile IT. II the principle, ia
this instance, entirely new. and partial ex'
smptlon Of property from execution altogether
unknown to our laws, or ii ITS practical effects up
on the social relations of the country had not been
fully aud successfully tested in other states. the
question might be approached more cautiously
than seems 10 be required at this time. Or ifthe
principle of n homestead exemption had not been
sanctioned by the policy of other and older states
than ours, and cordially approved. even where
the condition of property and the details Of bus-
ness and credit are much more delicate aud com
plicated than with US. time and u wider expert
encc might be thought necessary to mature cor
rectly the public judgment.
II Is not the principle, them which Is to be set
tied, or the merely speculative practical results Of
it for these are already known from various ex-
amples, and are well understood, but only the
extent to which it ought to be carried taken in
connection with a safe and judicial credit system.
1t ls not expected, and ii 1t were, such exemption
! could not be made TO operate upon contracts en-
tered into prior TO the passage II such law, but
only to operate ia lelalivn to subsequent con-
tracts.
/, If the wishes Of the people favor such exemp-
tion the II i legalIzed the better that the
prevailing current relations Of debtor and creditor
, may early settle down in conformity TO such con-
tempiated change. Among the most laudable
and praiseworthy characteristics Of the present
age, are the eiiurts made and now making to
=, tighten the burden which misfortune and oppres-
.ye laws have thrown around classes Of our fel-
low men--laws which have been repuGnant to
the feelings of common humanity from their
I exclusive regard to the sacredness Of property,
. without respect 20 the person, in what relates to
his present comfort and lutue welfare The true
spirit Of the age respects the debtor as well as
rs the credilor--the nights incident to the happi-
ness of men, as well is the contingencies incident
to property. The time has passed by when tho
tOld hUscHCc ol llthls 10 IS utUta
- and the walls Of prison were regarded as the
most effective instrument to the collection Of
> debts, as if a man must first be degraded and
;, punished, to compel him to be honest, or Us an
7" atonemeu. for misfortune That there will be
. dishonest debtors who viii strive to evade the
payment Of their debts, is TO be expectrd SO long
r as credit is tolerated. But that the number will
.. be increased by trusting more to mans honor,
! aud less to the coersye power Of the law, or the
" chances of evasion increased or the foundation Of
. II sound legitimate credit system in any way i'm
" paired, dy the adoption Of homestead exemption,
" is apparent neither from the common relations Of
" debtor and creditor, the uniform experience Of
- those most iameor with the results
{. If the Common exemption Of personal property
>, from execution has not been found conilt will,
n .he true interests of the creditor, the exemption
/. of a specific portion Of real property need not
10 while the other hand it might become far MOI 9
NJ advantageous to the debtor He is now allowed
,. an exemption of certain articles Of use conven
AZ cnce, for the cultivation Of land but no land, and
A. Of course is driven TO become the servant or ten
u ant Of another. while the best interests Of the
Ia debtor the creditor and the state invite him t.
become q frcehulder.
N The opinions which have taken occasion to ex
q. press upon the general subject Of banking and
IN the currency in my pic vous communications Il
10 the general assembly, remain unchanged. MOI
,r can conceive in tie altered condition of our bu
NJ sness relations, or the positive wants Of commu
of nifty any imperative reason for introducing new
n banks among US. or for resuscitatne old ones
~ Since the industrial energies Of the state afte
al immense toll and sacrifice, have measurably re
h. covered from the ruin in which they were nvolv
in ed and struck down by our last bank explosion
NJ. every form OF audnbc industry has been encour
a. aged and promoted by safe steady and uniform
IT. advancement. The evidence Of this gratifying
ls condition Of our internal prosperity, is on
70 very hand and exhibited under a multitude O
ed different forms Our condition in point Of pros
Ia pcrity, increasing wealth. and rapidly growing
iii population, will favorabiy compare with any O
far our sister states and feel hazard little il
70 saying, that in all the clements which yield per
he nancnt prosperity To n state, and encouragement
- to the hopes OF the perseverng and indus
or trious, our own has never occupied more cheer
- ing or commanding position than at the presen
IN. time.-To such a comparatively safe and prosper
M Gus state of affairs, good can follow the appl
nl cation of ill-timed aud unnatural slimulant.
- which may serve to iniuse into the spirit of trad
M a temporary feverish impulse, to be succeede
,te by a corresponding depression Paper crrranc
nd without its cash representative, adds not n sinigl
,rs fraction TO the wealth of a state.
nd While 1t may serve the purpose OF a fiiful stir
of ulant to the hopes ard business persuts of
,tc community and impart more than ordinary vie
of or TO the current of traffic, during season q
to prosperous credit, stll 1t is always treacherou
ue and fraught with too many uncertainties. upo
.se which to risk the agricultural interests Of til
if country. This is especially true. when it
elf known that the first adverse current in currenc
,st operations such Us are seperable from the law
ia oftrade, may sweep away the whole fabric, an
nr leave ploddIug toillng industry To struggle wit