Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1852-04-01
The Homestead Exemption Law.

For number OF years past efforts
have been made, from time to time,
by some entrusted with the power to
legislate for the people Of, Ten nessee,
to place upon our statute book a
Homestead Ex emption Law But
it was not until the last sci sion Of
our Legislature Il pat such an act
could be passed. After many efforts
on the part qf it's friends, { he law
was enacted, "a copy Of viii oh vas
given in the hist weeks O5sdrver.-
BY re ference to i {, the read Ter Will
obscrYe that q no eatead, not e2-
ceeding fl We hun DIRE d dollars i value,
consisting of . DIV qlling-hou Sc, out
houses, and lab is aPpurtenah bit, has
been z tempted frolh execut ion and
attachmen f1r all debts con tracted
after t be lst ddy of January hext.
What the practical working of this
law will be, it will take time to de-
velopeI While we cannot endorse
the pf3priety Of enacting sue b a law,
from various considerations,' we
mot but appreciate the d motives,
that |, doubtless, prompted til e origi-
nat prs of 1.-THE protection Of the
poo Ii boring man from the 8 rinding
rap4city of the aristocratic ahylock.
All ih this view Of the subject, there
IS Inuch to commend In the law
Were il calculated to accomplish that,
wit bout visiting upon this most
ora se$Prthy class of society a ca
lamityI equal if pot greater th4 their
subjugdtiOn to the rapacity Of those
mel ceb hry shan ks with which every
com MP hity is more of less Infested,
it might be regarded the poor man )
friend. 1t seems to US that all the
philanthropy manifested in lprigina-
ting this sort of law, partakes strong
ly Of suicidal tendencies. For in
stance, in proportion ID the increase
of protection to property in the
hands Of poor debtors, the less credit
such men will have; and as they are
the persons WHIP stand most in need
of credit, they are, in a certain ratio,
placed more within the reach of the
Shylocks Of the land. Notwithstand-
ing our opposition to an unlimited
credit system, We are Of t&e opinion
that the poorer classes, by the exer-
else of proper prudence, are greatly
to be benefited in the enjoyment OF
reasonable credit. Th cir dependent
condition makesit almost lndispensa-
be- The indiscreet use of credit on
the part of some persons, TO the ex-
tent Of their own ruin, is not sufli-
cient to Offset the many instances IN
which the poor man has been espe-
cialIy favored by proper u Be of a
reasonable credit. Then a law, the
tendency of which must inevitably
lead to a dimihution Of the poor
mans already circunlBcribed credit,
cannot, without bringing other and
greater advantages, be' regarded in
any other light, than as a blight to
his feeble opportunities, for success.
Besides all this, the en- acting Of a
law which is so well calculated to IN
crease the facilities Of rascals, to the
great detriment Of the honest work
ing men. of the country is much to
be deplored. If all men we're honest,
"a Homestead Exemption Law would
be less liable to objection. ToIassist
a man in evading the payment of bis
honest debts, by the dir ect interposi-
tion of law, is, TO say the least of it,
dishonest legislation. We have ever
bad our doubts as to the propriety of
even our former E Exemption law, much
less the present Homestead scheme.
1t is not altogether clear to our mind,
that such laws do not beget Incidence
and a species Of dishonesty with the
unfortunate debtor He is 50 apt to
shield himself behind these protection
laws-haying great care to con6ne
the kind and am4 PUNT of property he
obtains within the range of exemp- :
1: oo,lrol;nor btmcoIf ,r;+L ~ H