The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1860-02-15


A law providing that property shall not be
sold. under execution, for less than two
thirds Of it's value, rs fixed by three compe-
tent and disinterestcd citizens of the vicin-
age, we think Is eminently proper and nec-
essary in a new country. The old State OF
Ohio has tried such Law for many years,
and we believe il is found to work we'll. All
parties adapt themselves and their business
calculations to this Law, and consequently
no man, by any sudden turn of Fortunes
wheel, is suddenly and ruthlessly stripped Of
his property for q song.
Whom times arc good and there is ready
sale for all kinds Of property, at fair prices,
such = law 10 rarely needed. But in times
like these, when all commercial relations are
disturbed and convulsed, when trade is pros
trate, and property finds no sale, or, IL any,
at prices far below its average intrinsic value,
the State owes it to the citizen to protect
him, If an unfortunate debtor, from the total
sacrifice of his property, and the consequent
ruin of his business prospects.
IL . man owns . farm worth $1,000, on
which be has paid $500, is there any justice
in allowing the creditor to bid OF that farm
for one dollar or one hundred dollars, and to
turn out the poor debtor loose upon the
world, still holding over him the judgment
for the balance of the $5002 Such a course
does not correspond with our sense Of JUS
tice. For, in the first place, that farm has
an intrinsic average value, the benefit Of
which the debtor should never be deprived
Of. Because money 10 scarce and hard to
get, and purchasers Of farms are few and far
between, ii does not follow that that farm is
not Justly worth Eve, or ten, or twenty dol
lars an acre. And il it 10 worth so much,
the debtor lie justly entitled to that value,
and can not be deprived Of it, by any process
or cbicanery Of law, without gross injustice.
In such case the old maxim that $50 thing is
worth what it will bring" 10 false. Land 10
oil cases and at all times has an average
value, independent Of any temporary strin-
eency of the money market, and that value
can be easily ascertained by judicious men.
The State, therefore, ought to provide that,
II the debtor can not pay his debt, and if the
creditor will take property in payment, be
shall take that property at its fair average
cash value.
Ii is great misfortune that the Apprase-
mcnt law, which formerly existed in this
State, was wiped out by Judge Mason's in.
fuence. II that Law had continued and were
now in existence, We presume our Legish
tnre would not be besieged as it now Ia foi
oil kinds of relief, stay, and valuation laws
But situated as NO are, the question is "wha,
shall be donea" That question is for oui
Legislators, in their wisdom, to answer. w.
have little faith in their ability to furnish
any adequate remedy for the ills OF the body
polite. Our relief, to be permanent and
substantial, as well as speedy, must com.
from a wise arrangement of rational policy
Our Legislature can not reach the subject
has Dol the power even to touch the seat oil
the widespread disease. Bot il can, in Z
MEASURE, prevent the gross injustice and ruiz
which the frse-trade system, logically ant
vigorously carried out, must necessarily en-.
tail upon the country. 1t can pass judi.
cous appraisemen. law, and thus ensure tt
the debtor the honest value Of bis property
or his continued possession of it until be Gu,
get that value.
Whether the Legislature should attempt /,
give their enactments retroactive opera
ton, 10 hardly worth discussion. We know
there are many sound lawyers in that body
ard we believe .h-yy I'll -..-=r. nothing |;
which they are not justified by the Constitu
ton and substantial justice.