The southern enterprise. [volume] (Greenville, S.C.) 1854-1870, 1869-08-11
debt existing before and one con.
g. - n a. n

III the Tjahter'S BANK as. Sharp,
9 Howard, 301-330, Judge Wood.
bury, in delivering the opinion Of
the Supreme Court of the United
States, admits that "laws may be
passed by the State Legislatures
exempting tools or household goods
from levy or sale under existing
contracts" H :
If the principle is once conced-
ed that property of small value
can be exempted from levy for
contracts existing before the pas
sage of the law, how can such an.
enactment be said to be uDeonsti.
-tutional when the value of the
property exempted is enlargedl
The exemption, of household ef-
fects, Of small value, under what
was popularly designatedthe "cow
and bed law" of this State, more
effectually hindered and defeated
the creditor, in many cases, than a
homestead exemption of one thou.
sand dollars would do in others.
@ The principle upon which the
constitutionality of The Homestead
law is maintained has been admit
ted by the Supreme Court of the
United States, in cases where the
State Legislatures have passed
laws changing the statute Of limi-
tations; discbarging insolvent debt
ors; and abolishing imprisonment
for debt. 1t is said, however, that
such Legislation effects only the
remedy: OF the creditor, but
does not impair the obligation of
the contract. .'. .....
Will not an examination of the
result of sdch enactments shew
that the exemption of a part of the
debtors goods and lands hinders,
delays and defeats the creditor i'm
many cases in a less degree than
the enactments referred to, which
have been ruled constitutional by
the Supreme Court of the United
States ......
The debtor contracts q debt; his
promise is to pay the money; the
creditor is entitled to demand and
receive it when due. He has his
remedy, as the law exists at the
date of the contract, against the
property of the detbor then held,
and all his subsequent earnings,
until the whole debt is paid. He
may hold but little property whom
the credit is given, but being a
skilled artisan or mechanic, the
creditor relies more upon his tu-
ture earnings for payment than
upon the property then held
Suit is instituted and judgment re-
ceived. In the meantime the Leg
islature enacts an insolvent law,
which authorizes the debtor to sur.
render his effects, which many be
only nominal in value, to the cred
itors, and be forever discharged
from all liability ever to pay an
other cent to the creditor, all his
future earnings being protected
from liability for the unsatisfied
portion Of the debt. Is the origi
nal contract impaired, or the creG-
itor hindered, defeated or delayed
by the enactment The Supreme
Court say, no. .....
So. too, of the statute of limita-
tions when the debt is contracted
the statutory term is a given num-
ber of years {; the Legislature re-
duces it, and if it possesses the
constitutional power to reduce it
from elk to three years, why not
lees than three, and if less, how
much less can they declare it,
The creditor, by accident or igno-
rance, failsto sue under the amend
ed statute, and on the theory that
the Legislature has only modified
the "remcdy," he loses the debt.
Is the original contract impaired,
or the creditor delayed or defeated
by this subsequent legislation 2
The Supreme Court say, no.
So, too, Of Imprisonment for
debt. The debtor has no visible
property upon which an execution
may be levied. His effects consist
of money and chooses in action.
He obtains credit; the creditor
knowing that under existing laws he
can enforce payment by his execu-
tion of capias all sati$1aoeimdune.
The creditor obtains his judgment
and issues his ca. sa.; the debtor is
arrested, and before he makes his
assignment, the Legislature abol-
ishes imprisonment for debt; the
prison doors are opened, the debt
or departs. and the creditor haxinn