The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-03-07
7 VI WIG ~ wv
The Creditor Glass.

Any further attempt to prevent, hlnaer'
or delay the collection of debts will be lllu-
sorry, aud therefore cruel to the debtor,
unjust to the creditor, and exceedingly
jrlurious to the Development, prosperity,
aud credit Of the State at large.
After the Revolution, and before the
Federal Constitution was formed, the great
destruction of property and general de-
preston of society produced just suoh
efforts to shelter the debtor class as We nave
been making Tor the last five years. ana 'ne
consequences to the community were such
a. 10 produce the two guarantees 10 properly
rights inserted in that instrumental VIII,
that no law should be passed lmpalrlnS the
OBLIGATION of contracts, and that nothing
si,o,rli he n legal tender for the payment OF
debts except gold and silver:
Exnerience, therefore, has shown, as
'rcuson must teach us, that all attempts to
evade the transfer of property from those
ia whom it does not belong to those who are
iustlv and legally entitled to it only pro-
Snces confusion and disorder, without any
,dvontaoe to the class attempted to be bcne-
6ted. They destroy The debtor, because
,hcv san his energies and leave him bur-
dened with his load of debt. They crush
tho creditor, because they allow the debtor
tn retain possession of property belonging
to the former until its value is greatly i'm
haired if not ultimately destroyed; and
they iniure the community at large, be-
cause they prevent the creditor from de-
welcoming and using to advantage his own
pronerty, and leave the debtor in posses
sion of that which he has neither capital
- nor energy TO render productive.
&c n
as its capital il free to pass at the will OF
it's owner, according to the exigcncies OF
trade orthc necessities of society: and any
eics of people which locks up any consi-
derable proportion Of their capital. This
is 50 well understood that statutes Of mort
hibit large accumulations of real estate in
the hands Of corporations or bodies whose
existence is without end.
Il is stated that the debt Of Virginia in
suit ana in Judgment is sl5 600, 0O0. A stay
or relief law will have the effect OF abso-
lutcly locking up that amount of capital
from all productive use for an Indefinite
time. Tie time will be indefinite, foc it
will only he until the court OF last resort
sweeps away the whole system as contrary
to the property guarantees in the Federal
Constitution. -,
Homestead and stay laws cannot possibly
afford any permanent relief. Their only
effect will be to give an immediate advan-
tape to the foreign creditor and draw into
the vortex of the Federal Jurisdiction an
litigation which can possibly be brought
there. e. q
The Supreme Court of the United States
in Ross as. Duval, - Peters IS, has de-
cided that State legislation cannot interfere
with the process Of the Federal courts. and
therefore all foreign suits will be brought
there. where there is 10 impeachment to the
collection Of debts.
While bonds and notes which have been
originally made between citizens OF this
State cannot be transferred 30 as to give the
assignee right to sue In the Federal court,
because the act Of 1889 prohibits suits on
chores in action-wh!ch have been assigned
in all cases in which the assign could not
sue in that form-still judgments may be
obtained in the State court, and may then
be assigned to nonresident, who will sue
in the Federal court-a judgment not being
Chore in action, and not being within
the prohibitions of the act of 1889; Dexter
Us. Smith, 2 Mason, 303. Thus the stay
law will be imperative by forcing all the
creditor interest into a tribunal where
they can collect their debts.
Tho homestead exemption is equally q
dclusion. -.
Tho bankrupt law of 1867 is undoubtedly
constitutional. Its limitations, exceptions,
aud declarations, are the supreme law OF
the land. !;
BY the fourteenth section of that act it
is declared that the Dhole estate, real and
personal, Of the bankrupt shall be con-
ycyed to his assignee for the benefit OF his
creditors, except necessaries to an amount
not exec sding $500, sand suoh other pro-
perry not included in the foregoing excep-
tons as is exempted from levy or sale,
upon execution or other process, or order
OF any court, by the laws of the State in
which the bankrupt has his domicile, y NJ
TO az, anogat not eeceeding that alloioed by
such State exemption laass In force in tho
gear lee4." ]