The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1872-06-27
By request
THE BANKRUPT LAW.
WHAT is IT =!

A very general misapprehension seems to
exist as to the provisions and effect OF the re-
cent Amendment to the Bankrupt Laws, a
misapprehensioa which merits correction, as
the subject is one of importance to the public,
other of which classes, every business person,
may be ranged,
The Law, as it really did pass, only changes
the State exemptions, as they existed in 1864,
to those which were in operation in 1871.
1t follows:
Isl. That the effect of this legislation, by
Congress, is to legalize in Virginia, as part
of the Bankrupt Law, the Homestead In the
Virginia Constitution.
2nd. AS the re suit Of this Amendment, it
is clear, that debtor, taking the benefit OF
| the act is entitled to $1,000 in addition to the
State and Federal exemptions in force prior
to the passage of the Amendment.
Bird. That the Homestead, having been
thus adopted as part of the Bankrupt Law,
is as binding as any ofthe exemptions whether
State or Federal previously existing, or as
ang other part of the Bankrupt Law ITSELF
4th. That the provisions OF the Homestead,
as it exists in the Constitution of Virginia.
are fully binding as part of the Bankrupt
| Act, upon Federal and State Courts, aud that
consequently (see Virginia Constitution on
the subject of Homestead, Judgments, Elk
! emptions, rent to certain extent, &c.,) are
OVERRIDE By the Amendment, as we'll as those
obtained before as those after passage OF the
4 Amendment in question. There are various
other subordinate results, not necessary here
Il to specify.
The writer hereof was in Washington al
the passage of the Bill Of the Bird instant
He was in communication with the COMMITTEE
Chat of the judiciary in the Senate, which
originated and reported the Bill on that day
and knoacs the aboyc to be the true text ant
construction of the Law.
A synopsis of wholly different Law, from
that which did pass, was enormously givel
by the Batimo San and Washington
Chronicle and has been copied by the news
papers of the country-by the Lynchbur'
Republican, among the rest. That Synopsis
is a correct one of Bill, which passed tn
House some weeks Since but was never acte'
upon by the Senate; and consequently, as no
noao and neueer quas the Lao
Of course. no decision Of the Virgin
Court of Appeals, at Wytheville, or elsewhere
can in any wise affect Lao Of Congress
such as the Virginia Homestead has becom
by adoption.
The Court of Appeals, decided very prop
erly, that the Il homestead, as applied to ante
cedent debts was unconstitutional as a Stat
Laao because the Constitution of the Unite
States expressly provides that emo State sha
) pass any Law impairing the obligation c
contracts
On the other hand Congress has expires
POWER to 'impair the obligation of contracts,
Ly passing Gan uniform Law of Bankruptc
throughout the United States"
Some persons may suppose that the law 1
amended, is not uniform"
+. It is in this respect Chat of uniornaat,
: precisely the same as the Law, which existe
before the passage of the Amendment of Jur
9th and that Law Ct mean the law previo,
to the Amendments) has been held and r.
e eeived, by q. S, District. Circuit and Supren
|. Courts to be without objection on the sco
of uniformity and couslitutionality.
Hoping that you and the Press general
L will call attention to this subject and CORE
e the grave error into which, you have {
! fallen,
sign myself, truly, &C.,
ALBEMARLE.