The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1873-05-08
Homestead Amendment to the Bankrupt
Law.

The homestead decision, now so universally
made prominent topic in private conversa-
ation, appears in to-day's issue. We have,
ALREADY stated that the declaratory act of Con-
gress, in reference to the homestead exemptions
I afforded the only measure of relief to Debtors
/ who would be compelled to go into bankruptcy
ato secure and maintain these exemptions, and
herewith we present the full text of the afore-|
! said act, that our readers may know its exact
provisions. Some of the lawyers do not col
aincide with the view that bankruptcy will
! secure the homestead, on the ground that
dCongress cannot pass law "impairing the
obligation of contracts" and that this amend /
ment to the bankrupt law virtually effects an
pairment, equivalent in its practical sense to
asimilar exemptions by the State Legislature
We are aware that this question has not BEEN
!8decided by the Supreme Court of the United
Estates, and that is yet to be argued before that
Tribunal. A Federal Judge In Virginia has
adecided the amended bankrupt law to be con-
sstitutional, and should this opinion receive the
concurrence of the highest legal authority,
athen will the homestead exemptions be allowed
lin bankruptcy. But, on the other hand, it will
:asake some time to receive an authoritative
adeclaration from the Supreme Court, and I'M
1.-The meanwhile creditors and debtors will come
face to face in the settlement of old debts. ;.
Il Under such circumstances, it is wise to seek
Ia solution of these troubles, without the inter
Slvention of the law, and We can only suggest
THAT spirit of compromise be encouraged
:5amongst the people, whether creditors or
Adebtors. If the bankrupt law disallows the
when its constitutionality has been
1tested, then will the creditor fail to receive
! more than moiety of his claims, as the bank
: rupts estate is generally exhausted in this
acostly process of obtaining relief; and should
1.-The exemptions in bankruptcy be sustained by
1.-THE Supreme Court, there would be far less
probability of receiving even that moity. In
aany event, the creditor is likely to be benefited
aby Offering liberal terms of compromise to his
3|unfortunate fellow-citizens, and we trust that
this course will be generally pursued.
j Without further comment upon this difficult
and delicate question, We present the law OF
2Copgress, known as the declaratory act, viz:
4 AN ACT to declare the true intent and mean
ing of the act approved June 8, 1872, amend
atory of the general bankrupt law. !.
4 Be 1t enacted by the Senate and House OF
Representatives of the United States of Amer
4aica in Congress assembled, That it was the true
antent and meaning of an act approved June 9,
entitled Gan act to amend an act entitled
35sAn act to establish uniform system OF bank,
glruptcy throughout the United States approved
March Q, 1867" that the exemptions; allowed
Should, and it is hereby enacted that they
shall be the amount allowed by the Constitu-
sation and laws of each State, respectively, as
sAexisting in the year 1871 ; and that such ex-
$1emptions be valid against debts contracted be-
safore the adoption and passage of such State
and laws, as we'll as those con-
atracted after the same, and against liens by
saiudgment or decree of any State court. any de-
3cision of any such court rendered since the
s4adoption and passage of such Constitution and
::3laws to the contrary Notwithstanding.
3 Approved March 8, 1873.