The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1873-11-27
From the y.Ynchburg Press.

/ desire to make few remarks in your pa
per upon the able editorials in your last num-
her in regard to Judge Bonds recent decis-
ion 10 Richmond coastruing the Bankrup.
| Law
! have read most carefully that Judges
decision and, with all respect, regard it as a
most erroneous one The enly point which
affects the cases in bankruptcy that have been
fled since the Bird of March, 1878, or which
may be fled hereafter, is. that he regards
| Judgment liens obtained fore Bird of March
1873, to be good as against exemptions out
Of real estate whilst the exemptions are
good as against all judgments obtained since
that time. He Goes not say, and doubtless
does not believe, that executions bind person
al estate Of the Bankrupt so as to prevert ez-
emptlons, as judgments surely do not in any
case.
Judge Bond, therefore in his decision in
terieres with cases fled since March 3, 1873,
only to this extent, and no further. IF a
man who now goes into Bankruptcy has real
estate beyond the value Of the ;ud gments a.
rainst him rendered prior to March Bird,
1873, he can, according to Judge Bond, get
exemptions out of the remainder Of said cs-
tate. He can also get the $500 exemption
and the $4,000 Homestead exemption out Of
any description Of personal property he may
have. l -
differ, therefore, with you in the opinion
that Judge Bonds decision will knock Bank
lruptcy, q mean future cases. into pi, if it
be sustained. On the contrary, there are
| vast numbers Of cases that will, and ought to,
obtain relief through that beucfcent act, as
will be shown by the following statement !;
1st. There are many persons, who, though
| owing more than they are worth, are not
| bound by judgment liens to the value Of their
real estates.
Fad. There is large class now insolvent,
against whom there are no Judgments, and
yet owing real estate.
Bird. There are maay persons against whom
there are Judgments covering their real es-
tate to the full amount Of their value, who
have personal estate 10 the value of 81 500
or less, which personal estate is in no wise
effected by Judge Bonds DECISION
4th. The name is Legion" OF those whom
bankruptcy only can and will set free at the
harassments of old debts !"
9th. There are numbers recently ruined
by becoming surety for others.
do 9ot therefore anticipate any great
falling off in the number Of these who vii
and ought to take. the benefit of the Bauk.
rupt law in Virginia. Your warning is
timely one, however, tina, the law may be re-
pealcd during the present. session otcongress,
and that those intending to file their petit
lions ought TO Go so at cnce. Every petition
filed before the repeal will be good in any
event.
Your suggestion that case ought to be
made up. appealing from Judge Bond to the
Supreme Court, will be heartily approved by
every benevolent person; and there can be
no dopb. Of the result. Especially can there
be no doubt that the Judges novel ideas as
to the want Of power in Congress. by gem
eral barfkrupt lay, to relieve against antece-
dent judgments, viii be overruled, think.
will, perhaps, at future day comment
upon the effect Of Judge Bonds decision up
on baukrupts who fled their own petitions
prior TO March 3. 1873 70 these uufortu.
pate men it is of the first aud last consequence
that the Judge shall be reversed, and I am
sure that every effort will be made to get a
test case before the Supreme Court.
K Y. 2.