The central Presbyterian. [volume] (Richmond, Va.) 1856-1908, 1876-02-23
THE DEBT BASIS.

For the purpose of these paragraphs deb
and credit are interchangeable terms; nor i
the subject clearly divisible into branches 8
that you may treat of one without touchin,
the other. The Upas tree of credit so closet,
interlocks all is tf5hoots, that you Cal
hardly see or touch one without seeing o.
touching all. Thus we have spoken brief.
of the basis of debt and credit in treating O
the morals and economy of debt.
The Old Testament developed system o
civil government as we'll as of religion, ant
both were inseparably interviewer. In tina
the basis of debt or credit was not only tht
property of the debtor, but also included biz
productive power-his labor, time, anc
strength, as well as that of his entire family
If the ancient Hebrew failed to meet his OBJ
legations, his goods, himself, and his family
were the forfeit. He went into slavery, anC
toiled for his creditor till the occurrence O.
the Year of Jubilee-which was every sew
enth year. But the stranger-the heather
could not claim manumission again.
Nor was this debt basis peculiar to the Is
raelites. 1t was world wide, according tc
our present impression) at that time, and it's
underlying principle-that Of holding the
person, as we'll as the property of the debtor
as basis of credit-found expression, up to
a very late date, in the Christian world in
the practice of Imprisonment for debt, which
has not yet altogether died out
The New Testament, designed to found a
purely spiritual kingdom, gives little or nc
sanction to or mention of debt, except to dep.
recate it. Its language is, "0We no man
anything, but to love one another" Il
would emancipate every one of the citizens
of its great spiritual kingdom from the tram
mels of pecuniary obligations, which so Sc.
riously interfere with his liberty-which ex
pose him to peculiar temptations-to mis-.
construction toreproach-a are extreme
ly liable to betray him into strife and
litigation, dangerous to his reputation and
peace Of mind. The New Testament writers
found the world in much more depraved
and debased condition than it is now, but
they seem with one consent to have avoided
special assault on social and political abuses,
contenting themselves with the enuncation
of great fundamental, moral and religious
principles whichsshould work social improve.
ment by operating on the heart and consci-
ence of the individual man. @S
The exemption of the personal liberty Of
the debtor from the credit basis is the single
great change of modern times; but we are
unable to see that it is logical change, if
material security for debts be insisted on.
We discourse very volubly about capital and
property, but labor is after all the great as
set of the world. In the vast majority of
cases it is the onlg asset-and in respect to
most of the balance, it is the greatest asset
than the debtor can show. The creative and
productive power of human skill, learning,
and physical strength, brings income ability
to pay) which far exceeds the moderate re-
turns from their possessions. And then, too,
if the time, skill and labor of debtors are to
be exempt as debt basis, there seems to be
no sound logic or consistency in those vexa.
tious little legal instruments called writS of
garnishment.
The simple truth is that if we come to a
material debt basis, both debtor and creditor
are entitled to use the whole productive re.
source of the man. The debtor may be in
the receipt of very large income from his
labor and of little or nothing from property
or capital. By what philosophy is the credi-
tor restrained of his remedy against the larg-
er sources of revenue? He is morally en-
titled to the full productive resources of the
debtor to secure himself against loss. But
we in Georgia las heretofore shown have
gone far beyond this exemption, and by our
liens and homestead laws and our obstruc-