The Hillsborough recorder., 1878-06-12
Tile BaNKgUrr law

DtFoM M f6bllSu vas fVu- tFtftS VI tlle
North State opon our references % Judge
Waite sdecisian upouthe effect pi the Bank
rupt law apon the himes,rNl. rhe North
State is published N ,ls very centre cf
bankrupt litigation and may he assuned %
be authority in all matters Of tSet and con
ssruetion and therefore we take no issue
witE that jpnrnal. But surely that journal
might have done " The justice n have. 40.
quilted US cf intentional Misrepresentation,
Se stated no more than were warranted
BY facts. We stated he essence 81 Judge
Naitass decision. thu eiftct of which was
to des.roythe assasa,ed refuge 81 the home
stead uIidvr hrs construction of the bank,
rupt law. glliat we We're mot mistaken III
our presumption il sustained hy the fact IL
THE promptpcss, with which sir. Vance 81
North Carolina asailel himself of lhe de-
lay attendant nIsan the pi~age ~ the bill
foriihe repeal u the bankrupt law to insert
an amendment securing the preservation of
homestead rights; an amendment he would
not have insisted on II he Ind not anticipate
cd tho adoption os Judge Waitc's decision
in tile Deckett ease - The opinion ito be
promulgated by thesShole Court. itisdne
u truth 10 say, that s,ane dcabs attaches
N48 3 sa5 #4a .&s & b N
to this latter assumption.
Ii Tie mean time the reFe,l 81 the law
will not q into effect until Sclt, The 1t '77;
and some remedies may be proposed toaycrl
threatened distress:
| The BANKEuPT Law 1t seems
strange that prominent papers like the Char.
/ lolte Democrat, Raleiga News aud Hills.
toro Recorder lsrslst in misleading their
readers III regald 10 the Bankrupt Law,
/ OF course il is owing 10 want D: correct
i information on ihe subject They say that
tie Supreme Court Ut tile United States
has reversed ,ur homestead decision as to
old debts, and Is Chief Justice Waite has
decided in rv Deckeri that the act of Con.
grsss giSi..g the State exemption a- against
j old deb,s and liens on old debts. IS nncom,
stitntional, that there is no relief ia bank
/ luplcy for tie :. llomesteadsr
Let us examine this position. As the
/ Law now stands in North Carolina there il
i no exemption against " old debts''--not
! even wearing apparel or bib,c. The ex-
enptioas provided tof in the Revised Code
we're repealed bS the net Of 1865 providing
machinery for the constitutional exemption
of 1868. 81 that the old debtor who quiet.
" waits for tie judgment creditor TO come
along and satisfy his c!aim. vii see ihe
Sheriff sell his hUnse aud l,nd ;tis bedsand
kettles: bis hofsss aud pws;. bis agreul-
tural implements aud everything M the
shape Of hou,ehol ! furniture aud other pro,
perty which be has Tor the ealhtort oi hs
, famiiy--notbiug can be lets ii the creditor
exacts il. The properly willsll 5e gone
and the debtor will be still debtor, aud q.
Sssatar Merrirhon said in bis speech ia the
; Senate. :. slave to his creditors.
! For the sske Of the argument We will con.
eaae that the decision Of Chief Justice
Waite is coirest. WHAT eau the debtor
gaia hy gong INTO bankruptcy? He is en-.
: titled 10 exemptions under the BsnkrDpl
y act to the amount Of $500. bJ-idss tb,
Heariug apparel ol bin,e,fand fanIilJ. Il
! the house aud land are sold The debtor get
, 500 worth u peisnal property. aud al
: the wearing apparel which ne and his fami
l ly have. lsssiae. tbi. he gets discbarg,
! from all bis Debts. Now. We hu6,bly aal
0 our worthy cniiie1Ipururies il this i no
better thin tosnpmcls submit 10 have syery
thing taken sway. aud be lelt with : lOaC
j. Of eiebi which can hesrr be shaken OH
as to Homestead exemptions in bank
. rupscy. Upder the decision Of Chief j Us
= tice Waite 10 exemptions bsye been allag
. eG 10 this State for several years Th
] State being 10 tie Giruit pfihe Chief jas
ftiee. Judge Dica vas hound BY ruiing i
!" DecEcr,'s r4sc Ii will lie rsmem5ere
2 that Judge LEX nisays held that the %
% Of Congress gave tie Homestead 10 bank
rupicy against I'D dpi.s The argument
: on the repeaI u the Bankrupt iaN 10 u
!, United States Senate caused . discnssio
. ksOg Atig NA~aA 49, FIr ~ NAAN AWAA w ~
is Homestead question ~ this Slaie. aud n
II correctness Vi Tic decision III ihr Chic. il
n tice. Senator 1Isrffb,0ii 10 liz. speech cite
!, iiis opinions Of uuitsd States Jdiges VII
differ riih The Chief Jns.icc--- aiming ihci
va A.sJriate j Justice Miller Senator Stat
u Matthews. himself grcat constitution
e lawjer, said ibat EOnzrss. bad The pow,
IL ID aslow tie consiitn,iousi sxsuiDtiors
III bankruptcy. Notwithstanding rhe aci thi
i. the State Courts cannot now ~ L. II
says Congress a5Optsthe exemption laws
Us each State ID IaTi. and makes them pai
le of the United staes Bankrupt law. 10 d
= manner giving them force ani validity
re Thus il iarBs ont that slne ~ lhe create
"a lawyers ii tie Senate alc ~ tie oDinir
!, that debtors who 70 into Bankruptcy nos
- are entitled 70 tic Homestead exempt,
eT given IN our Constitution.
10 oiher circuits the U. $. supreme cou
Judges have decided adversely 70 the Chi,
a. Justice.
We Leliete the United States snpreq