The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1881-09-22
Loaned Money, a Preferred Debt.
WALNUT STATION,
IIPPAH Co., Miss, Sept. Ii. 1881


EDITORS CLARION: l have heard grea
deal said, and seen much that was written
upon the subject of the agricultural lier
law and the landlords lien for rent. VERY
many consider these laws as the only oh
stacle to the prosperity of the country; and
@ithout them, peace, and bounteous ma.
ture would soon provide for all the wants Of
an afflicted people. I unite with many, in
opinion, that there are Objectionable features
In these laws, and whatever may be consid-
cred harsh in some of their provisions, will
undoubtedly be modified by the next Leg
lslature; but these laws will never be re-
pealed to give place to the old security sys-
tenn, writers on this subject, while they com
plain of the operation, have totally failed, to
offer any plan, or remedy,.as substitute.
The seat of the disease lies in the present
abominable credit system. A poor farmer
who lays in supplies on a credit, pays the
merchants up to one hundred per cent. over
the cash prices. The merchant borrows
his capital from the rich farmers, who are
afraid to loan their money to their poor
neighbors, because the laws do not give ade-
quate protection to the money-Iender. Men
who are in the habit of lending money, very
unjustly, incur the prejudice of being Jew
brokers and Shylocks; and the merchants
come in for their share of abuse Yet, if we
were merchants, we too, would put on an
insurance policy to sustain the many losses
in the way of bad debts.
All kinds of indebtedness should be di-
vided into three classes.
1st All bona fide notes bearing upon their
face, an consideration Of loaned money, to be
styled, Money Debts.
I'd. All Legitimate services that may be
rendered, by manual, or brain work, to be
styled, Service Debts.
Sd. All kinds of materials, or substances,
OF any character whatever, that may be sold,
to be styled, Material Debts.
A "mOney debt" should have all the
binding force and effect of a deed in trust.
No land should be exempt from such an
execution.
A Service debt" should be satisfied upon
any lands over forty acres for the husband
and forty acres for the wife
A material debt" should be satisfied
upon any lands, over what is prescribed for
service debts; and in addition thereto, forty
acres to each child in the family.
In a like manner, some discrimination
should be devised in reference to the exemp-
ton OF personal property, graduating in
favor of money debts.
There should be an officer in every mag
istrates beat, every city and large incorpo-
rated town, to be styled Register Of accounts;
who shall keep registers of claims; one for
the second and one for the third and with
perpendicular lines, under appropriate cap
tions. Every claim to be registered in one
horizontal line, in any sum not exceeding
an amount limited to magistrates juris-
dictiOn, and all sums over that amount, to
be kept in registered books at the county
seat. All claims to be registered within
the jurisdiction of the debtor. 1t should
be unlawful to sell land upon the face of a
registered debt, unless warranted by a
waiver, or a drop-down in dates. In all
suits the oldest claim should be satisfied
first, then the second, and so on. If the
second, third or fourth money lender col
ects by distress the money 4ust insure to
the oldest creditors in grades of priority.
The same rule shall be applicable to the
other two classes. Where u person is sued
on all three classes of claims, the money.
lender must be satisfied first. Service debts
next and material debts last. Among the
advantages of registering, is that creditor
can see where he stands in the order of
claims. Every court that is held the reg
ister of the beat shQuld be present as the
custodian of his books. To those who may
differ with me in the details Gf this plan,
they cannot justly disagree upon the great
principle that we must give preference to
that class of creditors who perform the most
service il aaleIiorating the condition of
mankind.
In erecting this grand pillar, aul aware
it would affect radical change in our civil
code. | do not propose to disturb the rela-
tioHs between the landlord and the tenant,
the laborer and the mechanic !; nor do l
propose to disturb any wise provision incl
dental to the collection of any debts. 1t is
certainly within the ken of human ingenui-
ty to foster and maintain a cash system.
The plan of furnishing supplies, on credit,
was unknown to the ancients; all debts
were on cash basis. Our present system
is one of the cOncommittants and barbarisms
of modern age. 1t is reproach upon our
boasted civilization, and burlesque upon
legislation.
The decentralization is wide spread 1t
affects all the channels of trade. 1t is
burning sirocco upon the peace of society
and breeds hypOcrites upon tue church.
Where are the floating tenantry who pro.
cuseG:emigration tickets ?-exodusted-"lit
eutY" Ma4y are in Arkansas and Texas,
inprecatipg upon Supposed injuries and
upon the land they once loyef. The end OF
ali this rests in perdition.
simply want to place the poor man IN
normal condition that he may be enabled to
borrow money, and if he fails that he may
5e sure to get it from his employer or neaF
friend or, what would be equivalent sup
plies at cash rates. -,
In throwing these views upon the Puone,
1 am perfectly willing to incur criticism
provided each author will present plan o.
his own.
Very truly, yours,
FRANCIS A. WOLFF.