The advocate., 1890-03-20

uopN unu tuoy lofce thelf plhn 10 the
front with strong arguments Now IL is
conceded that il Is from present existing
debt, that the people need protection.
| think that the weight Of authority is
against tho constitutionaity OF stay
law, in 30 far as ID relates 10 debts in OK
istence at the date OF the enactment Of
such a stay law, as impairing the obliga-
tion OF existing contracts, thing that
the constitution Of the United Suites
Is 10, Art y prohibits States from doing.
Judge Parsons, in his estimable work
on contracts, In considering the relation
Of this section Of the national constitu-
tion 10 the obligation Of contracts and in
discussing the meaning Of the term "ob.
legation" as used in the constitutional
inhibition, draws the line between the
obligation Of, and the remedy for, the on
iorcement Of contracts, and classes stay
laws as interfering with the obligation
Of contracts made prior 10 the adoption
OF such stay laws, And at page 55l,
VOL 3, 9TH edition OF his work uses this
language, "But a distinction is drawn
here on 80 much authority that il may
be regarded as established. 1t is, that
while exemption from arrest, or from inn
prisonment, affects only the remedy; an
exemption Of property from attachment,
or q subiecton Of IL TO a stay law, or ap.
praisoment law, impairs the obligation Of
the contract" And cites authorities 10
support his viows; Of course this refers
10 only such contracts M were in exist
ence at the time such stay law goes into
effect, and 1t being existing debt from
which our people need relief, il follows,
that il this most eminent authority be
correct in his conclusion, then the stay
law advocated by your most excellent
paper, would fail II put TO the test in the
Supreme Court Of the United States,
See Bronson VI, Kinzios, lat Howard,
81, Green VI. Biddle, 9Th Wheat, 1-75,
McCracken W. Haywood, 2nd Howard,
G0S-6l2 And yet ! must admit that
some authorities would seem quite
TO support the opposite view, il
by parity Of reasoning the rules laid
down in them we're applied 10 a stay law.
But l think the weight Of authority is
fairly against you.
Now you will ask, II the states have not
tho authority 10 stay execution as a rem
edy, what authority have they, Chat will
relieve the oppressed debtors Of our land)
short Of congressional action by and
through bankrupt law, or by means Of
enactment Of law whereby
the credit Of the general government shall
be made available as in the form Of legal
tender paper currency in such quantities
and at such cost TO the people as shall en-.
able them TO pay of their indebtedness?
answer, that to my mind, by far the
most desirable and equitable way would
be the issue, by the Treasury Of the U, s.,
Of a suillciency Of currency and at such n
rate Of interest as will enable the debtors
to at once relieve themselves from debt,
which mode you and | have for years ad-
vocated but, for the present such rem
edy is hopeless, for reasons that will
not now stop to enumerate. But in an
swer to the question, what remedy can
the state in and Of itself furnish? / has
ton to say that to my mind the repeal Of
all laws giving District Courts jurisdiction
in such class Of cases as threaten the safe