The Robesonian. [volume] (Lumberton, N.C.) 1870-current, 1908-08-03
THE HOMESTEAD EXEMP-
TION.
Time for the Legislators to re-
fer this Matter to a Vote of
the People Partnership and
4ba RaoI>r,,r&cx, Ta1

l SOPAO cAA SAAOA SAAAkI e1AAA
the Bankruptcy Law
The Robesonian has been re-
quested by the local Retail Mer-
chants Association to publish
the following editorial from The
Asheville-Gazette News, and
the letter which follows it.
The Gazette-News respectfully
invites the consideration of all
business organizations and all
newspapers in the State to the
position it has taken in regard to
the homestead law. We take the
position:
First, that a very plain prin-
ciple of right and wrong is in
volved.
Second, that the operation of
the homestead exemption in
bankruptcy is uneconomic, in
that it imposes a burden, the ex-
cess the dealer must charge for
his risk, upon the entire COM
munity.
In a letter to Slayden, Fakes&
Co., which we are publishing to-
day, F. w. Thomas, referee in
bankruptcy, discusses the appli-
cation of this under a decision of
the State Supreme Court, as
affecting partnerships. Doubt
less, as he argues, the practice of
partnership exemptions, although
sanctioned by law, is wrong in
principle; the way to correct it is
to correct the fundamental law
in regard to exemptions.
The view Of the Retail Mer-
chants Association of North
Carolina, of the subject generally
is furnished The Gazette-NeWs
by a prominent official of that
organization:
1--WE contend that this law has
served it's day. The protection it
afforded in days past was a ne
cessity, but the need for such
a law has long since ceased to
exist.
THE exemption is a buIwark
against honest mems credit,
making it necessary for an hon.
est man to own above $4,000 tc
1000 before he really has any
credit ESTIMATED by the way the
homesteads are laid off by the
average jury, to the amount Of
81, 500.
dishonest people use it as {
legal shield for their protection
against paying their homes
debts.
To-day where in one homes
case it is necessary to take ad
vantage Of the homestead law
as was originally intended there
are 100, yes, 200 and more, VIII
take protection behind it to avoiC
paying their legal obligations
Today it is easier and quicker t.
make money by failing than it i
to nurse a good business througl
it's infancy or a panic to a sue
cessful establishment of tina
business.
For instance, four men g
into the grocery business, tw
men put in 5000 each, the othe
i two put in $1OO each. They sc
D cure credit and buy merchandis
8 to the amount of $4,000. Tw
of them manage the business
the four partners agree to dra0
a salary of 5000 monthly and g
the end of the year they hav
Il increased their stock to $4,000
n They have paid out over $500
p in salaries (two-thirds of which
- not profit which they each put il
- to real estate. They find they car
- not meet their obligations; the
assign; they have their home
stead laid off, $500 each;
leaves nothing with which to pa
the people who furnished ther
4 with goods, then it is necessar
for the factory or wholesaler
tack this precentage of loss on
his goods s-honest merchan
and honest consumers are con
PEELED to pay for these exeml
tions.
eff 1000 worth of merchar
disc is furnished any man ar
he uses it to buy property he h;
no honest moral right to refu!
to pay for the merchandise b.
cause he has invested in real e
tate. If the honest man pa!
for his groceries, meats, doct'
s. bills, as we'll as notes and otht
!, paper, why should the rascal
" allowed to beat for his living b
cause he is mean enough to tai
advantage of the homestead Law
"This makes it necessary f
the honest people to pay mo
for their goods and accomod
tions to make good for those WI
o will not pay.
{ It is plain to the avera!
man that this percentage of lc
must be added by the dealer
make a legitimate profit. Th'
why continue to encourage rasc;
. ity and make it harder to
honest? Is it not harmful to t
honest business man as we'll
the honest public?
''The time is now at hand /
the business interests of t
es. DIarHhOea Cured.
my father has for years be
trOublod with diarrbOoo and tr