Year: 1873

Nicholas Sharp is a well-todo farmer, who
told the Secret Service officer to whom he
sold counterfeit money, that he had been deal
ing in "queer" thrty-fve years and had not
been caught yet. He is over sixty years Of
age, and is charged with dealing in fifty dollar
counterfeit legal tender notes, series of 1863,
and fifty cent counterfeit stamps.


j. NJ. Myers is young man of limited cx.
perience in the business of countcrfeiting, and
not being with the party arrested at the Court
House. it was necessary to send a Secret Ser
vice officer, who knew him, to his house.
When the officer raped at the door, young
Myers arose, and, on being told who was there,
wanted to know what the matter was. The
officer replied that he wished to buy some
more "qu ueer" Myers at once came out and
actually made deal with the officer, who
paid him marked money and then arrested
him.


The other prisoners are persons of no spe-
cial Importance. In Granger county, Il. Il.
Short, John Wilson and Thomas McLanahan
were arrested Wilson has formerly been a
Justice of the Peace. They are charged with
dealing in fifty cent counterfeit notes and SOU
counterfeit legal tenders.


All of the above named prisoners were
brought before United States Commissioner
Aiken and held in the sum Of $4,000 each.
Six of them we're locked up in default of bail
Three more persons will conclude the number
of arrests to be made in the immediate vicin-
ity of Knoxville 1t is supposed these latter
will be brought in some time tonight and the
Secret Service men engaged here will then
Co., ,~tt, 70 o.
ting the arrests there.


Its thought here that these operations have
struck blow against counterfeitlng in this
locality which it will require years to recover


THE BANKRUPT LAW.


In 1867 the Congress of the United States
passed an act providing for uniform system
of bankruptcy throughout the United States
generally known as the bankrupt law. The
principal feature of this act was the granting
to the debtor free and full discharge from
all his debts except those of a fiduciary char
acter, upon his surrendering to his creditors
all his property, to be administered through
the bankrupt court. 1t was made the duty Of
the bankrupt court to set off to the bankrupt
an amount not exceeding $500, and to dis
tribute the remainder of his estate amongst his
creditors according to law; and finally to
grant the bankrupt discharge which would
operate as a legal bar to all debts contracted
previous to the filing of the petition for bank
ruptcy.


This act was passed before the reconstruct
ton of the Southern States, and without refer
ence to their interests and yet, if it had been
the purpose of Congress to provide special re-
lief for the Southern people, after the disas-
trous results of the war, nothing better than
this law could have been devised. Thousands
of our people found themselves suddenly re-
duced from wealth to poverty, with a debt
upon their shoulders which crushed out all
hope ofsuccess for the future This law came
to their relief Itstripped them of their prop.
erty, it is true but it wiped out all previous
Indebtedness, and gave them a clear chart for
the future. Many declined to avail them
selves Of the benefits of this law because it re-
quired them to oabandon the ptions allowed
by our State homestead law. At its last ses-
sion, however, Congress amended this law,
granting to the bankrupt all the exemptions
allowed by the homestead law Of the State in
which the bankrupt lived, and the original
exemption of $500 in addition-so that dis
charge in bankruptcy in this State, as the law
now stands, gives the bankrupt a fee simple
title to 81 900 worth of real estate, and 1000
worth of personal property.


Moreover, the Supreme Court of the United
States has recently decided that State can
not pass homestead law that can shield the
property of the debtor against debts contract
ed previous to the passage of such homestead
law That decision rests upon the ground
that the Constitution of the United States for
bids any State to pass any law impairing the
obligation of contracts.


The Constitution, however, does not forbid
Congress to pass any relief law that it may
icem proper; and hence, although the State
homestead may, and probably will, fail as to
old debts, it does not necessarily follow that
the exemptions allowed by Congress to bank
rupts will also fail. But on the contrary, the
Constitution gives the express authority to
Congress to pass bankrupt law, and as Judge
Rives says: "It is the essence Of a bankrupt
law to give exemptions and to grant dis
charge Neither can be done without inva-
ding vested rights, and destroying the oblga'
tions of contracts"


Chief Justice Chase in delivering dissent
ing opinion in the legal tender case says: "lt
is true that the Constitution grants authority
to pass bankrupt law; but our inference is
that in this way only can Congress discharge
the obligation Of contracts. Itmay provide for
ascertaining the inability Of debtors to per
form their contracts, and upon the surrender
Of all their property may discharge them"
az Wallace 457) Justice Fields who also
dissented in the legal tender cases, uses SINH
lar language


We think, therefore, if the question is ever
carried before the Supreme Court, the home
stead exemptions to bankrupts will be sus-
tanned.


There will be a strong effort made at the
next session of Congress to repeal this law,
and in all probability the effort will succeed
1t will have served its ends so far as the South
is concerned, and we see nothing to regret in
its early repeal GreenviUe Republican.


HOME THoUGnTs-How delightful it is to
have home, though it be most rude and
humble If the occupants are contented and
I,,nn,, tbo,, ora n,urh Lnttor off than those