Exemption Laws: For The Signal Of Liberty

ïIkssrs. Kuitoks: You hnve, in a late nuniber, alluded to hopropriety of exempling a Jarger amount of roperty from execulion tha íh now done by mr lavvs. All legislation that has a lendency lirectly or indirectly, to induce the great rrmss f the people to make ampie provisión Cor tlie :oniforts of life, oughtto be bailad as a pubic blessing. Such wonld undoubtcdly be the esult of a judicious extensión of theexempion law. lt should" exempt a certain spociico value of persona! aod nlso of real estáte, :onsiling of such kinds of property as the lebtor niay select. It fchould not be mode lo lyply ogainst debts contracteil previous to the xistence of the law; no injuslice wou ld t hen be done to credit ers. The only question of the pronriety of such extensión is tliis: would it bo bcnefical to a portion of communiiy und iijurious to none? It can be easily sliruvn that sucli would be the resul'.; to prove th is, Jet us stippose t!ie contmry principie put in praclice, nd ihe creditor authorizoJ to go wilh tri execution nnd BtKp ha'f n dozen f;; milico, u o single ïu'ighborhood, ín the nmlule at winter, of all ihe means of living and seml tliem at once lo the poor house to be supported for a lime at ihc public expense. Any one enn cee how mnch betlor off the partios i il, is case would have been if the law had suid to thecredilor before t lic debt was conliac'ed, Sir, if yon contracta Sélit gilíst llifsc men, yuïï must remember t fint e c!i of ihcm has a right to hok lus house and nnd to the cmount of 5üü dollr$,ahd personal properly to the s;uuo amonn! which you catinot lake in payment by execulion, and, if you c!io ösé to givo credit yoi must do it pubjëct to tlié'se restiiclioi.s up"i y.nir collectiona. Sucli jj t!ie resnlt of tlie pre&pnl law as fnr as it gncs. Tt exenipU a cortaiti noniber of ioLf, cattlc, shre, hotse? and lools, &.c. Instead of these specifiVd pie ces of proporty, . ought io exPtnpt a cerinii amount jJ vulue of personal properly and hke wise of' real estáte; and the ntnóunt ougl.f.o be such as wil! enablp a man vviíh m fntnil; to ouj'jy the comforts of 1íp; om! it oujfht no to be 8O larg; as to prevent the fiviiig f credit in large but-inesa transactiupa nhere credit is nt'C(.j!-sary tmd Lenoficiai. There onglu to bc nne exception to tliis provisión ond pn.bübly but ene, (hut h )u:ïc a luboicr has money dte for Kibor !ie bn'ght to bö io collect bis pny wiihotit reference to extensivo exemptipri lii'.vs. Many persons suppose ihe credit svatem is so very benrficiii! to communiiy that H ouht to be favoicd in t!ie liigfiest dégree by lenislativo action; while others t hink that it woiku snch vast iijury to the public that it uuht to be entinly annüiilalec'. Holii tliese opin'mns me extrcniüly erroneous. The truib is ibis, the credit eystem a goed in i's proper place, bul it is no: proper ii il! places. It i'ucühatcs the tiansactiun uf business on a large scale, but is detrimenlal when applied te small tronsftctions. I will illustrate Üiis. A merchant has 4,000 in cash, nnd wants 8,00C dollars worth of gooda lo stock his store; hc bis 4,000 fur cush and 4,000 for credit, foi which lic'ptiya a small per erninpe more thnr if he pid cash, but s cnab!ed by this mea in lo provide u proper nmoiint of goods nnd enlage his buHiQaa without additioiidl expense of rent or clerk hire; und o Inrge porliou ol the goods bunght on credit sell nt u good pro j fit on the cost bulbre the credit expirts, S( i that the credit tlius used, proves a valnablt Capital. Now for the use of credit on t emnll scale. A farmer who ownn Ü0 aerri f Jand worth 1,000 dollar--, and produces f'oi sale onnnally 15") dollars worlli of wheat 25 of wool, and Lf of pork, poes io Ihe 6toi the first day of January and commonces nr account, (for he was fome in debt ihe Pal previous and the avails of his produce liovj ucen usftd in p'iying up,) to be paidall up ii September. He buys 25 dollar? worth ol goods necessary for his family; after a liitle, something more i wanting and tiie girls gi nnd get some dresse.-?, an J dn not find anv shoes to suit tiiLMn, and must of course gel them at nnother store, then the account it open and all the fumily buy wliat ihey happeti to think Ihey wont at both places. Iu tbc Spring some ron i's wanted to tire the wogon and soms nails lo repair the barn, and for these the money must be paid soon, so the wool must be sold a? eion as sheured to obtain a little money for necessary use; and when Septeniber comes the debts due the two or three merchants have become large, and the wheat erop is rather injured by the rust, and ench merchant is ufraid the otherwill get his pay first and there wül not be quite enongh left for him; so on the first week ia September each one begins to teace him by dunning letters, and to talk hard words f there is not some pay coming immedialely; so the farmer to eatisfy bis torinenting creditore, carts of! four or five loada of wheat and hands over the money, a part tocscb, nnd then bcgs to bo letjlone tiil ho has done sowiiig, which has tlius been delayed a weck beyund the proper lime and ten per cent. of llio ni'Xt year's erop lust in coiíácquence. This reqtiest is grnnled and no cost nintle; after eowing, tlie erop it all sold, find if it brings enough to pay all up, vyeJI, and if not liie balance mustlay over und 'rnt luck to pay t the next year al the furiher end of on execution. Fnr the Iwo Iiundred dollura wort! of goods thus bought, he ïas paid at lenst 40 dollars more iban he would hnvc paid in caeh; fnus we eeè that vhile tlie jndicious tnerchant makos a fair orofit on good6 bouyht on credi', the consuner of goods has lost at least 25 percent. esidc8 the trouble and vexation of being in i'bt, wii icli ia no mhhII item to be added to he account. TJis fiinn annuolly for üO y-forsj ni'.h the interest ndded, would moko a man well off". Credit will answer very well to us-e n bn-iness, but, it j's extremely costly stuff lo ivf. on. The object of extending the exemption law houlil be lo secure to eaeh individual who ïas the ability to acquire it a certain amonnt f prnperty against pecuniary comingencics; nd ü tliisshoulc! have tlic eíRct lo curtail the mount of credit given in fmatl surn?, hip (Teel would also be beneiicial. It would al'ord a degreeof certainiy to every fnmily, of lavingr a pijRMANErfT uoMK, wlíich tiiev ïiow o not possess, and afford a etrong intlucement to iinprove nd beautify the some, and consequent Iy add greatly to the nccunuilolrd veakh of the country, nnd to the liappinesö