The Homestead Law

Tlio readers of theLiborty Press hnve doubtless lenrned thnt tho late Legislatura onacted a law by wliicli n Homestcnd for each fumily of forty acres of land, or a lot in n city or villagc, is exempted f rom all process for ordidnary dobts contracted nfter July 3, 1848. Tho history of thia mensuro sliould anota encouragoment to uil Ecfonner?. It ia only about six yeai-a since it was first proposoc'. in this Stnte. It was suggestcd in tbe Legislaturo of 1841-2, by somo of the membovs, asa substituto for some of tlio ■' Relief Mensures" wliich wero udoptod in that period of genornl dietress. Aftevwards sevenil prominent Democratie politicians becamo its supporters. and severnl papers of that party, ono after another, bréame ndvocntes of the principio : nnd it has stondily gained in favor wiih the peoplo in proportion as it bas been discussed, until it hns beea embodied in tho Statute booli. The repGalofthisenactmentispredicted by some who are opposed to it, pnvtly on account of nlledged defects iu its detailg, atid partly on account of its rndicnlism. But tlioso who hnvo watchod tlio pi'ogress of roforms of this nature, hnve not the least iipprohension Por its ultímate fate. lts features may be mended, improved, or altored, but tho frinci, of exompting a home for every family from tho gnisp of legal liarpies, will be retained in tho futuro legislation of the State. After a fair trial of the luw, it will be as impossible again to inake the Hompstead liable, as to re-enact the nncient laws for imprisoning for debt. Indeed, tliis is but one step fuither in the samo line of progresa. lt is Baid fi-om good nuthority that at tho time of its passage, many membors of'tlie Legislatura wero in a state of dotibtfulnoss, not knowing whetlior to voto for the luw or against it: umi some of these, on returning home, find talking with their constituents, were much surpriseci at the very general approval which it received from the people. Tho opposition to the mensuro, from the beginning, has heen chiefly from the Whtg members of the Legislature : from tliose conservntives who, from profound vonerntion, nre opposed to all chnnges : from Cupitaüsts who feared it would derango tlicir business trnnsnctions ; and from Inwyers and others who live cliiefly by.lhe procesa of legal collections. But the united resistauce of these foor classe9 has not been nny serions hindrance to tho passage of tho law. Some Whig papers and politicians would have been glad to make a party issue npon the question but so many Whigs were in favor of the measuro, thnt party lines could not bo drawn upon it. Previous to the present year, tho friends of the law lmve nlways advocated it with a lhnitation as to the value of the Homestead to be pxempted. $500 was considered nn aiiiount large enotigh to bogin with, while 81,000 was the higliest sum desirod by any. Whereas now thero is no limitntion. Any man mny pat upon his city or villnge lot, or his forty ncres, improvements to tVie nmount of L50,000, or 5500,000, and they cnnnot be touched for debts conlracted in futuie. Upon tho passage of tho bil), tho principio of limitntion was entirely discarded, on the ground that il' rotained, it would put a stop to all improvemonts by tho owner as soon as the prescribed limit had boen obtained : aml thus the capital which would be earned, ncctimulated, and investid upon a Homestead without liinitation, would bo ontirely lost to the commun'uy, by establishing a limit at which all tho overpliis should bo at the mercy of the creditor. Of the con-ectness of the reaeoning there can be no doubt ; yet would it not apply with precisely tho same forcé against ali, luws making property liable for dobt 7 A prominent objection to tho law has beon that t would dcstroy the facilities for olitaining credit which the poor innn now enjoys. Butnothing can bo more errotieous. The merchaut or cnpitnlist who trusts a debtor to-diy in apparently goud circuinstances, knows not how soon he may be stripped of every thing by ollier creditois, and he thus lose his debt. But tho Homestead law will aiford a firm foundation for credit, by securing to the debtornnd hisf.tmily a permanent homk, whioh nocreditors can setee. Residingon tliis land, and possessing tlio avails of it, wiih tho producís of liis indnstry added, ho cnn pay his debta in alongcr or shor ter time. - The importance of this fundamental law is not yet fully Ippreciated. It will aifect, to a greater or less extpnt, tho welfare of every fnmily in the State, and even of every individual. But the coming generatlotl will renp mach greater benefits from it ihiin those who have now arrivod at matu rity of years. Whon fully developed, the law will curtail vcry Inrgely the collecting business of IttWyers, sheriffs, constables, justices, judges, chancery oflicers, Sc, and will also bo the entering wedge to another great meaaure of politicnl reform, which will presa closoly on the heels of ibis - the entire aholition of the collcction nfdebls by late. On tho merits of this I may say something on a future