he is debased in his own estimation-he views with mortification and chagrin the happier lot of his no more meritorious neighbor in the possession of a home where he can enjoy his domestic relations-his spirit is humbled-his energies relaxed, and he unconsciously sinks into the slough of mental ir.ertia; and with him in many instances, sinks the prospects of a large and promising family.

If, on the contrary, we hold out the inducement of a home to every citizen, give an asylum to the oppressed and unfortunate, and our state will be quickly peopled with an industrious, sober, intelligent, and a moral people. The very face of nature will be changed, and each will rejoice in the humane character and benign influence of that government, which "sheds its blessings like the dews of heaven, unseen and unfelt, save in the freshness and beauty they contribute to produce."

Every principle of morals and of political economy demands the contemplated exemption. The spirit and genius of our institutions equally demand that every citizen shall be in fact a freeman. The agricultural interests of our state, an interest paramount to all others, would thereby be encouraged and advanced. Nor is there any foundation to apprehend disadvantage to the commercial or other important interests; it is proposed to take effect only upon debts hereafter contracted, or liabilities hereafter incurred. All existing obligations are to be enforced under existing laws. The system of credit, based upon the idea of grasping and sacrificing that which is necessary for the comfortable subsistence of a family, is beginning to be discarded, and the better and sounder opinion appears to be, that the basis of credit should be the mutual confidence of the parties dealing together, and where that confidence does not exist, upon security given at the time of contracting the debt.

The committee are fully aware of the contrariety of opinions that exist on this subject, and they ask for it a carrful and critical examination, fully confident that nothing can be maintained by precedent alone, which has not its foundation in the broad principles of justice and of equity.

Report of the Judiciary Committee.

The committee on the judiciary, to whom was referred the House "bill relative to proceedings against persons or incorporations usurping corporate powers, liberties or franchises, and incorporations guilty of misuser or nonuser," have had the same under consideration, i and have instructed me to report:

That should the above bill become a law, it would essentially, and the committee believe injuriously, change the course of proceedings in the entire class of cases affected thereby. The bestowal upon a court of chancery of jurisdiction over corporations is an infringement of the common law, for by it, the control of corporations was entrusted to courts of law, and chancery had no right to interfere, either to restrain the usurpation of corporate powers by individuals, or to prevent corporations from transcending the limits of their charters, nor to appoint receivers of their property; or decree a forfeiture of their franchises. Such appears to be the doctrine of the books, 2 John, chan. R, 371 Hopkins' Virg. Rep. 354.

The jurisdiction of chancery is created solely by statute. The first act in this state was passed at the special session, in June 1837. It is entitled "An act to provide for proceedings in chancery against corporations, and for other purposes." See sess. laws of 1837, page 306. The next act on this subject was passed on the 15th of April, 1839. It is entitled "An act to provide for the voluntary dissolution of corporations, and to prescribe the duties of receivers in chancery in certain cases, and for other purposes." It is found on page 94, of the session laws of 1839.

These two acts together, form a system. The one gives the court jurisdiction-the other principally provides for the mode in which the jurisdiction shall be carried out. Both are borrowed, nearly, literal ly, from the New York Revised Statutes, articles 2 and 3, of title 4, of chapter 8, of part 3, (2d vol. 377.)

That system has been the subject of frequent adjudications in New York. The practice under it is well settled; and unfortunately in ourv