All State insolvent laws, so-called, that distribute a debtor's property equally among his creditors, are laws impairing the natural obligation of his contracts.
Lysander Spooner: “All State insolvent laws, so-called, that distribute a debtor's property equally among his creditors, are laws impairing…”
Editor's note · Context
This statement critiques state laws that distribute a debtor's property among creditors, arguing they violate contract obligations.
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More from Lysander Spooner
They do not tell us of the almshouses, hospitals, schools, churches, etc., which, out of the purest charity and benevolence, they maintain for our benefit, out of the money they take from us.
They do not carry their heads high, above all other men, and demand our reverence and admiration, as statesmen, patriots, and benefactors.
They do not tell us that they have established infallible supreme courts, to whom they refer all questions as to the legality of their acts, and that they do nothing that is not sanctioned by these courts.
In short, they acknowledge themselves hostes humani generis: enemies of the human race.