[June 24, 1832.]

Desirous that the Colonists of Austins Colony should prosper in wealth peace and harmony. From and after the promulgation of this Law no debt shall be recoverable by law that is contracted between any persons in the Colony but it will be considered when one credits another [that] it is in faith of the good opinion and confidence he entertains of him and does it to oblige and not to ruin him and if the person credited decieve the other he is a base character and never will be respected and his credit for ever damd. many objections may be raised but when both sides of the question are examined fairly it will appear evident it is very much in favor of the poor, as it is them generally who want credit—-then monied men prey upon them—they will apply for credit and if it is for property and the owner has it to spare he will deniand 50 or 100 per cent more than he would be willing to take in cash by waiting a year, there is from 50 to 100 per cent on his property and money is not worth more than 10 percent, I have known many widows and Orphans ruined by the like for the man would drink and trade while drunk and everyone [was then] his friend, because he had a little property and at the same time they are planning to ruin him. let him have what he wants for he is good and they can make him willing by law and every advantage is taken of his distress. The family is brought to suffer, It is generally said that it is hard to pay a security debt. This [law] prevents any one from giving or asking a security except in cases where men have confidence and are willing to pay one another's debts. Men generally do not credit for more than one Year and their is some one that will oblige him if he is a good man and if not they had better as they have been Obliged to do in this country suffer one year than be eternally ruined; For instance had there been plenty of provisions and clothing brought here and sold at the Enormous prices that the settlers would have given it would have been their ruin instead of that they have suffered and now are clear of debt and have plenty of provisions it may be said if one gets credit and dies the property is lost. It had better be than ruin a poor family but this can be remidied for every man intends for some one to manage his Estate when he dies let him take with him his friend and both pass their word and should one die all will be wright. The creditor does it to favor the debtor and not to ruin him. Much could be said on this subject.

Let it be plainly understood that if one of this Colony Contracts a debt out of the Colony where a similar law does not exist the most speedy remedy at Law must be used for the collection of it and all debts contracted previously to this shall be collected by Law.