lvency laws, redemption laws, exemption laws, appraisement laws and
the like has always been that they may not be given retroactive
operation;[1726] and the general lesson of these earlier cases is
confirmed by the court's decisions between 1934 and 1945 in certain
cases involving State moratorium statutes. In Home Building and Loan
Association _v._ Blaisdell,[1727] the leading case, a closely divided
Court sustained the Minnesota Moratorium Act of April 18, 1933, which,
reciting the existence of a severe financial and economic depression for
several years and the frequent occurrence of mortgage foreclosure sales
for inadequate prices, and asserting that these conditions had created
an economic emergency calling for the exercise of the State's police
power, authorized its courts to extend the period for redemption from
foreclosure sales for such additional time as they might deem just and
equitable, although in no event beyond May 1, 1935. The act also left
the mortgagor in possession during the period of extension, subject to
the requirement that he pay a reasonable rental for the property as
fixed by the Court, at such time and in such manner as should be
determined by the Court. Contemporaneously, however, less carefully
drawn statutes from Missouri and Arkansas, acts which were less
considerate of creditor's rights, were set aside as violative of the
contracts clause.[1728] "A State is free to regulate the procedure in
its courts even with reference to contracts already made," said Justice
Cardozo for the Court, "and moderate extensions of the time for pleading
or for trial will ordinarily fall within the power so reserved. A
different situation is presented when extensions are so piled up as to
make the remedy a shadow. * * * What controls our judgment at such times
is the underlying reality rather than the form or label. The changes of
remedy now challenged as invalid are to be viewed in combination, with
the cumulative significance that each imparts to all. So viewed they are
seen to be an oppressive and unnecessary destruction of nearly all the
incidents that give attractiveness and value to collateral
security."[1729] On the other hand, in the most recent of this category
of cases, the Court gave its approval to an extension by the State of
New York of its moratorium legislation. While recognizing that business
conditions had improved, the Court was of the opinion that there was
reason to believe that "'the sudde