Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-11-10
From the Charlottesville Jcifvrsonian
A STAY LAw-RELIEF TO TIE PECc.E.


In 1914, amidst grievous burdens Of debt, |
law was passed, that property should not be sold
under any execution. if the debtor would give
bond with good security for paying principal. in
tcrest, and costs, ut the end OF one year This
measure prevented much sacrifice of property
before the year expired, most of the debts thus
suspended were paid, or i'm some way arranged
and such signal relief was afforded, that many
good minds deemed il an atonen,ent for the strain
II not the breaking' OF the Constitution, in thus
Interfering with the enforcement of contracts.
The reason why the Stay Law proved salutary
was, that great expansion Of currency, and
great betterment OF the times, occurred before the
year expired. When the law passed, we were at
war with the most powerful of nations In the next
january, news OF peace came: and with peace,
came such Hood OF apparent prosperity as few
countries have experienced. An Immense expan-
sion OF the currency took place /; wheat sold in
the summer and fall Of 1915, for 10, Is, and i6
shillings bushel-tobacco, for Is. 90 and 25 dol
lars hundred. The debts, bonded under the
stay law, with their accumulated COSTS were ia
silly paid oil, because two dollars and half, then,
were Obtained as easily as one dollar had been the
year before. t,,
The posture of things, now, is totally different.
| There Is no war, soon to end in a peace which
VIII bring sudden spring-tide of prosperity over
the ianu. The times are hard, i, is.true; but (a-
though they will not grow harier) no expansion
oil the currency can very speedily take place, be-
Cause our banks, having Just resumed specie
payments, will have to issue as little paper money
| as possible, for fear of having runs made upon
them. Instead Of an expansion, it is more prvba-
be that Inc contraction will go on further, fur
some time to come, as some capitalists will be ga
! tnering IN their moneys thro' dread of insoven-
cies, and others boarding, to watch for opport,-
mites OF speculation. Thus the end of the year
during which the stay is to coniinne, will find the
principal debtors as little able to pay as now
probably far less able; that hundreds, or thou
sands, of innocent securities, will have become
involved; and the crash of fortunes will be doub-
led Indeed the main effect of the tay-law, will
be to get men entangled as securities, who are
| now clear Of debt.
| Creditors, availing themselves Of this conse-
quence, will instantly bring suit upon all their de-
mands, TO have them made as safe as possible
we snail have thrice as many suits as have
had before. The limbs of the law (of whom !
am one) will profit greatly: but it will be an un-
healthy thrift to them-a diseased fatness-bc-
cause whatever is bad for the community, is bad
In the long run for every class in it.
There will be gross inequality, and flagran,
InJustice, and riinous oppression, in one part OF
the workings of a stay-aw. The Virginia Lee
I glsaure cannot stay the hands of the Judges and
| Aiarshas OF the u. 5. Courts In those courts
therefore, the merchants, and others of our State
who owe debts to citizens of other States, will
be sued, and made to pay; while their hands are
~" 'iOui uUeS from tnclT DO
nestle debtors. Thus many an honest and strong
house will be made to ,opple down headlcng
crushing many an humber one in its fall.
Creditors by deed-oi-trust tools it contempla-
ted to stop them? to prevent their trustees from
selling! If not, those who have given Trus.
Deeds will be pulled down, like those who NAV
be sued in tho u. S. Courts; without the power
| to avert their ruin, by exactng what is due to
them. Ii the stay law is to embrace them, will ii
be pretended that this is not s'rMPAIRING THE OBJ
LEGATION OF CoNTRAcTs1" If we, Vireinians,
| thus tlagrantly, palpably, violate the Federal
Constitution through fancied necessity, must
we not ever after blush to oppose any stride which
the advocates Of Bank or Tariff may take. II
we do not wish TO furnish usurpaton with si-
lencing reply TO all our future arguments in be-
hall OF the constitution, let not ourselves give
| 1t this open, this fatal blow
| Instead OF remedy thus at once mischieyous
and unconstitutional, let rotrench our expenses
save all we can--work hard-apply all our
earnings, over and above our livelihoods, to TIM.
payment of our debts and, my word for it..
creditors will be inspired with confidence, and
wait with us; we shall soon cease to feel the
hardness OF the times; ard in a year, all wishes
Tor any interruption TO the regular course of JUS
tlce, will have disappeared. When it is consd-
cred, that Virginia spends, far worse than useless
~, In STRONG DRINKS fire times tie amount Of her
rerenue-ONE advisable retrcnchment is obvious
TO the duliest mind. Nj. l..
correspondent of the Richmond Whip, who
sketches rather an exapoerated pictpre Of ~ e