Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1843-03-02


debtorss In my humble opinion. any
measure having this effect. dues, to the
very letter. violate that provision OF the
Consultation, VII Oh declares. "tbat the
States shall pass no law lmpalrlng the OBJ
| legation ofcpatracts.'
But may be tod. that a law extern
ding the time Of collecting debts. and at
the same time making that extension de-
pend upon additions! or sufficient secu-
frity. docs not impair the contract; that
the advantage gained more than compen-
safes for the injury. IT my debt is al
ready secure. need no other security;
and if my debtor is unable to give stay
bond with securirt.T receive no asivanI
taae. But suppose that have loaned
my money to individuals. and at the time
can, bg the then existing laws. enforce
payment in nine or twelve months II
/ have the fullest confidence IN the ability
Of my debtor opay al particular day
enter into contract for the purchase
of a tract of land. the purchase money to
be paid in three equal annual instruments
make IN yfrst ard second payments,
and before the third is due. the Legsa-
ture pass stay law. and the collection
of my debts is postponed beyond the pc
riod when the last instruments should be
paid. Owing to this interior, ence by the
! Legislature. must either consent to
ruinous sacri fee or fail TO comply with
nv cnnfract. IN either event the con
tact is impaired. If permit the bond
to be shaued, the original contract with
my debtor is ntrlifged by oppnsiug loss
upon NE, effected by the stay law; or, if |
choose not to De subjected to this ruin
Gus process. / am driven. by the opera
ton OF your relieflaw, TO violate my con-
tract. and it may impair the obligation OF
both contracts. 1t is no answer, there
fore, to saw. that your debt is secured ul-
ti,nate!q by stay law when by lis aFbl-
trary provisions am deprived OF 10y
rights, accrring under laws existing at
the time Of making the contract, when
must violate my own contract or suffer a
sacrifice. may be told, that if | consent
TO give two-thirds Of the appraised value
of the property Of my debtor. the proper
" must be sud, and no stay permitted,
| Was that a part of the contract when
loaned my money. or will that property
paw my debt? 1t will net answer the par-
Pose.
The operation of the Stay or Relief Law,
IS to deeds of trust, would be more nncons'-
tut,onal than upon other contracts, The nsu-
a, form of such deeds is somewhat TO this ef-
feet; a CONVEYS to B certain pro2ert", to Sc"
! cure debt to Cit is to remain, according 10
the contract, in the possession Of 4, untii de.
fault Of payment-the day OF payment is hXed.
at some distant period, the credit beng gwen
as a remuneration for the character Of the secu'
rity afforded by the deed Of trust. The cove
nant contract is solemny made, signed and
sealed, and provision is made, that, upon de
fault of payment, the said Il, at the request OF
G, shall advertise and sell said property tor
cash, notice having been given according 70
the terms Of said deed. Your law interposes
and says, that said property shall not be Sold
unless it brings two. thirds of its appraised val
ne;-if it does not, the debtor may execute q
stay bond. which shall have tie effect OF
Judgment: and, at the end of twelve months
after the execution of said bond, execution
NAV issue thereon. IF, however. the debtor
refuses to give such bond, the property shall
be sold upon credit of twelve months with
interest from day OF sale-and the notes exc
cuted for the purchase Of said property shall
likewise have the effect of judgments, and ex-
ecutions in like manner may issue. These
consequences. 50 directly i'll conflict with the
contract it will hardly be commended, do not
impair the obligations of said contracts. This
short exposition Will Suffice to show, that the
proposed law is at least questionable. a few
rehectionsupon the effects of such ameasure!
1t NAV Justly be inferred, from our argument
on the unconsttutionality of this measure, that
it would impair credit, and weaken, If not des-
troy, that confidence which is alone the bast"
of credit. This inference will be swelied m
to reality by further consideration. Let
such measure become a. law, and with what
confidence couklI approach my neighbor, and
ask an accommodation? If he tell me, SSH,
have money to lene, but your Stay law post
pones and delays or throws such embarrass-
ments around the collection Of money, de-
cline loaning my money. more especially Wheh
can. by waiting some little time, buy these
very stay bonds at very liberal discount
J am driven, then, to offer to borrow at an u
sarous interest, or my credit, WHICH am en-
deavorns to sustain, mtst perish.
But. Look at it's effects upon the mercantile
interests. Merchants are constrained, IN pro-
curing their assortment or supply OF goods. to
buy On credit. It is known in the market,
/. that the merchant comes from State where
there exists Stay law. credit is asked,
and The wholesale Merchant promptly replies
! that al cannot afford to seltyou my goods up
on the same terms would sell to merchant
coming from another State, where the process
of collecting debts is prompt and efficient. L
should be glad to fill your orders, but cannot,
, unless you consent to give me higher price
, You see nv situation My credit and stand
ing abroad depend upon the promptness of
, my payments. and cannot maintain that char
acter if l sell you my goods, AS may be com
PEELED to negotiate your papera considera-
Die discount
The retail merchant makes his purchase at
an advance, and charges his per cent, upon
| the first cost. THE consumer pays for the
. whistle But. pass such law, and upon all
debts heretofore contracted, suits may be IN
, stituted in the Federal Court, process issuing
4 from which is not governed by the, provisions
of your Stay Law: II mean upon all debts
, exceeding five hundred dollars, contracted