Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1861-11-27
For the Standard.
THE STAY LAW.

For the Standard
THE STAY LAW.
MR EDIToR: There seems to be diversity Of
opinion relative not only to the constiutionality,
but expedency of ian act to change the jurisdiction
of the Courts. and the rules of pleading therein"
commonly called the Stay-law. As the subject may
be considered BY the Convention which is in ses-
SION, and as the wishes Of the people, l doubt not,
will determine the action of the members, it is
proper that there should be free interchange of
views from the various sections of the State.
So tar as my intercourse extends, there is almost
universal sentiment that some legislative action
Tor relief is necessary. Some believe the true poll
cy to he, for the Confederate government during
the blockade, to purchase with Treasury notes the
cotton and tobacco crops. the two principle staples
OF the country, and thereby to supersede the neces
sity of any legislative interference on the part of
the State, with pecuniary obligations In such
event. the repeal Of the present Stay law would give
general satisfaction. But Mr.. Memninger, the Sec
rotary OF the Treasury, thinks that project would
he too stupendous. Although believe such action
on the part of the government is almost sine qua
non to the successful prosecution. of the war; yet
such beneficial legislation against the views of the
head OF the Treasury department, cannot be relied
OH. The question then arises, whether moi 1t is
proper for the State to attempt any relief. 1t is
evident that if there were no Stay.law, and debts
were now pressed for collection, great sacrifice Of
property would ensue. To prevent such sacrifice,
can We rely on the patriotism and forbearance of
creditors! In these trying times, | am charitable
enough to believe that lenency from most creditors
would be extended as far as safety permitted. But
there are men without souls, who are looking to
nothing but dollars in this war; Such men will
force others to look after their interests. In this
way, a pecuniary pressure would commence which
would inevitably end in panic and bankruptcy
admit that there were objectionable features in
the Siay-law passed last Spring. apart from the
stitutonality involved. That law postponed the
collection of debts to an indefinite period of time
without the least regard to the interest of creditors
There arc objections to the present Stay-law. The
interests of creditors here are perhaps too much
ignored Our judicial system was an admirable
one If the alteration in it is only temporary per-
haps too much has been done, if it could have been
helped, to accomplish single object, towit: the
postponement of the collection of debts. believe
in Virginia law has been passed, preventing sale
of property for debt, unless such property shall
bring what assessors may consider a fair price, un-
der ordinary circumstances. Such law, not in
teriering with the former remedies, whereby judg-
mcnts and executions were obtained, but simply
preventing the sacrifice of property at sale, would
have been preferable. Debtors would then have no
cTuse to complain at the sale of their property, to
then have confidence in the ability Of debtors
to pay, and hence they would not be so anxious to
press collections, lest the first to should get the
lions share | doubt not however, this plan of
relief suggested itself to the Legislature in Septem-
Der last, and something of the kind would have
been adopted but for the apprehension that it might
be declared unconstitutional by the Supreme Court
Hence, the round about way of coming at the object
desired, for which am not disposed 10 blame the
members, as perhaps they did the best they could
under the circumstances. For although it is clear
to my own mind that such law simply preventing
the sacrifice of property, really strengthens, in
stead of "imparing the obligation Of contracts
yet it might not be 30 clear to the minds of the
Supreme Court Doctors of human as we'll as Di.
vine laws, will differ.
shall not moot the constitutionalty of the pres
ent Stay-law. 1t can do no good. The law must
remain as it is now, at least until next summer, I'M
less it be repealed Now ought the Convention to
repeal it? doubt the propriety of legislatng by
the Convention, unless from the most imperious
necessity. The financial affairs of the State, and
perhaps other matters admitting of no delay, ought
to be considered. grant the right of the Conven-
ton to pass any ordinance, although the Constitu-
ton declares that the legislative authority shall be
vested in Senate and House of Commons. But
the passage of ordinances upon any and every mat
ter and especially those repeating recent legislative
enactments, has so much the appearance OF inf-ing
ing upon the rights guaranteed In the first section
Of the Constitution that the power is of doubtful
policy Aside, however, from any clash of right,
or giving occasion for more illfeeing which unhap.
PLY exists between the Convention and the Legis-
a,urc, think under all the circumstances it would
be better to do nothing with the present Say-law.
1t would be impossible to legislatc upon subject
law was passed, there was considerable clamor for
one. Ate: its passage, the tune was changed, and
others sung a different note-loud and long. 1t
was decided as unconstitutional and there was still
more clamor for another law. As soon as the pres
ent Staylaw was passed, it was denounced From
the different phases which the subject has assumed
in newspaper controversies infer that the creditor
class generally opposes and the debtor class favors
the law. The opposition then arises from the belief
that it will injure the creditor 1t may operate
against the creditor whose conscience is in his pock
Ct but do not think that it will finally injure the
patriotic creditor having right notions, whilst it will
he Of great benefit to the debtor 1t will only pre-
vent those from accumuating so rapidly, who are
disposed to grind every thing to powder that will
yield them gold. Most men naturally cling to their
property until forced from them. If nobody can
thus force, then when the last roar of the cannon
shall die away, and business resumes its natural
channel, the creditor will find his debtor as we'll off
generally, as he left him. r>"
Some persons suppose that Stay-law is the nc
plus ultra outrage of all legislation. Let us ex-
anime this NATTER and see if there he nothing like
it that is in Heaven above or that is in the earth
beneath that is in the waters beneath the earth"
To say nothing of the present suspension of specie
payment by the Banks, it win be remembered that
in 1857, nearly all the Banks in the different States
were forced to suspend from causes which it is
less now to inquire into. The suspension was eve.
~ where legalized, and the banks relieved of the
penIlty for failing to redeem their notes. Nobody
complained Every body who understood any thing