The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1861-05-08
The New Stay Law.

The telegraphic reports OF the proceed |
ings of the Legislature show that the pro- |
ieci of stay law was under consideration
Yesterday We have several objections TO
make 10 the provisions of the bill which |
has been introduced, and which was pub
lished in Yesterdays Pass. We think it
illy fitted 10 meet the emergencies OF the
times It's radical defect consists in the
provision that parties applying for the BEN
eft OF the. proposed law must be possessed
of real estate in the county or counties in
wlich judgement may be obtained. This
will probably cut off ,wo-thirds of the per
sons who may be desirous of obtaining re-
lief under it.
The great majority of merchants in this
and o:her cities and towns throughout the
State do not own any real estate, although
they may be able 10 show assets amount
ing 10 double or treble the total OF their
liabilities. Their assets are almost always
in bills receivable, in book accounts and
in stocks of merchandise. If the tempo
rarily EN- 5arrassed debtor is a mechanic,
his property is in tools, materials, and the
products of his skill and labor; il farmer,
in farming utensils and stock; if a manu-
facturer, in machinery, material, and goods.
All these would be deprived of the benefits
Of the proposed law, because of their not
being the possessors of real estate.
But il may be said that if they have no
real ESTATE they can avail themselves of the
alternative mentioned in the bill, and give
real-estate security If any of our readers
has ever had to hunt up security, or has
been importuned 10 offer himself as
security for others, he will readily estimate
the difficulty a man in embarrassment
would find in getting a real-estate owner TO
become surety for the payment OF his debts
The landed proprietor would answer such
applicants thus: My dear friend, know
YOU to be honest aud well meaning, would
cheerfully guarantee your character Tor in
tegri,y and uprightness, but cannot, IN
/ justice TO my own obligations and my iami-
! ly, stake my properly upon the chance OF
/ your debtors paying you what is justly your
due. You will have 10 excuse me-" Thus,
those whom the law is designed TO protect
from unjust sacrifices, will generally be
unable 10 give security for the payment ol
their liabilities, anG :he law, became OF this
feature, will be valueIess. To be effectual
and Just in this time of unexpected and
universal suspension, the stay law should
be calculated TO protect both the debtor and
the creditor.
Business is suspended, and the collection
of debts next to impossible. Forbearance
on all hands is imperatively called for, and
and where the creditor is inexorable ant
unreasonable, the stay law should step II
TO save the debtors who would pay il Ehey
could, from his rapacity. AT the same
time it should protect the rights OF the cred
itor, and not be made shield fer him WHIT
would dishonesty evade the payment
his Just debts Let the security be given
for The honesty of the debtor, for his char
acter. for his integrit, Bind the suret
that his principal shall not waste or misap
propriate his assets-thal he shall rende
an account, showing that assets have bee
, faithfully collected and honestly applied t
the payment OF his debts. If security
mol required lei the applican; for stay
: execution be required 10 satisfy The cour
' in which the judgement is obtained, OF hi
solvency and honesty, for solsency an
honesty are the publications which shoul
7 entile all 10 the benefit of The law.
D The time, as we suggested in our none
article yesterday is rightly fixed. tn
: source from which the means for the grea
i er part of The debts due in our State are
: be obtained is lhe crop, which can be tur'
h ed in a twelve.mohth.
= We trust that this subject of stay la
4 will receive the careful attention that
importance demands and that our leglsl
Il tors will take pains to suit their remedy
Y the disease, and not give Us stay la
T which will be useless 10 those whom II
. intended TO help.-PresS.