The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1861-11-20
From the Montgomery Mail.
STAY LAWS.


legislation interfering with the obligation or
enforcement Of contacts is wrong, aud should
never be resorted TO except in cases of dire
necessity. Let il be conceded. that the case
of unexpected war creates that necessity.
then the question arises. what can be done TO
relieve the debtor without injury TO him, and
with as little injury TO the creditor as posi-
bles The usual period II STAY laws and the
proerastnation in payment Of debts. INJURIES
and ruins the careless. thoughtless debtor.
The debtor rarely estimates the increase Of
a debt by delay. Again. all legislation for
classes. usually Injuries the class intended t0
be benefited, II for the debtor, II makes
cred, dearer; il for the creditor. Il makes
credit cheaper; i for the borrower, i enhan-
ces interest. and so in other cases.
If merchant sells goods on long credit
to doubtful customers. lsnd time makes debts
doubtful, and is at expense and delay ~ col
lections, he must charge for the delay. uo-
certainty and expense in the price Of his
goods. IL, on the contrary. the time Is short
and the creditor good and expense light. he
can well sell cheaper.
In every community many persons depend
upon the interest on their loans Tor the ne
cessaries Of life. All the property Of many
widows and orphans who are incapable Of
managing their estates. has pradenily been
converted into money and the money lasned
at interest, and now. il deprived Of the ben.
eft Of the loans pledged TO them for the col.
lection Of their claims. have no means or the
payment Of taxes, for subsistence or educa.
ton. The State lesies a tar upon money
loaned at interest and deprives the lender ol
the means Of payment An estate sold BY
fSserre of court on credit. and the pYrchas-
er is living in ease. afiiUence and splendor,
yet owes the entire debt to the widow and
orphan children. and pays nothing. The
widow is in want and the children are in rags.
without shoes and without education. Tie
debtor Snaps his fingers in the face Of the
widow, and his children treat contemptuous-
" the starved and ragged orphans. The
widow IN search Of food . bedrsggled With
mud, a0d the debtor and his vile are riding
10 their coach.
merchant furnishes farmer With prosi.
sions. forage, clothing and tools to enable
him 10 make crop. and when at the end Il
the yer lie applies Tor payment. is answered
" no money" The merchant then applies for
corn, potatoes. &C., for the use Of b.. family.
il - refused Or exorbitsnt prices demanded.
Much money j. supposed 10 be boarded
the deposit account IN the banks is said Il
be large. and IL is said some Of those having
the money refuse to pay their honest debts
And how can il be expected that IN the pre-.
sent state Of things ne will part with j.. i hs
has no means II getting more! The unscru.
pulous debtor will huld on 10 his money md
speculate 20 the wants of his creditor and
The poor with impunily.
By the operation % stay laws. AZ credit i,
destroyed or greatly impaired, and the price,
Of property necessarily redueed. Pm credl
IS capital and constitutes a large portion 81
The capital 10 AL well regulated communities
II capital i reduced, the price of property i
| reduced.
10 the present exigeneies il may be diff.
cult, perhaps impossible, for debtors TO com
ply With their contracts according 10 Oh,
termsj Il so, LET them do the best they can
II urable to pay al. lee them pay part
surely they can pay the annual interest AM
part q The prineip.l. Let them pay annual
ly the interest and 5, 10. rs, IS 0r so pei
cent Of the principal. n the debtor has moi
got the money, he has something which rep.
resents the debts he owes. or ne is manifest.
y insolvent Now II he has that which rep
resents The Jebi, he owes. he will pay or give
that 70 bis creditor. for il j. his. The debt.
Or, 4 be has proper, % money. will find M
better time 70 pay than nov. Al this time
BE- csn Ray one dollar uiih about eighty cents
For al debts hereafter contracted sith 1
foil knowledge 81 the coalition Of things
there can be no psIiatien Or excuse for legs.
lative interference.