New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-11-25
Il Ii c 8 tay L a w.
from the MlsBissippian. !


JACKSON, Nov. Il, 1851
Dear .St-Your letter of Nov 10, requesting a
copy of our Mississippi Stay Law together with
my opinion as TO its constitutionality has this
ment been received. Enclosed | send o copy of
the statute.
The law, in my judgment, is palpably unconsti.
tutional and grossly unjust.
The first section repess all laws for the colleo-
ton OF debts upon contracts, express or implied
II prevents the Courts from taking jurisdiction Of
any action for the collection of debt express or
implied, which was created before its passage; it
prohibits all persons from resorting to the ordn-
'~ary legal remedies, by due course Of law for the
collection of debts due and unpaid, except the
action of attachment which rests upon fraud !; it
operates judicial injunction against courts
and citizens enjOinng the former from exercising
their conceded constitutional functions and the
latter from asserting their constitutional rights
it takes away constitutional remedies for an un-
limited and uncertain period Of time, and is
substantial repeal of all laws for the collection OF
debts; it divides the community into debtor and
creditor classes and says to the debtor keep that
thou hast-the money you have borrowed or the
property purchased of your neghbor and not re-
turned or paid for shall be yours and your neigh
bor shall have no remedy against you until further
provided by law-disregard your contracts and
5 break your faith with mpunity; never having paid
your debts, we regard you as a law abiding,
patriotic and particularly warlike portion Of the
= community. Having confacated the property of
your creditors for your benefit, we expect you to
\ loan the amount contiscated to the Southern
#Confederacy, and we rely on your honor to do SO.
We do not compel you to make this loan, but the
&clemency we have shown you appeals so strongly
to your gratitude that cannot suppose you will
disregard this implied obligation. To the creditor
the Legislature in effect says you have always paid
your debts and fulfilled ali your pecuniary obfiga.
tons, and, SO far we know all your other obli-
cations to society and your country. By your
industry and economy you have accumulated q
surplus of means and you have loaned your money
or sold your property to your neghbor, who has
I'll al riuht
Having done your whole duty heretofore, we can
expect nothing more of you; but the country is at
war and we must have help-we therefore abandon
you as Shylocks. We take from you the protec-
ton of the law-we confscate all your bills receiy
able-we tax your money at interest at the same
time that we prohibit you from collecting tive
eNsax all other property you may have--we prevent
you from collecting the money due you to pay
your taxes, and then sell your property because
you do not pay them. Your debtors, having pos
session of your money, will have the means of
buying your property when sold for taxes, and by
this effort of patriotism on the part of the Legsla-
ture the debtors of the State will become rich and
the creditors will be paupers in the land.
This statute is put forth as war measure for the
State of Mississippi. Its effect is to con6scate all
the bills receivable of the State due unpaid be-
i fore its passage. When we reflect that the entire
business of the State is transacted credit from
year to year-that all supplies of every character
for every being in the State, slave and free, are
& purchased on this credit and frequently extended
from year to year-that large amounts were also
due for the purchase money Of land and negroes,
and upon every variety of contracts, the sum of
money thus enjoined from circulation by this act
must amount to millions Of dollars. Such an inter
ference with the contracts and business transac-
tiOns OF whole State must necessarily produce q
greater evil than the one intended to be remedied.
The professed object of this law is to enable the
debtors of the State to avoid the payment of their
debts for an unlimited period of time in order that
they may loan their money,if they choose, to the
"Sontederacy-to afford a legal cover for an act of
bad faith.
3 1t is argued by the friends of this policy that if
the debtors are required to pay they will be de.
prived of the means of loaning money or cotton
to the CoDfederacy. This argument admits the
ability of the debtors to pay, but proposes to rob
the creditor of his money in order to invest it in
confederate bonds at twenty years. The immoral
ty Of the proposition is sufficient to condemn it
sno Government can long survive that INDUCES in
partial legislation. Mt reover, it is the avowed OBJ
ject of the supporters of the law although not SO
Expressly denominated in the bond, to take the
money due the creditors and appropriate it to the
public use without their consent. 1t is an indirect
mode of sezlng the property of the private citizen
without just compensation and is condemned and
prohibited by express provision of the constitution
But the whole argument is fallacous The statute
does not facilitate the Confederate loan because
debtors are not in a situation to loan money or |
produce with justice to their creditors or safety to
themselves As relief law it defeats its professed
object. ltprevents exertion on the part of debt |
5ors to meet their engagements the annual settle
ment of balances crcuates money freely and |
creates public confidence. 1t is clear that the |
stoppage of money in the hands OF debtors does
pot increase in the least the wealth of the State
flor its ready means-the foreign debt is all cut off
by the act of seeessiou-the stay law acts only on |
the domestic debt-its payment increases the Cir
culation of money! hundrs ed dollars pays thou
sand or more by its daily circulation from hand to
hand 1t is clear then that il the payment of the
lars unpaid. :-s-
j Money is the medium Of exchange prevent its