The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1861-07-16

The n. Z. RAILROAD.-The annual meeting OF
the Stockholders of the n G. Railroad Co., was
held in Salisbury on Wednesday and Thursday
last We learn from private source that Messrs
McRae of Wilmington, Mebane of Aamance,
Webb of Orange and c. Phifer of Cabarrus, were
elected Directors on the part of the Stockholders.
The Directors appointed by the State are the same
as heretofore, except Ralph Gorrell was appointed
in place of r. P. Dick. Mr. j. W. Thomas, of
Davidson, represented the States interest in the
meeting.
At meeting of the Directors, Paul Cameron,
Esq, of Orange, was elected President of the
Road in place of G. F. Fisher, declined.
THE WAxHAw GUARDs.-Ths fine company
of volunteers from Union county passed through
here on Wednesday last, under command of Capt.
Steele. This is the second company from Union,
and, like the first, is composed Of fine-looking,
healthy men, thoroughly equipped, except with
guns, which they will get when they arrive at the
camp of instruction. Union county deserves
credit for the manner in which she has equipped
her soldiers for the war We have seen no better
furnished companies pass through here than those
from Union.
THE STAY LAw.-We publish in full the de-
cision of the Supreme Court of North Carolina in
regard to the constitutionality of the Stay Law
passed by the last session of the Legislature. AS
might have been expected, the law is pronounced
unconstitutional. We think the law has done
more to injure and retard business in the State
than the war, for even those who were able to pay
their debts at any time took advantage Of it and
refused to relieve the necessities of indugent
creditors. Instead of benefting the volunteers,
really believe it has been an injury to them,
for, as general thing, the class of persons who
volunteered were business men who left their
affairs to be settled by agent, and they had a
right to expect that their claims should be
settled, especially those due from persons who
had not and would not volunteer; but the law pre-
vented this, and the result was that the business
and interest of those who off fighting our
battles suffered materially, aud in some Instances
had to be suspended, because debtors, who were
staying at home, would not pay up Money is as
plenty in the State at this time ever--thcre is
no drain by the payment Of Northern debts-and
everything would move on smooth enough if
people would pay their debts instead of boarding
up every dollar they get A want of confidence
IS WHAT is uOlnS tue mlSCneI, anu the Slay Law
did more to cause this want of confidence than
anything else.
The honest people demand no such law as that
passed by the last Legislature, but there ought to
be law to prevent the sacrifice of property by
forced sales-no reasonable man would object to
such a law. The property Of volunteer ought not
to be sold under any circumstances during his alb
sence but the property of all should be held liable
for their debts, and no transfer disposition of
the allowed without the consent of all credi-
tors during the existence of the law. We sup
pose the next session of the Legislature will pass
new law, one to prevent the sacrifice of property
(not strictly prohibit sales) under execution, but
which will not ruin creditors and encourage dis
honesty. The best policy and one which will
avoid difficulty, is for all who to pay their
debts, or much of them as possible, and we have
no doubt they will receive reasonable indulgence
for the future. Certainly no one will press claims
if debtors will show disposition to relieve credit
ors as far as may be in their power to do SO. If
people would only pay their small debts it would
do much to relieve pecuniary embarrassment.