New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-12-20
sTAY-LAW LEGISLATION.

The dispatches from Baton Rouge, published
yesterday morning, state that the whole previous
day was employed in discussing d /" bill to sus-
pend forced sales until one year after the termina-
ton of the war; and substitute offered by Mr..
Tappan, oftNeW Orleans providing g for the sale
of property only whenit brings nine-tenths Of If
appraised valne." The discussion was probably
continued yesterday, with what result we are
unable to say at the present writing.
Mr.. Iappan's subs itute has much to recommend
II. when contrasted with the wholesale scheme it
was intended to give the go-by to. We know
nothing OF either, only In SO far as we have been
informed BY the telegraph. Il seems to us that no
honest debtor could or would object to his pro-
perty being sold for nine.tenths Of its appraised
value In war times, when in prosperous peace
times he was content to abide by a two-thirds
valuation. Ven .53 NJ f5J. n Fse.g3stt .l3 S,f55
This idea of great sacrifices Of property ID the
'yeriest 81, moonshfne. Property brings as much
now in the national currency as it did twelve
months ago. We were told yesterday, by a proni.
nent auctionser and large real estate agent that
property rated high fully as high, ii not higher,
than i did one year since. Why, then, this talk
about sacrifices impossible of realization and the
passage of laws wrong in letter and spirit. and
business, credit and commerce, but clearly and
absolutely violatiye Of the express provisions Of
the Constitution, which every member Of the Sen
ate and House Of Representatives has taken a
solemn oath on the Holy Evangelists of Almighty
+ God TO obey and enforces We can see no good
reason ior il no fact to warrant it-no justification
for it in any conceivable particular. The people
have not asked for in any portion of the Com
monwealth, and the press, almost without excep.
ton, have spoken out against 1t, whenever action
has been taken at all. 1t does really seem but
right that the people should be consulted before
their legislators presume to trampls their own or
ganic law under foot, and disarrange all the bust
ness relations of society.
Legislative interference with contracts entered
into invariably has a bad tendency. 1t offers a
premium upon decentralization, and while dishon-
est debtors may profit in consequence, honest
debtors instead of being benefited are always
damaged. A thousand stay laws would not pre-.
vent an honest man from paying his Just debts, no
matter at what sacrifice Then, again. the national
currency, whiehis growing larger and larger every
day, and which must soon reach one hundred mil
Hons Of dollars, will cause an imitation of prices.
instead of a depression, putting such a thing al
ruinens sacrifices at forced sales entirely out Of
the question.
Besides, i q war springs up between England
ana the Gorilla Government, as seems inevitable,
our ports win be opened in a few weeks, and the
Lincoln fleets will be destroyed, while the North
err ports will be blockaded, and we Of the South
will be IN the full tide Of . most prosperous bust
ness. Our cotton, tobacco, and fother products,
will find ready cash market, and relief laws will
be as superfuous as they were before Lincoln was
elected President.
20, in almost every possible view of the case
anything savoring Of sweeping stay law, is alike
unnecessary, if not reprehensible.