Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1861-11-23
THE STAY LAW.

ss For the Standard.
.@1' TIE STAY LAW. III
Mr. EDITOR: There seems to be diversity Of
opinion relative only to the conStitutionality,
but expediency of ian act to change the jurisdiction
of the Courts, and the rules of pleading therein"
| commonly called the Stay-law. As the subject may
be considered by the Convention which is in ses
sion, and as the wishes Of the people, doubt not,
| will determine the action of the members, it is
| proper that there should be free interchange of
| views from the various sections of the State
So far my intercourse extends, there is almost
universal sentiment that legislative action
for relief is necessary Some believe the true poll
| cy to be, for the Confederate government during
the blockade, to purchase with Treasury notes the
cotton and tobacco crops, the two principle staples
Of the country, and thereby to Supersede the
sity Of any legislative interference the part of
! the State with pecuniary obligations In such an
event. the repeal of the present Stay law would give
general satisfaction. But Mr.. Memminger the Sec
rotary of the Treasury, thinks that project would
! be too StupeHdOus. Although believe such action
the part Of the government Is almost a sine qua
non to the successful prosecution of the war, yet
such beneficial legislation against the views of the
head oil the Treasury department, cannot be relied
on. The question then arises, whether not 1t is
proper for the State to attempt any relief. 1t is
evident that if there were no Stay-law, and debts
now pressed for collection, a great sacrifice of
property would ensue. To prevent such sacrifice,
we rely on the patriotism and fOrbearance of
creditors? In these trying times | am charitable
enough to believe that lenency from most creditors
| would be extended as far as safety permitted. But
! there are without souls, who looking to
nothing but dollars in this war; Such men will
force others to look after their interests. In this
way, pecunIary pressure would commence which
would inevitably end in panic and bankruptcy
| admit that there Objectionable features in
the Stayaw passed last Spring. apart from the con-
stitutionality involved That law postponed the
collection of debts to an indefinite period of time
without the least regard to the interest of creditors
There objections to the present Stay-law. The
interests of creditors here perhaps too much
ignored. Our judicial system admirable
one. If the alteration in it is only temporary, per-
haps too much has been done if it could have been
helped, to accomplish n single object, to-wit: the
pOStpOnement of the collection of debts. believe
in Virginia law has been passed. preventing sale
of property for debt unless such property shall
bring what assessors may consider fair price, I'M
der ordinary circumstances. Such law, not in
teriering with the former remedies whereby judg-
mentS and executions were obtained, but simply
preventing the sacrifice Of property at sale, would
have been preferable. Debtors would then have no
to complain at the sale Of their property, to
discharge their just Obligations. Creditors would
then have more confidence in the ability of debtors
to pay, and hence they would not be anxious to
press collections lest the first to should get the
relief suggested itself the Legislature in Sepem-
Der last, and something Of the kind would have
been adopted but for the apprehension that it might
be declared unconstitutional by the Supreme Court
Hence, the roundabout way of coming at the object
desired for which | am not disposed 10 blame the
members, as perhaps they did the best they could
under the circumstances. For although it is clear
to my own mind that such law simply preventing
the sacrifice of property, really strengthens, in
stead of impairing the obligation of contracts
yet it might not be so clear to the minds of the
Supreme Court Doctors of human as we'll as Di-
vine laws, will differ
shall not moot the consttutionality of the pres
ent Staylaw. 1t can do good The law must
remain it is now, at least until next summer I'M
less it be repealed. Now ought the Convention to
repeal it? ! doubt the proprety of legslating by
the Convention, unless from the most mperious
necessity. The financial affairs of the State and
perhaps other matters admitting of delay, ought
to be considered. | grant the right of the Conven-
ton to pass any ordinance, although the Constitu-
ton declares that the legislative authority shall be
vested in Senate and House of Commons. But
the passage Of ordinances upon any and every mat
ter and especially those repeating recent legislative
enactmentS has so much the appearance of inf-ing
ing upon the right guaranteed the first section
Of the Constitution, that the power is OF doubtful
| policy. Aside however, from any clash of right,
or giving occasion for more ill-feelng which unhap-
PLY exists between the Convention and the Legis-
lalurc, think, under all the circumstances it would
be better to do nothing with the present Stay-law.
1t would be impossible to legisate upon SUBJECT
SO delicate to please ALL Before the first Stay
| law was passed, there considerable clamor for
After its passage, the tune was. changed, and
| others sung different note-loud and long. 1t
was decided as unconstitutional and there still
more camor for another law. As soon as the pres
ent Stay-law was passed, it was denounced. From
the different phases which the subject has assumed
in newspaper controversies, Infer that the creditor
class generally opposes, and the debtor class avors
the law. The opposition then arises from the belief
| that it will nlure the-credtor 1t may operate
against the creditor whose conscience is in his pock
ct but do not think that it will finally injure the
patriotic creditor having right notions, whilst it will
he Of great benefit to the debtor 1t will only pre-
! vent those from accumulatng so rapidly, who are
disposed to grind every thing to powder that Will
yield them guild Most men naturally cling to their
| property until forced from them. IL nobody can
thus force, then when the last roar of the cannon
l shall die away, and business resumes its natural
channel, the creditor will find mis- debtor as well of
generally, as he left him.
/ Some persons suppose that Stay-law is the ne
/ plus ultra outrage OF all legislation. Let US ex-
anime this natter and see if there be nothing like
il that is in Heaven above, that is in the earth
beneath, that's in the waters beneath the earth
TO say nothing Of the present suspension Of specie
payment by the Banks, it will be remembered that
IN 1867, nearly all the Banks in the different States
were forced to suspend from causes which it is use
less now to inquire into. The suspension was eve-
1 ryswhere legalized and the banks relieved of the
penalty for failing to redeem their notes. Nobody
complained. Every body who understood any thing