New-York daily tribune., 1862-04-23

Judge Woodward, Of the Supreme Court Of Penn
sylvania, has decided the Stay Law of that State
passed IN May 1861, unconstitutional mainly for the
reason that it makes the right Of judgment creditor
to have execution against his debtor dependant on
tha agreement Of "A majority Of rho e"-A;.---
demands exceed wo-thirds Of the debtors entire IN
debtedness, and imposes no limts to the stay which
the majority Of the creditors may agree to. No dis
cretion Is left TO the Court and the creditors as sore-
said may extend the stay indefinitely.
In regard TO Government securies the circular OF
Messrs Samuel Hallet & Co., for tie steamer, says;
Although tendency Of the securities Of Government be.
been steadily though gradually up~ d"e do not ook forward
years III the result Of the rebellion is distinctly seen for two
ieason,ho uncertainty which exists r. TO the amount OF
bonds which may have TO be issned and 'he unwngne'
which naturally eyss 70 nves TIL e result OF e contest
ia pro,cd demonIa!ion No m tier low probable THIS
may bs there always large oass who will Hwsis the event
m there Is every reason 20 expect gradual appreciation to
keep pace with the Of our arms aid with the In
We sssuIns hs no one now denie. n. speedy ard
plee triumph o. Government This triumph wiz be fol-
lowed by greater degree OF corhdeHce IN hsn hA> ever yet
been felt a strength which before wAs only assumed viii
hsye been fully proved Such demon't alton tie basis Of
Al, confidence In political org.nilsOrs With regard 10
money the rebellion .s lab excited no tendency 20 pat
the other hand more abundant ih,D a.
the present moment es6 OF = eos 900 600 VIII not prove
buIdeni nor IA likely 70 make money scarce
during the process OF its creation. The se
wsgDs IN Dsny Tecct' unlike other Of moders times
The expenditures .re made srons our own people snd are
drawn much more largely against tccusons III the ituIe
than IA the plt They additional stimulus 10 ndasy
and tho cymeus Of capital snd with such stimuus
people can resdiy isie..s by hrni5td, OF "'n' The
Tie large tnouE Of debt created ssunns II not to be
excessive viii ultimately have the eject . increase i,e.d
Of reduce it, nske value Eyey one will become holdeT
OF H. and all will be equally interested in nsntsiung is
price, A. tho securities Of al stable governments sell at
prices s produce the purchaser the wost rates Of Ia
terest y Inevitable that cte Of tho United btes
bearing six per cent ineaeG should, in tinie counmsnd
pIics that will pronco interest or four fonr
and half per Such has been tie experience in refer
these securities raDrnr through period Of Is
years from the creation OF tie loans In 1928 the rsress
Of 1851
Whs.sver Therefore may be the disturbing a. pres
n.nteeng with prices there be doubt hat they nust
be after peace restored The low pIcos p'eys
Ing shows how powerful the present disturbing elements
There necessarily temporary The rstso Interest Ia hi,
country will gradually spprosch those IN older countriet
England for exempe Money will be naturally attracted to
the beet secnrtiss which must be those Of Government 1t
did we consequently TO MAKE the sIoste portion OF s debt
able pleasure after i've yeAT Before hess have elapsed
II viii De able In ell probability, to sell u cent bonds Ct
very nearly not quite, the rates 1t ol tanned :oI cents