Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1866-04-03
Adjustment of Liabilities.

Inc 1olloWlng is correct copy OF an act pass
ed By the General Assembly of Virginia on the
Sd Of March, providing for the adjustment of
liabilities arising under contracts and wills made
between the 1st day of January, 1862, and the
10th day of April, 1865,
| Whereas, deprecated currency, Known as
| confederate States treasury notes, constituted
the only or principal currency in the greater
part Of this State during the late war: and
whereas, the result OF said war involved the to-
tai destruction OF said currency: and whereas,
there are many contracts which were made. or
Obligations which were incurred before the ter
mlnation of said war, predicated on said depre-
clated currency, still remaining wholly or parti-
ally unadjusted, in respect to which great un-
| certainty exists, perplexing alike to debtor or
creditor, as to the present measure of their liza
biltles and rights respectively and it thus ap-
peaTlng useful that some uniform and equitable
rule should be established for the adjustment of
| such mutual demands and liabilities: There
! fore, aa} Ja4 .ld tl 4 ~
BE it enacted by the General Assembly, That
/ IN any action or suit, or other proceeding for
the enforcement OF any contract, express or inn
| piled, made and entered into between the first
! day OF January, eighteen hundred and sixty
| two, and the 10th day of April, eighteen hun
dred and slxty,five, it shall be lawful for either
partylt show by parol or other relevant cyl
dence, what was the true understanding and a.
greement OF the parties. either expressed or to
be implied In respect to the kind ofculrencv in
which the same was to be fulfilled or performed.
or with reference to which, as standard of val
ue, 1T was made and entered into and in an ac-
| ton at law, 1t shall not be necessary to plead
| the agreement specially In order to admit such
evidence.
z. Whenever it shall appear that any such
contract was, according to the true understand
ing and agreement of the parties to be fulfilled
or performed In Confederate States Treasury
notes, OF was entered into with reference to such
notes as a standard of value. the same shall be
llquldated and settled by reducing the nominal
amount due or payable under such contract in
Confederate States Treasury notes to it's true
value at the time they were respectively made
and entered into, or at such other time as may
to the court seem right in the particular case,
and upon the payment ofthe value so ascertain
| ed, the party bound by such contract shall be
forever discharged of and from the same: Pro-
yIded, That in all cases where actual payment
has been made OF any sum of such Confederate
States Treasury notes. either in full or in part
OF the amount payable under such contract, the
party by OF Tor whom the same was paid, shall
have full credit for the nominal amount so paid,
and such payment shall not be reduced.
| Dc60
recovered for a specific sum or for damages, be-
tween the said first day of January eighteen
hundred and slxty-two, and the said tenth day
OF April, eighteen hundred and sixty-fve, or
shall have been recovered after the said tenth
day OF April, eighteen hundred and sixtv-fve.
upon cause Of action arising within the said
period, and such Judgment or decree remain I'M
paid, it shall be lawful for the courts in a sum
mary way, on motion, after the ten days notice,
either before or after the issue of execution, to
Tx, settle and direct at what depreciation OF
how the said judgment or decree shall be dis
charged, having regard to the provisions of this
act to the cause of action for which the Judgment
or decree was served, and any other proof or
circumstance, that from the nature Of the case
may be admissible.
4. In any case wherein it shall appear that
on any contract made or liability incurred on OF
after the first day of January, eighteen hundred
and sixty-tWo, and before the 10th day of April,
eighteen hundred and sixty-fve, the debtor on
or after the maturity of the claim against him,
and within the period aforementioned made to
the creditor, his agent or attorney at law, bona
ftle and actual tender of the amount due in the
said Confederate States Treasury notes. or other
equal or better currency, and that the creditor
then refused to accept the same, court of e.
qulty may grant relief to the debtor, unless it
to accept the amount rendered, in consequence
of a substantial and decided depreciation of said
currency, after the time at which payment ought
to have been made, and before the time at which
| the tender was made, or unless it otherwise APP
pear to be inequitable to grant such relief
| 5. 1t shall be lawful for any person bound
for any debt, or the performance of any contract.
which was to be discharged or performed bv the
payment of Confederate States Treasury notes.
or for the performance Of any contract made
with reference to such notes as standard of
value, to tender to the party entitled to demand
payment or performance, or damages for non
performance the amount demandable according
to the provisions of this act. and if such party
shall refuse to accept the amount so rendered,
it shall be lawful for the party bound, by notice
IN writing duly served, to require him to insti-
tute proper legal proceedings for the recovery of
such debt, or the enforcement of such contract.
or for the recovery of damages for its non-per-
formance, and if such party shall fail to institute
such proceedings within three months from and
after the service of such notice, he shall be for
ever barred and precluded from all legal remedy
whatever founded upon such debt of contract to
recover more than the sum rendered without in
terest.
8. Nothing in this act shall be construed to
take away, OF IMPAIR the ordinary Jurisdiction
OF courts of equity.
7. In any suit to recover a legacy bequeathed
by will or codicil executed between the first
day OF january, eighteen hundred and sixty
two, and the tenth day of April, eighteen hun
dIed and slxty-fve, or to enforce any provision
OF such will or codicil, it shall be lawful for
any party interested to show, by parol or other
relevant testimony, what was the true intention
OF the testator, either expressed or to be inpli-
ed, IN respect to the kind of currency in which
such legacy was to be paid or such provision full
filled, or in reference to which, as standard of
value, such will or codicil was made And when
it shall appear that any legacy or provision in
any such will or codicil was, according to the
true intention Of the testator, to be fulfilled in
Confederate treasury notes, or that such will or
codicll was made with reference to such notes as
a standard of value, the amount payable for any
such legacy or under any such provision, shall
be liquidated and settled according to the pro-
visions of this act applicable to liabilities arising
| out OF contracts made between the dates afnre-