The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1866-01-31
The Staw Law.

Wepublish IN this paper the amendment TO
the Stay Law passed by our State Legislature
at the recent sitting. It may be of interest
and uscf.l.for reference to some of orr readers
The Law Glands pretty much as it has stood du.
ring the war, except the provision for the COL
lection of one-tenth of the debt aud interest
due, add its inapplicabty to debts contracted
after the passage Of the Act.
The object Of the Legislature in making this
law was certainly praiseworthy. To prevent
debtors from being oppressed by old debts
which the ravages Of war have rendered them
incapable ot paying at present, il desirable e.
The country being utterly PROSTATE With com.
paratvely little money i'll circulation; very few
persons having as many dollars in their pockets
as they hass acres Of land, it was thought
that, in this condition of things. some measure
should be adopted toprevent the great sacrifice
oil property which would ensue from any at
tempt at general collection of debts. Almost
every one favored the passage OF law to pre-
vent tins sa;rSce Of the debtors property,
even at the risk Of infringing the Constitution:
|
ground OF muck controversy in the Legislature
The C9cct OF the measure finally adopted
will be to benefit the foreign creditor at the ex
pensc Of hone creditors. While the latter are
debarrcd by the stay law from sucing in the
State Courts, creditors residing in other States
can sue in the Federal Courts and collect th cir
money. When both the creditor AND debtor
reside in the same State, the former has no
right to sue the latter IN the Federal Courts
The home creditor, therefore, while deharred
from prose cutting his claim in the State Courts.
will be obliged to stand hy while the entire
assets OF the debtor is swept away by the judy,
ment and execution Of the f, cign creditor,
obtained in the Federal Tribunals. IL sas 70 r
this, and also in view of the preparations being
made by Northern credit Nrs 10 prosecute their
claims in the United States Courts, that We
last week, characterized the stay law Of the
Legislature As unw'sc aud unjust TO our own
people. The object in view (viz to prevent
the sacrifice OF the debtors property might
have been attained equally ~ well, so far as
the Legislature has power over the subject, y
a''o""S 10 DC ODtlincu IN the 81 ate
Courts, and placing stay" upon the execu.
tions This woui give the home creditor
lien upon the debtors property, aud ia that res
pect place him on an equality with the for.
eign creditor.
As the law now stands, creditors in tn e State
are placed at great disadvantage but per.
haps before any serious advantage can be sc.
cured in this way BY foreign creditors, the Leg
islatwe will have an opportunity OF remodeling
the law. Aud now, while the Federal Courts
are imperative and there is stay" in the
State Courts, debtors would do well TO avail
themselves of the tina thus given them, by
making tie best arrangement they can for the
liquidation of demands against them, and ro,
subject themselves to the costs and expenses
OF either State or Federal Courts, when they
all become fully opcrh;ivc, as they certainly
will at lao distant day.