The day book. [volume] (Norfolk, Va.) 1857-1867, 1866-01-24
THE STAY LAW.


Courts Of Justice, in the House of Delegates
have chalksd out sensible stay law and re-
ported it for the consideration of the House
1t is intended to be effective in all parts of the
Commonwealth, and, we think, should be
passed in general form by both bodies of the
Legislature
We would respectfully recommend to our
Representatives not to allow Norfolk to be made
an exception from the benefit of the law-or
any other portion of the Commonwealth. Let
the law be uniform, and give universal relief
There is no money to be borrowed by the
debtor and everybody knows that to force a
sale of his property nov, would be to.ruin him.
The law, as reported, provides that no pay
msnt of money shall be compelled prior to the
lst day Of January, 1868, unless the debt
was contracted subsequent to April 2, 1865,
or Is due to the State, or for county taxes, wi
dow's dover, &c. 1t requires one years in
terest to be paid on January l, 1857, and the
same on the LIST day of January in each year
visions are eminently sage and wholesome,
and our people will be rcjoiced to get the be-
nett of them.
It is scarcely possible for the Legislature
to extend any adequate banking facilities
to our community, in time to be available
against the strait in which we are now placed
And we do not think it would be justifable to
resort to general bankrupt law as first step
towards relief A stay law, simply postponing
the day of payment for all debtors for rea-
sonabls period, might prove sufficient, on trial;
and act as a blessing for both debtor and
creditor.
There is one aspect of the case that renders
italmost imperative upon our legislators to pro-
vida relief; and that is, in view, of foreign
soar-with France and Mexico, and maybe
Great Britain to-boot. 1t cannot be denied
that things look menacing on the Rio Grande !;
and equally so in the diplomatic field Some
body will have to back down upon the dividing
question-either the United States Or France
aud Mexico. If neither side should yield,
then we may look for the ultima ratio, with
all the din and disaster of sounding arms.
If we should have added to the pressure of
war, the thumb-screw process of executions
and sheriff's sales, the poor debtors ('and their
name is legion'') would have nothing before
them but--despair
When Esop's boar was seen quietly sharpen
ing his tusks against tree, with no enemy
at handy he was set up before mankind as an
example of prudence and courage. The Gene
raj Assembly should act with the same fore
cast, and not postpone protection till the day
of events A special session of the Legislature
while armies are marching, and private estates
are psrishing, cannot give that relief by its
enactments, which preventive laws passed by
the Houses now sitting can ensure. Timely
legislation would enable every craft to make
snug before being struck by the blast and if
the storm should not come, why, no evil would
follow from preparation. 1t seems to be idle
for any Southern community to look to the
General Government for relief in its Difficult
ties. The Black Republicans in power seem
to be determined to plunge the country into a
foreign war, and to make no provision for re-
lieving our people from the private embarras-
msnts which would attend it Their taxation
upon State Banks amounts to an Introduction
of capital to our merchants and farmers ;
while at the same time they are driving us,
by their other movements, to the edge of a
political abyss.
Let our Legislature then look to it, and by
enegetic and timely action save our people
E,x-,