The day book. [volume] (Norfolk, Va.) 1857-1867, 1866-03-06
AN IMPORTANT LAW.

We publish IN cztenso the law regulating
liabilities made between LIST january, 1862,
and April 10, 1865. Ii is as follows:
An Act proriding TOR the adjustment Of liob1i-
ties arising under contracts and tciHs made
betoceen January !, 1862, and AprI 10. 1865
Passed March 3, 1866.
Whereas a 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, aud
whereas the result of said war involved the
total destruction Of said currency; aud whereas
there are many contracts which were made, or
obligations which were incurred, before the
termination of said war, predicated on said
deprecated currency, still remaining wholly
or partially unadjusted, in respect to which
great uncertainty exists, perplexing alike to
debtor and creditor, as to the present measure
Of their liabilities and rights respectively; and
it thus appearing useful that some uniform
and equitable rule should be established for
the adjustment of such mutual demands and
| liabilities: therefore
/. BE it enacted By The General assembly,
| That in any action or suit, or other proceeding
for the enforcement of any contract express or
implied, made and entered into between the
1st day of January, 1862, and the 10!h day of
April, 1865, it shall be lawful for either party
to show by parole or other relevant evidence,
what was the true understanding and agree.
ment of the parties. either expressed or to be
implied, in respect to the kind of currency in
which the same was to be fulfilled or performed,
or with reference to which, as standard Of
value, it was made and entered into; and in an
action at law it shall not be necessary to plead
| the agreement specially in order to admit such
evidence.
g Whenever it shall appear that any such
contract was, according to the true UNDER
standing and agreement OF the parties, to be
fulfilled or performed in Confederate States
treasury notes, or was entered into with ,efer-
ence to such notes as a standard of value, the
same shall be lquidated and settled by reduce
lag the nom nal amount due OF payable under
such contract in Confederate States treasury
notes, to its true value at the time they We're
respectively made and entered into, or at such
other times as may to tire court seem right in
the particular case, and, upon the payment of
| the value SO ascertained, the party bound by
such contract shall be forever discharged of
and from, the same: Provided, 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 or for
whom the same was paid shall have full credit
for the nominal amount so paid and such pay
ment shall not be reduced.
s. Where any judgment has been recovered
for specified sum- or for damages between
the said LIST day Of January, 1862, and the
said 10th day Of April, 1865, or shall have
been recovered after the said 10Th day of
April, 1865, upon Il cause OF action arising
within the said period, aud such Judgment re-
main unpaid. it shall be lawful for the courts,
in summary way, on motion, after ten days
notice, either before or after the issne of exc
cution, to fix, settle, and direct, at what de-
probation or how the said Judgment shall BE-
! discharged, having regard to the provisions OF
this act, to the cause of action for which the
Judgment was recovered. aud any other proof
o. circumstance that, from tie nature of the
Case. may be admissible.
4. III any case wherein it shall appear tina,
on any contract made or liability incurred: nn
II after tie LIST day of January, 1862, and be-
lore the 10th day Of April, 1865, the debtor,
on or after the maturity Of tie aim against
| lin, and within the period aforementioned
made to the creditor, hi, agent. or attorney NJ
aw, IL bona 5ids and actual tender oi tia,
rea- ury notes, TT other equal or better cur
fency, and that the creditor then refused l.
accept the same, court of equity may gran
relief To the debtor, unless it appear that the
i creditor was justified in refusing to accept the
amount rendered in consequence of a substau-
tlal 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
pears to be iuequiable to grant such relief
5. 1t shall be lawful for any person bound
for any debt, or the performance of any CON-
| tract, which was to be discharged or perform, d
b. the payment Of Confederate States trea Jury
Notes, or for the performance of any contract
made with reference to such notes as a standas
ard OF value, to tender to the party euttied ~
demand payment or performance, or damages
tor performance, the amount den'audabt
according to the provisions of this act; and if
such party shall ri fuse to accept the amount
So rendered, it shall be lawfui for the party
bound, by notice in writing, duly served
to require him to institute proper legal pro-
ceetiings for the recovery Of such debt, or the
enforcement OF such contract, or for the reco-
very of damages for its performance; and
if such party shall fail to institute such pro-
ceedings witbin three months from aud after
the service of such notice, he shall be forever
barred and precluded from all legal remedy
whatever founded upon such debt or contract
beyond the sum rendered without interest
6. Nothing in this act snail be construed to
take away or impair the ordinary jurisdiction
OF courts of equity.
7. In any sill To recover legacy bequealh-
ed by will or codci executed between JAN
uary /, 1862, and April 10, 1865, or to en-
force any provision of such will or codici,
1t shall be lawful for any party interested to
show by parole or other relevant testnon,
what was the true intention of the tustatnr,
either exp'e lsed or to be implied, in respect