Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1866-07-18
our citzens, who are inclined to listen to reason,
how easy it is to assert thing derogatcry Of GER,
tain Institutions, aud yet how difficult to prove it.
s@PERs ONNE. ?
the Adyor,iseer.
stay Law, AGAIN..

in the second communication, to- write mo more
on, on tho Stay Law.atpresent, but Major iADSEy's
communication requires7an answer fFom some
one, to prevent pleasant but fatal deiusiOns get
ting abroad in the land:Fs
The remedy proposed by Major ADSEY, to
avert the distress which will be caused by haying
no Stay Law, is to enact ga, Homestead Law ana
a law exempting certain property from levy ana
SALE" This would be L capital remedy indeed II
the thing could be done, but that is the question.
II would be aneasy matter to enact an exemption
Law Cor future debts, but present debts must be
paid, OF consume all the Debtors property except
what mas be preserved to him by erising sxemp-
ton laws. III
The substance owned bya debtor, at the time
he makes particular contract, is q part of the
consideration of tho contract. tits the Jou,lda-
ton upon which he obtains credit, and as such
must be held liable for satisfaction of thoparticu-
lar contract. This is the we'll settled law no'e,
and has been for many years past although
Major aDyEY's view of the Constitutionality OF
re,ro.actirc exemption law wns once held to be
sound doctrine. Hence his remedy can only
overcome the distress which might be caused by
future debts, whereas present debts will overcome
the people, if they rely upon his "schome" for
relief .s,rs
Some persons also propose to reduce. the legal
rate of interest to FIVE, or even thrceper cent in
order somewhat to relieve debtors, who owe mon
ey upon eeisling contracts. But such theory is
simply idle. The rate of interest, determined
either by agreement of the parties, or by opera
tionvf law, is part of the contract also,i Lower
! legal rates of interest could only apply to con-
tracts entered into after the new rate had boen
established by law,
Although want of faith is characteristic Of
this Revolutionary age, yet lctu5Shavc fsith that
Providence has not entirely deSerted'.us; let us
4 hope that in Gods own good time and way he
will deliver us from pccuniary thraldom. Besides
the relief that may be afforded by legislation,
there is q small roy Of hope in the.iuture that
begins to pierce thrOughthen dark cloud Of de1t,
dis,regs and dispair that oyorhanss this once
happy aud prosperous land. That small ray is
in the collapse of Grccnbacks. Those Sninplas-
ters are legal tender for 10th prirate and public
d,5t,, and although they are so scarce here now,
they will in short while flow abundantly in: this
direction.
Cotton is psid, and sbinplasters arc not gold,
although MS. f" Legal Tenders" they answer'the
same purpose in paying debts. Well, unless man.
is different now, under Radical rule, to What he
was in the days of Continental money, French.
A.siguats, Mississippi Bubble, and the Soath Sea
Mania,-unIcss Paper money is better new thsn
then-unlcss oil human experienceis at fault, and
all history Iic rs sure as paper money has not
been gold in the past it cannot bo gold new orin
The future. Wealth cannot be created by Printers
Ink, no matter how beautiful Tie issue OH which
The impression is sought to bo made. MI. Mem
mincer tried that with satisfactory results to the
incrcdulous, and Mr.. McCuLLocu will do the
same thing.
Already the National Banks lare proving their
rottenness-already cotton, gold, and every other
substantial article of commerce, is constantly vi
bratinc-rising and falling rapidly and violently
like the troubled Mercury-the inyariable pre-
ludes of an impending storm in the commercial
world. Herein lies our hope The cup of bitter
ness which we have had to drain to the drega,
will shortly have to be reGlled by fate, and swn-
lowed by the sanity lips of even immaculate New
England Having no Greenbacks ourselves We
have nothing to loose, but every thing to gain by
the Paper Bubble bursting ut the North, which it
must soon do, as human ingenuity could not de-
wise better means to precipitate ,-cney crisis,
than the Radical Congress are now doing at
Washin gton. Those whom tho Gods would des-
troy they first make mad. There must be Il gold
foundation as we'll as one of confdenceto sustain
the vast Pyramid of Paper which the Yankees
are widening and clerating every day, rs ii they
possessed all the money on the earth, and al the
bullion in the earth. Republication must ultimate
ly be the countersign. in the mouths Of an over
whelming majority of voters.
But in the meantime, every cent that gold may
rise will of course only mark the depreciation Of
Greenbacks, and asthe debtors Of the South need
these Legal Tenders" with which to meet their
accumulated obligations, they ought to. pray for
the rise of gold as their only hope for salvation
unless the wrath Of our Judges can be propitated,
or unless the Legislature can be enabled to afford
relief despite the Judges. These same greasy
Greenbacks, by their enormous depreciation,
which must como, or they must share better
cfatc than uncomfortable paper money ever did be-
fore, may yet provo to bo tho best friends Of
debtors in the South.
Sill too much relief ought not to be expected
from this source. It is only n popular deusion
that if creditor refuses to accept debt rendered
him, that the debt is thereby Cancelled. The Waolc
amount ,of; "a debt, both principal and interest,
| may be rendered, but tho creditor can accept or
not us he likes By refusing toeacceptr he loses
| nothing but interest from the day Of tender, md
cos,s of sui. whenever he enforces his contract by
law. If Greenbacks should get Sc, sick rs net to
bo desirable property, (and they will,) Creditors
might refuse to accept them, and defer bringing
suits as long as the statute of Limitations would
.llow, in order to get gold, or better currency
for their claims.
However,, it ia probable that Greenbacks. would
gladly be received by creditors as long as 81 of
them would buy one of gold, especially if any
impediinents can be thrown in the way of Sherif's
auctions. Then let US ull turn Bear Brokers ia
small way, by boarding gold, to promote the sick
lyihealth of our promising: friends, the .Gredn-
baeks:se The present growing cotton crop will
bring gold: As the Merchants are accustomed to
say, is gold, and god aloOys gold, whereas
paper money (unconvertible) according to all
past experience, is only money at tho beginning,
aud gets to be merely paper in the end.
Let us watch as we'll aa pray work as we'll as.
hope, With the maxim ever in mind, that God
helps those who holp themselves. Perhaps the
frstthing the people ought to do isto scnd.up to
the Legialature, ut its next Session, amcmOrial