Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-12-20

en- by debtors, as class, of general desire
to repudiate sill debts. Now, notwithstand-
ing the indignant disclaimer to which we
have referred, that measure, "the repudi-
alton of the war debt" first suggested, not
only the practicability, but the justice and
propriety of repudiating all debts. Our
people could not see, and have never been
able to see, why measure which destroy
ed. at one blow, millions of debts due to
our banks literary and charitable institu-
lions, which reduced to beggary thousands
of our people, generally the most helpless
among rs, old persons, widows and or
phans, on the allegation that those were
rebel debts, should be regarded as just
and expedient, whilst all other debts, in
Guiding those due by the State before the
war were regarded as sacred. 1t is true,
that the measure was passed, at last, under
duress, but it was openly and most jealous
~ advocated before any duress was applied.
Iwould be but simple Justice ifsome of those
who advocated the reputation of State
bonds, issued during the war, should suf-
fer the loss of such as they held issued be-
fore the war.
rs it was predicted, this measure gave a
new impetus to the desire for reputation
by many classes of our people, and the agi-
tation has gone on increasing until at this
time there are before the Legislature now
in session, according to the Raleigh .Senti-
mel. not less than twenty bills for the ''relief
of the people" The Sentinel, whilst i'm
pliedly, if not directly, admitting the evil
of all Stay Laws, seems to be pandering to
this desire of private Reputation, a con-
summation which can never be realized,
and the agitation of which will end only in
bitter disappointment.
But, says the Sentinel 1.-The relief pro-
posed by the Stay Law Of the Convention
in this State, rather increases than allays
the alarm of the people, Pray, then,
what does the Sentinel propose ? If a law
which gives four years from the return time
before the whole debt can be collected, in
creases the alarm of the people, what will
decrease it? If "honest debtors cannot
meet their liabilities within sir years from
the date of the surrender, when will they
be able to meet them what law will salts
fly them? We Will answer-No law save
our repudiating all debts. This is the feel
ing which the ''great reputation measure
ofthe late Convention originated, and which
has been fostered and kept up by dema-
gogucs throughout the State.
We propose very briefly to consider the
questions-Who among us are agitating the
question of reputation ?
Has the Legislature the power to pass
Stay Law
What will be the effect of such law if
passed /?
In the first place, then, we deny in toto,
that tho mercantile and agricultural classes
favor the agitation of this question. AS
general rule, they are satisfied with the
Stay Law of the Convention. The agitation
comes, principally, from that class who, in
the days of their prosperity, lived in luxury,
and never paid, or thought of paying, a
debt, and who now desire to retain what is
left of their property and let the creditors,
who relied on their plighted faith, suffer to
the last cent. It is not the mercantile class;
it is not the industrious farming class from
whom this agitation comes, but it is the
class, as q general rule, which We have spe-
Gifted.
In the second place, there is no man in
the Legislature, or out of it, who has the
ability to draft Stay Law which will stand
the test of legal adjudication The Consti-
tuition of the United States expressly for
bids any State to pass law impairing the
obligation of contracts. And any law
which may have for its object the hiadr0ace
or dclay of creditors in collecting their
debts, is prohibited by this clause in the
Constitution of the United States. So,
also, the Constitution reserves to Congress
the power to pass "a general Bankrupt |
Law" So that it is not in human ingenu-
ity to frame a State law which can effectu-
ally protect from sale, under execution for
debt, the property of the debtor. Every
lawyer knows this to be true, and knows
also that every attempt to effect such pur
poses on the part of a State Legislature, is
only al 1AOChC1y3 hS1uS1O1 1bIlI
Ii may be asked, then, if the Stay Law of
the Convention is not amenable to these
The best lawyers are clearly of
the opinion that if forced on the Su-
preme Court of the State, that tribunal will
hold that law to be unconstitutional. But,
as we said in n recent article, the law seems
to be acquiesced in as fair compromise
between the debtor and the creditor, and
both the bar and the judiciary seem dis
posed to let it run its course. But that law
contains this clause, to-wit
"Be it further ordained, That the General AS
sembly shall have power to repeal alter
modify this ordinance until the third Monday of
November, 1858"
The purpose of inserting this clause was,
we are informed, that the people might be
brought to contemplate the ultimate liqui-
dation of Indebtedness, and, accordingly,
devote their energies to the accomplish
ment of the task before them, that they
might be assured of some fixed policy in
the law, on this subject, and not be deluded
by every demagogue who might think