Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1866-02-21
The Stay Law-.Its Impolicy, &c.

The;Stay Law--Its Impolicy, &c.
An3sminent Member Of Finance being APP
proaeked on.a certain occasion by depu:atfon Of
citizens, inquired smhat he could do for them. 4
They replied I" Lot Ms .one.n Isis seldom that
We md moro politico4eso uomioal wisdom expressed
in fever words; or;recog guro m ore decided oppo-
sition to the iptermedding 81 IN the ,e
privste afars of of<i.dividualssI + Unfortunately
however for the welfare ofrnations. it is difficult
to persuade those whom popular favor has placed
in position, never intended for them by Provi-
denee, of their uuatne.a to .ureriutond, and man
age the busine.s of mankind until, hard expert
euco teaches the Ialutary Lesson of incspacity
and consequent humility.
IF is'be truuthat ths wealta and property of
country is that of its aggregate population, it
would ,sesm nesessarily to follow that messuros
uhieh impair the wealth Of indiyiduals are ipju-
rious to- National welfare. We believe it to. be
maxim OF unquestionuble common soDse that
svery individual in community is best qu,lided
10 attend to hi. own business, and tha. hi, en-
gagemeniS With Els fellow Ecn are regulated By
this mutual bolief In the transactions. OF life
there p:esides oyer the operations Of mankind o
ceytsin dogreo of confidence which nay be char
aeserixcd az faith; ubich becomes 80 itJHere q
law Of their economy, and preserves thstpsrfect
equilibriun by which the harmony Of sociesyis
advanced. Carital and labor, the two crest ele-
ments Of all National wealth, depend for their
successful employment and cooperation upon
their confidence in each other. Any act Of gov.
ernment that dminishes that confidence destroys
the proper equilibrium existing between thonl,
and is thereby productive Of injury to .tho-cor-
munity.
Itis dificultto comprehend how it would be
possible for the industrial operaonsof society to
bs conducted With any degree of-oertainty or or
dor, whore governmental interference wns inter-
posed iuths busipess Of individuals. Capital,
under such circumstances, would unquestioDably
seek investment where its employment would be
more ssfa, and labor always seeking capital, would
follow in it's mako. These are Mell established
principles Of political economy, and scarcely need
elaboration TO render them Ineligible to the most
inexperienced. Stay laws enacted by legislatures
produce all OF the ovil results which ari.e from
governmental intermeddling in the private affairs
of individuals. By interfering in tho contracts
Of parties, they destroy that certainty and conf
dence which exist between the parties thereto =;
affect tho calculations and operations of trade
madc and expected to result from the performance
Of them, at certain time; and wholly derango
the businsss-of tho country by Withdrawing capi-
tai from its healthy and accustomed channels.
The debtor being authorized to postpone the per-
formance Of his solemn engagements, to iome in
definite period, eagerly takes advantage Of the
privilege and rarely dreams Of settling with his
creditor, although he may bo fully able to do so.
In fact he believes tha. as long the law allows
him to'hoglect the performances of his obligation,
it would be impolitic todoso. The creditor, whose
multitudinous and ramifed concerns depend for
their support aud continuance upon the faithful
performances Of his debtors engagements, finds
that by the favour extended through legislatiye
grace to the debtor, his operations arc impeded
and finally stopped and thst the whole machine
ry of trade is eventually brought into irregular
action and disorder. In such state Of things,
debtors who may oablo 10 pay their debts en-
ploy thor funds in various other ways disadvanta-
geous to tho public willis! the capit.l of crcdi-
tors, whiohSundcr different system would be
freely loaned, or otherwise proftably employed,
is locked up from circulation, or leaves the coun-
tryfor safer investment elsewhere. The employ
meHt Of capital being thus rendered unproductiye
at hore by legislative interference, ceases to be
invested in homo labor, aud the laboring CLASSES
arc the frat to feel the errors of this misjudged
END
Such debtor; whom such laws only benefit, and
for whom especially such statutes should not be
enacted, being fully able to pay their debts, en-
ploy the money which should hnve been expended
in the payment Of their contracts, in speculation,
and, unfortunately for poor consumers, chiefly in
the necessaries of life. This occasions high prices,
which, with diminished capacity on the part of
tho industrious popr-to obtain tho necossaries Of
ifc produced by the disturbed condition of trade,
ro-acts most harshly on tho poorer classes of
society. 1t is great error to indulge in the mir
orablc delusion that Stsy Laws can ever benefit
the laboring class of a country. Tai, cla's Gun
neUer be benefited by any Liquidation which intr'-
ously affects tie relation eri'ting bet,Veen tabor
aud capital. They benefit simply those who are
unwilling to keep their solemn engagements, and
pay their just debts "a class least of any cnt-
tied to favourable consideration from Government.
I. will scarcely be. doubted then that Mt least to
this extent Stay Laws are impolitc. = -
But a moro dangerous result produced by them
is, that they tend to dethronep public morals, pub
lie honesty, and destroy national. character. A
government that authorizes the non-performanec
of the private obligations of It's citxons, sanctions
a breach,.of faith, and fayors the cultivation OF
Lax morals, which cannot result but in weakness,
contempt, and eventual ruin. Nations, like ind-
viduals, mny flourish for time, with degraded
character, but it is only whilst their position aud
destinies are regulated or determined bY the judg
mont Of associates Of similar morals and opinions.
To authorize tho infraction of the engagements
of the citizen, made under the sanction of law, is
to sweep away the landmarks Of faith.. morality
and justice, and to leave to the arbiirament Vf
politicians and domagOguea, tho exposition of the
loftest duty of the citizen. That such Legislation
is of dangerous tendency to the welfafe Of society
cannot be doubted. Government should bo'the
guardian, and not tho destroyer Of law anil
VT n r