Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1867-01-10
COMMUNICATED.
THE STAY LAW.

The Legislature of Virginia, before adj
journing for the holidays, passed an act
staying the collection of interest on old
debts contracted prior to the I'd day OF
April, 1865, until Auguat, 1867. The
act of March 2, 1866, to stay the collec-
ton of debts for limited period provides
substantially against the issuing of any
process or doing any act to compel the pay
ment of money on debts or liabilities, with
some exceptions, contracted or incurred
prior to the ID day Of April, 1865. 1t
further provides that upon all interest
bearing debts and payable, contracted pri-
or to the I'd day of April, 1865. there
shall be paid on the I'd day Of January.
1867, and on the first day of January of
each succeeding year while the act remains
in force, sum equal to the interest for one
year on the principal debt, or on SO much
thereof as shall remain unpaid This lat
ter named provision of the act the Legisla-
ture has already amended. as abave stated
and extended the time for such payment
of interest until August It is very pro-
bable, before the final adjournment of the
body, another stay law will be enacted
extending the time for the payment of the
principal debt. To arrive at the sense of
the people fethe State on this important
legislation, would be difficult. That a
stay law meets with the appreciation of the
people Of the Valley is questionable. Such
legislation was perhaps necessary to protect
the people east Of the Ridge Owing to
the lcss of slave property many Of them
are no doubt in circumstances of great, if
not irretrievable, pecuniary embarrassment
twill be impossible to pay off their liabil-
tiles without selling real estate Such be-
ing the case, would it not be sound policy
to have a settlement at once? That set
Element must come sooner or later, for re-
pudiation is out of the question; and this
continual and persistent tampering with
contracts by the Legislature, while result
ing in no permanent good to the debtor,
has a most baleful effect on credit Laws
should be enacted in order that all contracts
that are not immoral and against public
policy can be eiiectually enforced. 1t is
ruinous to lay an embargo on dealings be-
tween man and man. True it is, that
events which could not be foreseen when
these contracts were entered into have
transpired. Those who are SO unfortunate
as to be trammeled with debts and liabili-
ties at the time of contracting were able to
meet their engagements, and their inabili-
ty to do SO now is the result of no fault of
theirs. Their condition is a sad one.-
They can be relieved only by reputation,
which is admitted to be impossible How
ever, if actual reputation is possible, it is
preferable to this persistent extension of
the stay law, amounting to virtual repudi-
alton. The the Legislature uoted unani-
mousty against repudiation. The bare
honght Of such dishonesty uas unendura-
Die. Yet 1t aDiH cote to stay the collection
OF debts. 1t "heeps the word Of promise to
the ear, and breaks 1t to the hope Such
JFtmsy gauze cannot hide the cloue,s foot =
At all events, the people are wearied of
suspense. They have had enough Of it.
They are anxious to know exactly where
they stand. Something is due the credi-
tor as well as the debtor. This class leg
islatlon does great injustice to a large por-
ton of the people of ENTHUSIASTICALLY
to all except debtors. Capital is held
aloof, and the State is retrograding. Fur
ther and inevitable sacrifices must be made
before career Of prosperity can be enter
ed on. Let these sacrifices be made at
once, and fresh impulse will be given to
| "dF"hOCinCut III tuo via DOMINION. one
has resources in abundance to make her
grand yet. Let the doors be thrown wide
open for the development Of these resour-
ces, and within few years all will be
well.
Important to Holders of Unstamped
Deeds.
We copy the following item from the
Richmond Times Of the 26th December j:
As an item of importance to Our sebscfib-
bers, we will state that late act of Con-
gress requires AL deeds between the 1st
of October, 1861, and the I'd day of May,
1860, to be stamped prior to the 1st day
of January 1867 under severe penalties.
To avoid the penalty imposed, those who