The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-09-26
[roR THE CHARLESTON DAILY NEws.l
THE STAY LAW.

business men think-and advertised W !ou w "''e
been written by ali intelligent merchant.
Twas pleased to see that the views OF the writer
did not meet with your approval. am re]oiced 10
know that at least one Of our metropolitan papers
has just appreciation of the condltion OF our
people, and of the necessity OF extraordinary iees-
lation for their relief and protection Ii mas
struck ME as something singular that' SO iar us
the Charleston influence has been felt III rotation
to measures proposed for the relief OF the people
since the close OF the war; it has been uniformly
against such measures "Sublimated m0rahty
men and "business men" have alike aTraSeu 'leiii-
selves in hostility to every proposition 10 reniec!
or alleviate the financial evils consequent upoii te
downfall of the Confederacy. Charleston has stood
| forward as a hard, .nerciless creditor, exacting
the last dollar, and upbraiding the helpless
debtor with dishonesty on account OF MS ln-
ability to pay. Now, this attitude oi our
metropolis, if not her true one, Is the one
in which she has been placed by those WHO
have spoken for her. She has been IN 1aVor OF
s'lettine the law take its course, OF SUING by
wholesale, and bringing the property OF the people
| To the block to he sacrificed literally sold for
| nothinq. And this is advocated as WISE pohcy'
and all opposition to it characterized as slupiu
During four years we had "stupld" Legislature
followed by ''stupid" Convention, because the
former enacted and the latter sanctioned stay
Law-so saws a New York merchants liberal
New York merchant" This is certainly hisn
compliment to the Lawmakers and constitution
makers of South Carolina and your correspondent
seems to have returned thanks for 1t. Inls gem
tleman, who, it appears, undertook 10 enileh'ei'
| business" man of Charleston on the supJecu Vi
| Stay Laws, said: ''Your Stay Law and the pro-
pensty of your people to proong credit IN iace 10
postpone payment as long as possible, Is the real
cause of capital being shy Of making investments
in your State" He then proceeds to tell your cor
respondent what was the course Of business before
the war the slovness OF our merchants in paying
up; asking indulgence because thelr CUSTOMERS
would not meet their liabilities at the emu OF lne
year; that if sued it required eighteen months 10
get Judgment; that such legislation was fraud
/ upon business men, and an incubus on trade
| &C., &c.
propose to examine both the facts and the
| logic of this New York gentleman, and to show
that he is mistaken in the former, and that he
either does not understand or desplses the use OF
the latter.
In the first place, let US ask how the Stay Law
has caused capital to be ''shy OF seeking invest
ments in your State" Did he mean that the Stay
Law prevented capital from flowing into the State
during the WARP Surely not He meant, then
that since the war it has prevented capltai from
seeking investment here. Let us look at this
proposition little while. The Stay Law that IS
now of force is General Orders No. 10 of General
SrcK1Es except as lately modified by the action OF
the President, who has directed that that Order
shall not apply to the process OF the United STATES
Courts These Orders prevent the enforcement OF
executions only as to debts contracted before or
during the war, but do not prevent either SUING or
enforcing executions upon contracts made since
the war-the 18th May, 1866. How ID 1t,
then, that these orders prevent capital coming into
the State? Is it because the borrower cannot be
sued and forced 10 pay it back according to his
contract? No. eOur Stay Law" does not pro-
bibt this He may be sued, and execution may be
enforced against his property just as was done De-
fore the war; in times Of our greatest prosperity.
One is therefore at loss to understand how this
liberal merchant of New York" happened to COM
nit 80 great blunder-I will not say, was so
stupid," as to attribute to the Stay Law the fact
that capital has not sought investment here from
abroad since the close OF the war. In making TINS
objection to the Stay Law, he reminds me very
much of the wolf when he raised quarrel with
the lamb for muddying the waters below him. AS
well might you put any two co-incident facts IN
the relation of cause and effect, to attribute the
want Of capital now felt in South Carolina to the
sStay Law" With much more reason you might
a.. r;,,1 aud UaQ
the moons cbanges-a common superstition
But the New York friend of your Intelligent
merchant" correspondent as if conscious that no
could not maze out his case clearly and fuiiy
against the "Stay Law" joins with this cause OF
our difficulties, the propensity OF our people 10
prolong credit" and places upop the latter share
Of responsibility. Now, with all Difference 10 yonr
intelligent" correspondent who made up the
pleadings in the case, submit that he has CON-
mitted the error OF misjoinder; as lawyers term
it, The Stay Law is the matter IN hand, ara the
'prot ensity" of tho people has nothing at all to
do With the case-is quite another thing. AT all
events, this propensity, according to the state
ment OF 'the merchant OF New York: existed
long ago. before the war, and when no Stay Laws
or STAY Orders were dreamed OF. And here arises
an inquiry which would make Did not our mer-
chants have as good credit in New York before the
war as those Of any other State, South Or was
this propensity to sproong credit" peculiar to
the people of this State? affirm the former pro-
position and challenge contradictions; deny Tue
latter, and call for proof. In reading these say
ings of New York merchant, which your cor
respondent has paraded before the people III
public prints, felt thatthe former had uttered
an insult to our people, and that the latter hau
given it currency He should have lndlgnanuS
spurned the mputatlon. With some OF the Ieei-
ing of former times,-with spark OF that spirit
which animated our bosoms before we had fallen
from our 'high estate" he should have rephea'
''Sr, you insult people who, though failen anu
poor have their pride and honesty lett the former
humbled it is true, but the latter unsulied. Ihey
have heretofore kept their contracts 1altniunS'
They have been fair and honest in their deaiingS
with the people you represent. Lacy nave never
violated their pishted faith, either in politics OF
business transactions. They have sent 10 your
people the products OF their labor and huustr!'
which have built up your magnificent clties. ine!
have never wronged or injured you till "" '!our
people) tool Lp arms to crush them lou "agei
against them long and bloody @ar and, after
ing waste their country-burning their towns
and s-fnally conquered them with over
whelming numbers You have set their slaves
free, and thus coniscated millions of their prop
erty. You have ruined and Impoverished
them. After all this had been done, anu
after they have laid down their arms and pro-
posed again to live III peace and union with you,
they have beon spurned from your presence, and
the iron heel OF military despotism put upon their
nccks. The Constitution under which you pro-
fess to live affords no shield OF protection to them
They are not only denied their political nights
but what little of property is left them is now
threatened with confscation. In this state OF
things every branch of industry is depressed,
trade and commerce lsnguish; men know not
what to turn their hands to; oil is uncertain un-