The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-09-19
STAY LAWs-WHAT BUSINESS MEN
THINK.

We publish below communication on the subject
of the stay-law. While we give it prominence "a
our columns, it must not be understood that we
endorse the views entertained II our people had
not been impoverished by the results Of the late
war; it would be very well to talk Of men refusing
to pay their honest debts. IF our State was in the
condition Of those States North, where money was
made instead Of lost, as with us, during the war,
the logic would hold good. Tn our case abstract
reasoning means very little. We look at actual
facts and in doing 30 endorse the "order" of
General sroKLEs, commonly known as order No.
10. But our correspondent an an intelligent mer-
chant has right to be heard, and We cheerfully
give him that right.
To the Editor ofthe Neacs:
Perhaps it will do good to make few remarks
about the ''Stay Law, and to show how injurious
ly it's workings affect us in South Carolina. Said
liberal merchant Of New York to one Of our mer-
chants, some days ago. "Your Stay Law, and the
propensity Of your people to prolong credits, in
fact, to postpone payments as long as possible, is
the real cause Of capital being shy Of seeking in
vestments in your State Before the war, your
planters run yearly bills with the storekeepers, who
bought from u.s. at the end Of the year, indulgence
was in majority of cases asked of us, and the
reason assigned was, our customers are not pay
ing up, &c. If We sue them, it will take eighteen
months to two years to get judgment" Such
legislation is o fraud on the business man and an
incubus on trade. No sooner did the war break
out than your Legislature with great unanlmity,
passed q Staw Lay-the most stupid act that an
intelligent community could have put upon record.
It created widespread impression that it was
wise to procrastinate, and procrastinahon was the
order Of the day. Some well-to-do-debtors took
moneys which should have been saved for pay day
and went into schemes as visionary as South Sea
bubble; others spent their substance in free living
and extravaganza, and when the war ended, nearly
all we're in financial trouble. But for the Stay
Law, all your local debt would have been settled
now, everything your people owe ls piled up
against them. -,
ment aud fresh start, and your judiciary decided
almost unanimously to open the Courts, and they
struck down the Stay Law. Again your public men
besieged Gen. Sickes, and he proclaims Stay
Law nby order" The fault is not the Generals
but those who asked for the ORDER to evade justice
'sWhat is the situation to-day--you come to raise
money on your credit your letters are OF The very
best character, and you ought to get the money,
you must-bad yo,t apM not get Il, for the reason,
that however good your intentions, you must use
the money to be able to pay interest for It, and TO
use it, you must invest in merchandise, or crops or
other business-snd once out OF your hands, you
are ct the mercy Of those who have it, and If they
don't choose to pay, you can't pay"
Now, Mr.. Editor, this is the tr'le situation OF
affairs; our people have established for them
selves character for procrastination, which is a
bar to all loans, to all new credits. There is only
one way out Of it, and it is this Put no obstacles
in the way of settling your Just debts; pay up
what you can.
1t is one of the worst signs Of the times that our
interior press should be 80 persistent in camoring
for more time for debtors. 1t is only putting off
the evil day, which must sooner or later come,
and while one class is thus procrastinatng, the
great interests OF the State are dwarfed, and the
willing workers are dragged down by this heavy
load OF the bankrupt law, who refuse to acknowl-
edge their true and real condition.
ANTI-STAY-LAW.