Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1867-01-31

And the converse. Of the case, where the
purchaser tenders the purchase money in
a reasonable time after the day agreed up
on, equity holding that time is not Of the
essence of the contract" will compel the
vendor to comply with his bargain We
are unable to discover the analogy between
them and the 'sStay Law in question =
These principles of equity were in force
at the time Of the adoption of the Consti-
tuition Of the United States. The trainers
Of the Constitution were familiar with
them, and it is presumed that every one
contracting was familiar with them: there
fore all contracts were entered into; all
liabilities incurred as to them Time is
not of the essence of the contract" except
when expressly so made by It's terms, is
maxim of equity as oil as equity jurispru-
dence itself, and has its origin in justice
and right. 1t is no statutory provision.
But even where it is not expressly so pro-
vided, time IS of the essence of the con-
tract, where it appears to be really mate
rial to the parties. Every party to the
contract is in complete possession Of his
remedy at times. Courts of equity stand
as guardians for the integrity Of the obi
cations Of contracts
The next two cases for which the report
claims "a closer analogy" are those where
property is sold under deed Of trust to
secure a debt; the property sells for a
clearly inadequate price; equity will set
aside the sale and decree a resale, on the
ground Of inadequacy; and "where equity
is called upon 10 substitute itself for trus-
tee, and to direct sale for the payment
Of the debts, it requires its officer to report
the bidding to the court, and if before
confirmation reasonable advance is offer
ed by any one, equity holds the new bid
der to his bid, but directs the property to
be again put up at public sale. to see if
some one will not offer still more" It
cannot be denied that in these eases the
creditor is delayed, and frequently greatly
delayed. Yet they were rules of law in
force when the contracts were entered into
or the liabilities incurred Every process
Of law implies delay; and there must be
process of law to enforce the obligation of
contracts, and in providing for such en-
forcement, it is but just that property shall
not be sacrificed Courts of equity found
ed on the maxim, He who would have
equity must do equity" with view to do
ing justice between all parties to the con-
tracts. will decree accordingly; and with a
knowledge of these equitable provisions
the parties contracted; they therefore have
no right to complain of any delay occa-
stoned hy the process Of law. As before
stated, the remedy as provided for under
the law becomes an element of the contract;
a latent element, called into active existence
so soon as the terms of the contract are
not complied with. So too with ''nom-
inal bid and return ''no sale for want Of
bidders" the same reasoning is applicable,
for it is an established principle of law shat
a sheriff must disregard what is termed
nominal bid. These principles of judi
cial law were in full force when the Con-
stitution Of the United States was adopted, +"
and Of course could not have been referred
to in the provision. mo State SHALL pass
laws impairing the obligation Of contracts"
The remaining cases instaneed IN the
report are those of forthcoming bonds and
stay of execution, both of which are statu-
tory provisions and have stood on the sta
tutory books Of Virginia for more than half
a century. They are parts of that process
of law necessary to be gone through for
the thorough enforcement of contracts;
and liabilities are incurred in reference to
these provisions. Between them and the
Stay Law" we conceive the analogy to
be closer tran in any Of the other cases
cited, and we claim that it would be I'M
constitutional to SO amend or alter these
statutes as to delay materially the rights
OF creditors which accrued antecedent to
the enactment of such amendment or alte-
ration; for such proceduce would be no.
thing more nor less than to enact a ssStay
Law"
So much for that portion of the report
we have quoted The remaining portion
is devoted to the question of acquiring
liens by Judgment, and to other matters
not pertaining to the constitutionality of
the Stay Law" itself as a whole. In
terested in the investigation of this subject
to the mastery opinion of Judge Mede-
dith.
The Mexican Scramble
BROWNSVILLE, Jan. 25-The latest
news from Mexico is that Escobedo is near
Monterey with the largest Liberal army
ever assembled Several thousand dollars
had been raised in Matanzas for Cortinas,
who is thought to be about to pronounce
for Ortega Juarez is at Durango. The
American politicians think he will be Pres
ident-if Macmillan leaves
The negro patrol at Brownsville shot
citizen on the 10Th instant.
Suffrage in the Territories
WASHINGTON, Jan. 25-Ihe bill Civ
ing suffrage to the people in the territories,
regardless OF color, is a law from lapse of