The native Virginian. [volume] (Orange Court House, Va.) 1867-187?, 1868-12-11
THE STAY LAW.

If the law be permitted to expire,
universal bankruptcy will follow, pro-
perry will sell for song, the creditor
will not be paid and the debtor, unable
to discharge his debt, will still be forced
to undergo the expensive modification
Of a trip through Judge Bonds court.
That is one view OF the matter.
When the stay law was first passed,
early in the war, and in the interest, as
was alleged, of those whose property
consisted mainly of slaves, negro men
averaged 81 400 in Confederate money,
which was then very little below par
Negroes rose to g., 900 and even higher.
But during nearly eight years, the
debtor, in most instances, Fever made
the first effort to discharge his debit
Indeed, even at this late day, the ma
jority refuse to pay the interest of their
debts. That Is another view.
Grant that the debtor is recreant to
his duty, if it be true that the rails
Ing of the stay law will necessitate gen
eral bankruptcy, the marvel is that the
creditor should be so clamorous against
Its extension. His argument is, that
the cry of universal ruin is false. that
the property of the country is much
more than enough to detray the indebt-
cdness OF the people, and that $1,000
paid to A. will by continual transfer to
B., c., D. and E., discharge debts a.
mounting in the aggregate to $4,000,
and perhaps more.
Admit all this, and still other trou-
bles arise. Half dozen men NAV be
able to pay their debts and go heartily
to work again, but dozen or two dozen.
being deprived of their horses and ag-
ricultural implements as we'll as their |
lald, will become not merely bank |
rupts but absolute beggars. Meantime
swarm of purchasers, who are await
ing the expiration of the law, stand
ready to pounce down upon the unhap-
Ply creditor and to gobble up his house,
land, farm implements, stock and eve
rything at the price of the soil alone in
the West. At recent sale OF bank
rupt's property in Prince Edward,
$3.50 was the price paid for land of good
quality lying Immediately on the rail-
road.
Such are some of the conflicting views
which have been urged upon General
Stoneman by delegations from various
parts of the State. In addition, an
enormous pressure has been brought to
bear upon him by parties from the
North, who desire the law to be raised. {
Under these circumstances. we are
glad to hear that Gen. Stoneman has l
decided SO to modify the law that a por- t
ton of the debt, say one -fourth, shall c
De paid within short time after the !
irst of next January, and at the same a
line notice shall DC given the debtor S
hat limited period, perhaps two or t
hree years, will be granted him in =
which the remainder of his debt must n
'e paid or some way arranged to the h
of the creditor. If he do q
lot avail himself of this opportunity. he :, n
will, at the expiration of the allotted y
'eriod, be forced to go into the court of Il
n
This is, doubtless, the wisest course to W
e pursued, and it does credit to the RI
cad and heart ofthe General command al
lg this district. 1t is certain that the y. ~
ebtors are now wholly unprepared to hi
ay at once all they owe. But the credi-
'r has been forced TO wait long enough.
portion of his dues will soon be dis
larged, and time viii be given the .
ebtor to meet the remainder. Thus wi
lie claims of the two parties are adj nc
sted as nearly even as may be. AN