The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-10-12
1he Stay Law.

stay. Laws do far more injury than good
to communities. The debtor and creditor
class manage their matters far better, wher
left to shemselves, under the guidance ane
protection Of the general laws ION contracts
In all civilized and commercial conman y
ties the relations between them are n'gn -
reciprocal, and their interests are w. -,
much assirnilated. Indeed, 9 very -
portion as the creditor class are ss.sor.
debtors, and are therefore inchne ~ thing
bearance. But there is no sa :. ,n,ress;ne
omonc,t civilized people as q mere p.s, ns
80 49,. from malice or porsoea
spirit; ana in the absence 2. snv nress his
sss creditor win not necessarily - pre-. = d.
saS,or 10 settlement ct 9 1ime "nsn
oeo'os - sacrifice property that it can
so ma a.s.sarge the claims upon it-oan
nov ,r realize q portion Of the amount whaoh
=: vA, s.s considered good for, with large :
margin to spare at . previous aa'e. as
49, a. there is a hope that times Will De
tier, n and that the debtor, under 1avofa-
~. circumstances, viii pay ell he owes !"
vii, he hardly the desire, and It canno. -
- the interest, of the creditor class ,na. ~ ~
should be ruined by coercion. AS long ss -
shou 1a,tcr =, such a time keeps his credi-
-. sscnre he will hardly preoipi'a'e Dy
I'D eractions q general crash Wmon
-s, produce such prostration that even
10 oould not escape the disastrous conse-
ouences The creditor, indeed, is as much
;ntsrested as the debtor in the maintenance
81 confidence. What is wealth wlthou. \
R,,t +be lawmakers, too many OF "nom
o-s debtors, think differently. Those among
them who are debtors want to put q shleio
srsr themselves, while others are mere
dsmspopues, and ready to do anything Tor
popularity and votes.
In stepping in with their stay law they
make pets of debtors and excite the Jea-
lousy and complaints of creditors, who are
r,ucb entitled to State favor as other
o1osses. The debtor class is made for
time independent of the favors of the credi-
for class but when that time expires, the
latter class are not in frame of mind
suited to indulgences or longer delay Of
tba;r demands. In the mean time interest
mon claims has accumulated, and means
in the hands Of debtors have not much in
as in time Of stay laws there is
too little prosperity to enable hard-pressed
man much to improve his condition. a
general movement against men who have
been involved during their protection by
law in greater debt only puts down the
value of property and brings upon society
the very calamity which the stay law was
designed to avoid, and which can only be
in its force by the clemency of
he very men whom the law pronounced
without that virtue.
Need We say now that it would have been
infinitely better for many people had they
sold their lands in 1896 and paid their
lebts? They could have sold them for far
better prices than they can get now. Since
hen their interest debt has run up fear
fully, increasing their embarrassments,
while their means are diminished.
Nevertheless, we have had such law
for some. years, and there is some excuse for
the apprehension lest its expiration just
at this time might produce great alarm and
much temporary evil.