The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-12-11
!, 80 Genera, ssaneman-Thiss stay Law.

i gO Observation-Disclosures sRy ssA"
The military authorities, Iyassums. have
absolute power in the premises. either 'e
continue in the present form, to discon, I'm
altogether, or 20 continue in q mooiueo
form.
| tits also aesumed that it is the purpose o.
| the sspowers that be" to consui. .ne oee'
;nteraata ~ the debtor and creditor classes
NJ Tho neonle of Virginia, and that nothing
will he done having for its object the pro-
r,nt;on Of the schemes Of nloneyed men out
~;Se of the State to purchase up the real es-
tote at one-half, or even one-fourth, of lite
| intrinsic value.
The difficulty, it is apprehended, is &c
know what is hest for these two classes.
1t has with great force been alleged that
the present stay law was enacted erctatstUels
in tho interest Of the debtor class, and that
he deserves now no fduors, having in too
many cases made no effort to meet his liza
bilities. For the sake of the argument,
admit this to be true and yet is it the part
Of wise craftsmanship to place him now,
after so much indulgence, entirely In the
power and ut the mercy of exasperated
creditors ] think not. -
It may be safely assumed that unless the
stay law is continued in q modified form a
vast amount Of real and personal property
will be speedily forced upon the market,
and IS o necessary result rivalries, Jeai-.
ousies, and even scenes of violence, Will
result in the hungry pursuit OF property.
Amidst this carnival Of confusion the alos
Of hungry attorneys, agents, &c, at heaVy
expense, will be invoked in the general
scramble. The producing and business in
tcrests of the people will suffer, langulsh'
and die. The creditors who are 80 fortu-
nate as to have prior liens will be all that
will be paid. These, in turn, will be debt
ors, and will not be able to purchase the
property and hold it at even one-halt or
one fourth its value, and vast masses OF
property, rs n necessary resuit,-home-
steads handed down through several gene
rations of prudence and thrift from parents
to childreu-will pass into the hands of
r,oneved men and spectators, 7o7'-reS1dents
of the State, who will purchase, not for
PURPOSES of actual settlement and building
up the waste places of our beloved but now
desolate commonwealth, but for purposes of
resale and speculation at enormous advances.
The creditor ,oin not be paid, because the
property of the debtor ia sacrificed. The
,ouste places will not be built up, because
the purchases will not be for immediate
settlement The debtor is hopelessly buried
under an accommodating mass of debt, from
which he cannot escape in bankruptcy, be-
cause he cannot pay fifty cents in the dol
lar of his debts; and nothing utiinjury and
ruin must result to both classes, and all
classes and interests of the State.
Without specializing further upon the
dismal future. if such o policy as this is
pursued, by the permission of the General
in command, and sincerely hoping that
these scenes of ruin may be averted 30 far
as may be from our unfortunate people, l
venture to suggest, with great Difference to
General Stoueman, the simple outlines of
plan which, from much reflection and an
extensive acquaintance with the condition
of our people, will, I think, best meet the
wants of the great mass.
Continue the stay law modified as fol-
lows:
!. Let one years interest he collectable
on lst of January, 1869, and the whole I'M
paid interest on the 1st Of September, 1869.
2. The balance of the debt, principle and
interest, to be collectable in say three or
four annual instalments from the lst Of
September, 1869.
8. Property to bring its fair intrinsic
value, and should this not be done by pub
lie sale, then, if creditor or debtor cannot
agree IS to price, the courts to fix its value
through disinterested commissioners or
agents.
Leaving the intelligent reader to fill up
the reasons in favor Of the plan, and with
the remark that debts cannot be paid unless
property brings its real value, I subscribe
myself as of the creditor class and q citl-
zen of the VALLEY OF VIRGINIA.