The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1869-12-09
The Stay Law.

~ h0A AASo ueS III euo NtA4o%A' VtiSu oNu1 CtCul
is accomplished, the new Constitution will go
into full effect, and under the terms of that
instramsat, tho Legislature is prohibited from
passing any stay-aw.
Debtors had, therefore, better commence
their preparations to meet trial which now
seems to be inevitable. = That many persons
will be forced into insolvency, is certain. But
We are inclined to think, that the coase4uen-
ces, to the public at large, will not be SO dis
astrous as is generally imagined. When peo-
pie hear that there are now unsatisfied jndg-
ments IN our Courts, to an amount exceeding
half million of dollars, they naturally sup
pose that more than half million of dollars
will have to be raised by forced sales, to salts
~ them. We are persuaded that this is a
mistake, and that our people generally mag
nifty the evil that is hanging over them. AL
most every creditor is also debtor, and vice
yersa. The. chain of Indebtedness runs
through the whole community. Thus A.
owes b. and B. owes G.. and G. owes D. and
so on through the alphabet down to 2, When
therefore e. sues Y-Y sues x. and x. sues
w. and so back to the beginning at A. Judg-
ments are obtained on all these debts, and the
aggregate of the judgments, presents a most
formidable appearance. >. These judgments
have hitherto been stayed, and the whole com
munity has been quaking with fear Of the
catastrophe that will follow the expiration Of
the stay law. We are satisfied that the evil
will be much less than most people apprehend
We believe that instead OF having to raise
half million Of dollars, by forced Sales one
tenth Of that sum will be sufficient to pay of
the entire Indebtedness.
This may, at first view, seem tobe paradox
ical But it is, nevertheless, true. And this
is our explanation Of the matter. ~ {
When the property of A. who stands al
the top Of the list, is sold, and the money ap-
piled to the payment of his debt to B-!hat
supplies B. the means of paying G. who in
turn will pay D. and 50 on, to the end of the
alphabet and thus the whole will be wiped out
The expiration of the stay law will, therefore
not bring such widespread ruin as most peo-
/ pie fear It will lead to general settlement
and adjustment of the balances. Some debt
ors will be broken up, as would be the case
indeper IDENTIFY Of stay laws. Others will be
pressed, and put to Inconvenience, but the
evil has been greatly over-estimated.
There will be one countcrbalancing benefit,
which will outweigh many Of the evils of the
Termination Of the stay law. It is the resto-
ration of confidence and better feeling be-
tween man and man The feeling of uncer-
tainty which has pervadcd the public mind
has created distrust on the part Of creditors
Men did not know what to depend on A
vague apprehension Of reputation took pos
session Of many. Others doubted the solycn-
cy of their debtors. These apprehensions
caused hundreds Of suits to be brought, which
Eotherwise, would not have, been brought
Creditors wished to fix judgment liens on the
lands Of debtors, SO as to render their debts
safe, and to be in a condition to enforce them
upon short notice. -kf rs7
All fears of reputation, and of the ulti-
mate safety of debts, will now be dispelled,
and in majority of cases confidence will be
established on firm basis. Creditors will
know that the courts are always open to them.
And hence there will not be the same motive
to press for payment The good feeling which
has always characterized our people will
prompt them in all cases, where they can do
it safely, to extend indulgence to debtors,
who honestly desire and are striving to pay.
There is one class of debtors, however. who
pced not expect, and who really arc not enti
tied to indulgence. 1t isthat class who could
have paid, but would not who having means
to pay debts which their creditors needed,
refused to do 50, and used the money in spec
ulatiye enterprises. IF such men are now
pressed, they must remember that they brought
the pressure on themselves. si' q 5e'
We hope, however, that an indulgent spirit
will be practised by creditors, as far as may
be practicable. They must remember, that
wheat, flour, and the other staples, are now
bringing low prices, and that the corn crop
has, almost entirely failed. Another year
will make great change in the condition of
our people An abundant harvest next sum-
mer, and full crop Of corn, with the fat cat
tie and hogs which may be expected, will
furnish the means of paying large amount
of debt. Providence has blessed US beyond
our deserts Let US show our gratitude by
| forbearance = go. ?, }58t5 A4.a1'a
The Presidents Message.
This anxiously expected document was
| received too late for publication in this
issue, but will be spread before our read
| ORG IN nur reyt ~ .9frr ~ III. fJft