Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1871-08-03
Reputation.

We read the editorial in the last Dcns
ocrot, concerning the next Leg isla ture.
with care and we must say, regret. We
cannot think that our people have the
most remote idea of regulating the State
debt, under any circumstances, nor do
We think that tile obligation of contract
should be impaired in the slightest degree
in regard to ante 5elluma debts, or any
other kind, by the. leso,-either by Con-
stitution. or Leg islative enactment.
When we consider the simple nature
of contracts, and yet the range ofsubjects
to which they are applied, the vast moral,
social and political, as we'll as business
interests which hang and depend upon
them, we shrink instinctively from any
attempt of the government under any pre-
text to relieve an individual from an OBJ
legation, to do legal and right thing,
deliberately assumed. The relations of
Husband and Wife, Guardian and Ward,
&c, have their foundation in contracts,
and upon the sanctity ofhome, its freedom
from governmental invasion, must rest
the entire structure of civil liberty.
Now the laws have held that when one
has been allowed an ample time to COM
mence awaiting himself Of the legal reme-
d les for the en- forcement of his contract,
and has not done so, that the public pe?ce
and order shall not be compromised by
his endeavcr to en- force it thereafter-this
is the Statute of Limitations. But the
contract is made with knowledge of this
law. So, also, where there is failure
CD the part Of one to do all that he has
contracted, or there is failure Of con-
sideration, &c., the law can relieve, be-
cause it has cause for relief in each in
dividual instance-the failure of the one
pant of a contract gives reason for relief
against the other. So, also. in some
cases where there has been great change
in the condition of parties since the max
ing of contract, which was beyond the
control of and not to have been forescen
by the parties, equity interferes. because
there is reason for it, and grants relief
to the ex tent of the burden and as it sees
proper.
But we confess that we are utterly
unable to see any reason why debt con-
tracted previous to the war should not be
paid, merely because the acar intervened.-
If there is ground for special equity in
the matter, let the Legislature empower
the Judge in ehancery to reli eve to the
extent which equitable principles would
require in each separate case. We doubt
whether any general law would not work
as much distress as it wou Id benefit be-
sides being in the interest of class, un-
safe and dangerous in itself and as pre-
cedent, door by which the 60 vernment
might invade the most sacred personal
rigLts,--it would destroy our credit. at
home and abroad which is always
greater than the capital employed, and
prove indeed crushing blow to the en-
ergy and enterprise Of our people. The
Homestead law in the light Of recen t
decision was an effort to accomplish an
constitutional act, land those who trusted
it leaned upon broken stick. The Leg
islature should be careful in this, if in
nothing else, to give the people no laws
which are not laws. 1t weakens the con-
6dence of the people in the government
and does much more harm than good -
The Homestead law had more effect by
indirection than direction. Many obliga
tons were allowed to expire by the Statute
Of limitations, in consequence of its ex-
istence.
What the people need is final feed
and equitable settlement of the debt ques-
ton, each according to the principles Of
right and justice-and each party should
be willing to give and receive as justice
and right between man and man would
seem to require. Compromise is the
keynote. All efforts towards repudation
will be unsuccessful and will but msleaG
and dazzle the eye in the darkness.
We are hardly certain that the bur-
den of debt is on the shoulders of the pool
because people would not trust them
There are some things which legislation
can accomplish ard some it cannot. W.
have never yet seen proposed genera
Plan of Relief, which we thought con
stitu;ional, nor do we believe that ont
could be framed. Were such thing
possible, and the indiv idual rights of th'
citizen not invaded. We would favor it
Besides the Bankrupt law opens wide it
doors to those who only want relief
,ShenS alley.