The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1871-08-03
PRIVATE AND PUBLIC FAITH.

to relieve the debtor class of community, and
Cypress the creditor class, have admirably
succeeded in destroying private credit and
mutual confidence, paralyzing industry, en-
couraging idleness and vagabondism, piling
up the judgment dockets Of our courts. filling
the Golfers Of our lawyers, sheritfs and clerks,
driving away capital and enterprise, depreciat
ing properly, adding to the accumulated debt
of the class designed to be relieved, the
vengeful purpose and spirit Of the parties
constructvely to be oppressed and forging
thunderbot of wrat h for the debtor that moth
ing short of miracle will avert from its
crushing mission. While one man may have
availed himself of the stay-law to relieve
himself of debt and meet his honest obi
cations nine hundred and ninety nine re-
garded it as the first step to the abatement OF
the debt ltogether-launched out into the
seductive sea of dissipation and extravaganza,
banished all thought of providing for the dis
charge of the creditors claims-sneered at
his appeals-tantalized his helplessness-
abused his leniency-until finally they find
themselves between the upper and neither
milestone, with no escape except into the vor-
tex of utter financial ruin and bankruptcy,
and the last estate lar more deplorable and
to be dreaded than the first
This has been the history and effect of the
stay-law in Virginia. While doubtless in
tended for good purpose, it has only de-
veloped degree of corruption and tendency
to defraud, not fully heretofore known. 1t
has crippled the creditor aud ruined the debt
or, as general thing, and benefited no ole
except the officers of the law
No one will deny that, if no stay-law had
been adopted, but an earnest effort made by
the debtor to meet his obi cations, a more
prosperous condition of things, better feel
ing in community, and higher scale Of State
credit would now exist. 1t is universally
conceded that the law-whlch, strictly con-
strued, we always held to be unconstitutional
has worked general harm, both to iudi-
viduals and the State.
1t is now proposed to apply the spirit of
this law to the State debt 1t must be very
superficial mind that cannot penetrate far
!, enough into the motives of mon and the eff
feet Of cause. not to discern the object aimed
at 1t is to educate the popular mind to
the point of finally embracing repudiut'on-
LII, Il h. 10, Il, r,f
way, the next step that would be taken, would
> be the reputation Of pricu'e debts. Sugar
coat the pill as the opponents of the Funding
bill and the assumption of the payment OF
the State debt. may. the bitter taste of utter
reputation Of all State and private obliga-
tons is the falacious dose proposed to be
swallowed
The Ole is about as attainab.e as the other
Both are impossible of accomp isAment.-
The harm to be dreaded is, that IN the No
ycmber election for members of the Legisla
ture, the Conservative party may be divided
On the question here sugs ested, and the re-
} suit be the election of Radical Legislature,
t The key note has already been sounded by
+ the metropolitan organ Of that party, the
State Joufnat. Although that paper. during
the tendency of the Funding Bill before the
Legislature, earnestly advocated its passage;
and every member Of the Radical party III
that body voted for it, yet now when there
is prospect Of dividing the Conservative
party ON 1t. a party measure is sought to be
made by the itadlcal party uuitiny against Il.
: The astute editor of the Jourmut very well
, knows that there is nothing intrinsicaliy sub
stantisl in this piece Of party Jinesse-that
the debt will be funded before the LIST of Jan
uary next, and that no power tic Legislature
may possess can reach it. Yet it answers
the purpose to avail of the occasion to appeal
to that very laxity of moral conviction which
developed itself in the operation of the stay
law. 1t is the appeal OF the reckless dema-
gogue to the thoughtless mind, which is will
, ing to seize upon any seductive expedlent to
be eased from present difficulties, not count
ing the cost, or looking to future embarrass-
ments, resulting from such precipltate, in-
moral and utterly impracticabe legislation.
The whole purpose is to demoralize the pop
, ular mind, to stultify the conscience, and to
stifc the teachings of honor and good faith
to educate the people in the belief that a
legal fraud, wholesale robbery, may be COM
mitted, under the sanction of legislative en-
dCtienG. " GIG IL poSSlole tildb the 1dii 'dhe
Of Virginia could be SO sullied as for the
people of the State to elect a Legislature
+, which could stoop 50 low as to lie guilty of
impairing the public faith the higher courts
of the land would be called upon to pronounce
upon the legality Of any such legislation. The
; burning shame, the blackening disgrace,
would cling to the transaction the ever
G threatening Nemesis would hover over the
foul wrong; while the promised fruits would
turn to bitter ashes on their lips
A division in the Conservative ranks on
this question, will be very likely to result in
the election Of Radical Legislature
That result accomplished, bankruptcy would
as certainly follow as effect follows Cause
o The political aspirants in that party and those
who would most probably be elected, are men
who care not for the burdens of the people,
so they get hold of the purse strings of the
Treasury. They have no property to be tax
ed, and they would inaugurate a system Of
c plunder and oppression that in two years
would place in the hands Of the Sheriff twe-
: thirds of the real property of the State
i Look at South Carolina, Louisiana Georgia
North Carolina, Tennessee and every other
c Southern State, where these corrupt adven-
turarc md pnhlio tbiouoc b,vo had oontrol ri