Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1873-12-16
"A STAY-LAW.

The reply of the Free Press, in recent
issue, to "Vindex" is SO absolutely conclusive,
aud overwhelming, that nothing more remains
to be said to him, and we, therefore: turn our
attention very briefly to observer"
The 'whole.question. upon correct logical
principles, lies in the following compass:
1t devolves upon those who advocate a sus>
pension of the ordinary procedure for the COLI
lection of debts, to prone that some extraor>
binary copjuncture of circumstances has pro-
duced an existing necessity for the measure !:
Secondly, this proof must consist, not in
unsustained assertions, nor in glitteripg gems
eralities. nor in .polisico-economica hydro.
phobia, but it must consist in such facts and
figures as prove, or conduce to prove necessity.
These propositions being obvious and unde>
niable, are both fairly admitted by "Observer."
In looking over his communication of two
weeks ago, however. it is difficult to abstract
from it the pre- misses upon which he means to
base his argument in favor of Stay>law.-
As far as we have been able to do So they ara
embraced in the following propositions -
There is uotsu adequate supply of money in
the country for all its busitess and exigepcies.
there being in this locality not SIS to the head
Lands worth $50, now, are sold for SO, aud
the courts are constantly enjoining and refus-
ing to confirm sales.
In regard to the first proposition, COB
server" will not deny that the test of the
amount of currency circulation to the head,
required, in any community, is the amount of
property or capital to the individual, owned
in such community.
If this is true, has not West Virginia now
more currency to the individual than she had
before the war; or has had at any time since
In ls59-6O, by the statistics of those years,
Virginia, (of which we were a part), had of
capital to each white inhabitant $3.50, and
of circulation 5000. At present, by the
figures of November 1872, West Virginia
has capital of Sc 90, per head, and cir
tcu'ation Of net quite $500.
These figures put end to the controversy.
That necessity which these gentlemen ad-
init they are bound to prove, can not be
proved, because it does not exist
In the second place, how would or could
Stay law raise the price of lands? Is it not
the avowed policy of'the Federal Administra-
ton to return to specie payments, and when
this is effected, will not our lands be still
more depreciatcd, at the end OF your Stay
law, than they are now? Or if you extend
your Stay>law indefinitely, does not this
amount, practically, to reputation, and to the
permanent abolition of all procedure for the
enforced collection of debts, and is not such
abolition desirable and expedent according to
Your reasoning?
No: what our situation demands, at pres
en-, is not stay-laws, reputation, nor other
disreputable nostrum. We want enterprise,
energy, industry, thrift, economy, cheap
transportation immigration manufactures, and
perhaps lower rate of interest Fortunate
ly, there is not the least probability of the
Legislature passing Stay-law. There are
not one hundred intelligent men in Jefferson,
and certainly not ten elsewhere, who desire
any such legislation. Therefore, we shall not
trouble our readers with any further discus
sion of this purely speculative, and abstract
question.