Elizabeth-Town gazette. [volume] (Elizabeth-Town, N.J.) 1818-1821, 1820-06-20

1t is painful to descend from this envied
station; and amidst the cries ofreal dis
tress, IL cannot be denied we hear some
OF the murmurings Of mortified pride and
retrenchiDg luxury. II sppeay abundant
/ ly clear to the Assembly, that the pro-.
posed loan, while it would involve the
state in heavy debt, and require the i'm.
position of burdensonie taxes, can afford
no radical cure for the evils nnder.which
we suffer; which remedy can be obtained
only by great change in the political
state of Europe; or the slow and patient
effects of industry and economy. The
debtor may get some ease for time, a
short time, but at the eud Of ii he will
find himself debtor still, probably with
an increase OF the debt, and diminution
OF his means Of satisfying it. He who
Ipays one man by borrowing from another
but postpoDes the day Of reckoning the
procrastiDated crisis generally returns
with new violence. We will make but
one suggestion on this par. Of the subject.
Creditors are sharp sighted to the situa-
tion Of their debtors, and Judge well how
their interest will be best served. When
therefore there is not an irretrievable
insolvency Tin which case the state would
not and ought not to lend creditors will
be disposed, from regard TO that inter-
est, independent of the motives of hui
manly, TO forbear with their debtors to
refrain from wanton sacrifices of property,
which ruin the debtor, disable him from
doing justice TO his creditors and fail TO
produce funds for satisfying their debts.
If these loans are made to embarrassed
men, shall We not see pressure upon
them, each creditor straining TO get hold
of it. and as it will hardly. 10 any case, be
sufficient TO pay all, those who may be
disappointed will feel and show their re-
sentiment. For these reasons, and others
they will naturally sneggest, the Assembly
cannot adopt the proposition of loan OF
money by the state to oppressed debtors.
The second proposition has been to sus-
pend the execution of Judgments for debt,
for limited time, on certain terms and
conditions. All the remarks before made
on the inefficacy aud impolicy of attempts
ing partial and temporary paliatives for
the evils complained Of, apply with equal
force to this proposiiion.--lt is not, i'll
cannot be intended to suspend the credi-
tors right indefinitely much less to ex-
tinguish his debt; and il should be very
distinctly ssheuo flsat al The end of a rea-i
sonable period of suspension, the debtor
will be 10 situation to discharge the debt,
before we venture upon such an interposi-
ton of legislative power. Some gentle
men Of the House believe such an inter-
ference with the rights and contracts Of
individuals to be utterly repugnant to the
constitution and all must admit it is
very delicate and hazardous proceeding
Ii this were otherwise, the Assembly
believes, that far from relieving, it will
add to our difficulties. II is altogether a
mistake TO suppose there is deficiency
Of money 10 our country and there is
therefore no reason that we should tura
farms aud cattle into circulating medi-
um, and compel creditors TO take them 10
payment of debts. The real defect is 10
mutual confidence, and the alarming re-.
duction OF the value of property of every
kind. II is most obvious that this distrust
will greatly increase, if the man who has
money to lend is deprived of the powers OF
the law to recover it from delinquent
debtor; who is thus protected in the
breach OF his contract. Even the daily
credit given for the necessaries of life, SO
convenient to the poor. must cease, and NO
prudent man will part with his property
until he receives the stipulated considera-
tion-What will become Of the immense
portion Of the business of the community
which is done by credit sud confidence
1t is not easy TO see all the iniuriou:
consequences that will follow SO important
a change in the business Of society it is
in fact, TO new mould it; TO regulate the
commercial intercourse Of our citizens or
new principles and extending to pas,
transactions, to strike vitality at the conf.
dence 10 contracts. We will not say thai
a state of things might not exist where il
might be indispensable, and therefore jus.
tifiable, to resort to such desperate means
of salvation; but we do not believe any
such extremity Of distress has yet come
upon us and We prefer 10 trust to slower
and safer means Of redress which we be.
lieve will be found in the industry, econo
my and prudence Of our people; and il
that power of selfregulation and restora
ton SO often discerned in human affairs
which, when left to itself, has removed
difficulties greater than ours-THERE
FORE,
Resolued. !. That it is not expedient
at this time, for the state TO borrow money
for the purpose Of loauing it TO such indi
viduaIs as may be 10 want oft.
2. That II is not expedient, al this time