Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-02-01


personal property: and AN ejecim-ni, If
II le real estate This bill does not
prohlli' him from selling the property
under his deed but only pro, ides that IL
Ice moi sacrificed Tor less than ,ths of lis
vciur.
MIR. NJ. professed 10 have no great res
peri ioi authority; but as the gentlrmen
on the other side were in the habit of
relying on II, nc would be. leave also TO
cite lew prcccdrnis III his behalf. In
i1S7, IepieNn law Was passed in VIr.
g'nia, at the very tine the constitution
wnS aioptrd. II was IN few wears re-
enacifd by the same men who had con-
'iib"ted to adopt The constitution. A short
lin'e after The embargo wenI into opera.
non, rrpleviOn law WAS passed by the
Legislature. a stay LAYS Was then passed
M 1871, The restrictive system with all
these laws vanished. Bmi they returned
Win The iaie war: for stay law was en-
acted, and continued anil ere wear after
The end at HE war. Ihe riuhI 10 pass
such laws WAS never denied but once in
me Court at Appeals, in The case oS
Mayo and Judah (aDd this loo one OF
the strongest kind, a case of deed of trustY
and though Mr.. Wickham had made lie
point IN his argument, ihe court had piy-
en- no decision against the constitutional
ny OF the law. II they had deem, d the
stay law 10 be contrary 10 the c,ns,iiu-
non, they would moi have rendered Tie
d' ,sIon which they did Mr.. NJ. re-
Z rred TO the debates OF the Virginia Con.
Venllon Tor proofs that the idea contend.
Gu ior nao NOT been advocated al that
dav. Having read some passages from
them, MIR. NJ. commended that tber. vas
not one word, which shows the cIause i'm
question 10 have been Intended TO apuly
10 remedies. lie doubted whether The
Federal Judiciary itself would deny The
right OF The Legislature for, The ingenuity
oi lawyers would have conirived sop,e
means OF carrying The question before
them, 1t they had not despaired of sue
sess IN That court. Aud shall Sc. after
so mary PIE, edents after lesisla ing nu-
on Ii IN suci variety OF way pause
no" Or shall We give up one stale
RI after another
Having disposed Of the constitutional
OBJECTIONS, The next question was, is il
erpediem 10 pass The bill! NJ II. con-
lessed he approached this question with
fear and trembling /; not that he had anv
doubts upon il. bni because he found il
impossible 10 paint The real condition of
the r"s"'ry He begged leave TO read a
letter roma valued frieml on this matter.
J. ON which we make The following ex-
tracts
" Isit pOss BILE that the legislature can be
imposed upon by the sau- OF the day that the
existing distress has been produced by The
extravaganza of the people alone, and that
industry and economy its only cure ? Or
can they consirue the silence of the ne, ME
into an indication of their wish that nothing
shall be done That the facilities afforded he
the banks produced maHy instances Of
needless extravaganza in speculation and
expenditure, cannot be doubted. But this
effect was confined principally to the towns
and their immediate observation-disclosures The
" extravaganza" of the great body ot The
people has consisted in nothing more than a
mistaken coniidencei in the delusive appearances
OF prosperity which surrounded them, and
living according 10 tie Increased means
which were TINS, for time afforded then,
They have not pariakeu of the mad specnla-
tons ana profnsion OF expence which have
ruined 70 many. Yet they are so involved in
debt as 10 need relief Anticipating onl, a
single crop when tobacco was worth s ~ And
wheat z, (Which is almost the universal
practice IN Virginia, where the people deal
principally on credit they have now TO ,av
the dents TINS incurred with tobacco at -
and wheat al ) | and this too when a Iarra
portion OF the latter, fiom the shOrtness of lie
crop o! corn, tx necessarily consumed at home
That Is TO say, their resources without any
fault OF theirs, are reduced considerable
more than one half. Again the commercial
embsir -Snent, of other cour r ps lave ..ct
p odnced proporionabIe depression of
have, things are so managed that the peonle
derive M benefit from For almost any
article OF foreign growth or manufacture We
pay as high prices asevrt, and for some of the
FIRST necessity higher than we have done since
the WARRIOR example, salt, coarse woolleus.
sugar and coffee speak OF course of the
price of these articles To the consumer who
buys OF the country merchant. The relative
prices OF our products at different times are
believed TO he correctly stated IN regard to
those who deal with Richmomd-at least. they
are suthcie5tly so for illustration As YOU
recede from Richmond westward The resources
OF tile people are still further reduced by the
enhanced price of goods. and the diminished
price of produce. Ifthis state OF things had
approached gradually, the people would have
Deen prepared Tor IT, and might by industry
and economy alone have corrected the evil
Bnt IT has come upon them instantaneOusiy.
and Az il by magic Aud | have said that m
has arisen without their fault. The numerous
ISSUES OF the banks first raised the prices OF
the products OF the country above their prvp.r
STANDARD Their curtailments, by whatever
cause produced. the failure of some # them
and Tie runs upon others for specie for expoI.
elton have produced as sudden depression.
Now II will not be pretended that The peopl.
had any agency either in the Establishment or
management Of the banks. As YOU very forci-
nay remarked to me when we last conyersed
on ihis subject, the people were entirely pas
SIVe IN their creation. They had neither wish.
es nor opinions Oh tie subject They were
assured by their representatives that banks
would promote the good of the community
ana believed This is the " he adj and 'front.' Of
their offending. This is the extent of their
agency in the establishment of what have been
called the local Institutions In creatiue,
the United states Bank which has done most
OF the mischief, virginia certainly bad no
agency whatever, as you also observed Her
vote ~ The Senate was neutralized In the
House OF Representatives large majority Of
her delegation was opposed 10 it,"
MIR. Nj. then took retrospect of the