Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-11-09
From the Charlottesville Jenersorian.
A STAY LAw.-RELlEF TO THE PEG


In 1914, amidst grieyous burdens oil debt law
WINS passed, that property should not be sold under
any execution, Il the debtor would give bond with
good security for paying principal, interest and
costs, at the end Of orc year. This measure pre-.
vented much sacrifice Of property. Before the year
| expired, most OF the debts thus suspended were
paid, OF in some way arranged and such signal
| relief was afforded, that many good minds deemed
1t an atonement for the strain, f not the breaking,
OF the Constitution, in thus interfering with the en-.
| iorcement OF contracts.
The reason Why the Stay Law proved salutary
was, thata great expansion OF the currency, and a
great beuernent of the times, occurred before the
year expired. When the law passed, were at
var with the most powerful OF nations. la the next
January, news Of peace came; aud with peace,
came such food OF apparent prosperity as few
countries have experienced. Ac immense eSpan-
sion of the currency look place; wheat sold in the
summer and fall Of ISIS. for IL, IS and Is shings
bushel-iobscco, for Is, 20 and 25 dollars a hun.
dred The debts, bonded under the stay Law, with
their accumulated costs, were easily paid CT, be
cause two dollars and half then. were obtained as
easily IS one dollar had been the ycir before.
The posture of things row is totally different.
There is no war, soon TO end in peace which will
bring sudden spring. tide of prosperity over the
land. The times are hard it IS true; but (although
they will not grow hnrder) no expansion of the
currency very speedily take place, because our
banks, having just resumed specie payments, will
have 10 issue as little paper money as possible for
fear OF having runs made upon them. lnsiead OF
an expansion. 1t is more probable that the contrac
ton will 90 on further for some time 10 come: as
some capitalists will be gathering in their moneys
through dread OF insolvcncies and others boarding,
10 watch for opportunities OF speculation. Thus tie
end of the year during which the stay is TO continue
will hnd the principal deb.oEs liile able TO pay
now; probably far less atle: that hundreds or
thousands OF innocent securities will have become
involved and the crash Of fortunes will be doubled
Indeed the main effect Of the Stay Law will be TO
get men er,anset &c securities, Who are new clear
OF debt.
Creditors, awaiting themselves of this eonse-
quenee, will instantly bring suit upon all their de
mands, TO have them made S. f. as possible. We
shall have thrice as many suits as W. evcc had be
lore. The limbs of the law (of whom am one)
will profit greatly: bu: il will he an unhealthy
thrift; 10 them-n diseased fainess-becauSo what. |
eves is bad FIR the community, Is bad in The long
run FOR every class in il.
There vii! DC gross inequality, and diagram,
Injustice, and ruinols oppression. in ons part OF
glsiature cannot s,ay tbs hands Of the Judges and
marshalls of the u. s. Courts. In those courts, |
therefore, the merchants, and others of our State
who owe debts 10 citizens of other States, will be
sued, and made TO pay; while their hands aIe tied {
up, from collecting their dues from their domestic
debtors. Thus many an honest and strong house
will be made 10 toppe down headlong; crushing |
many an humber one in its fall.
Creditors by deed Of trust, too,-is IL ccniem.
plated 10 stop them 10 prevent their trustees from
sei4ins III nor thosc VINO nave gwen L rust uerus
will be pulled down, like these who Ray be sued |
IN the U. S. Courts; without the power to aver;
Iheir ruin, by exacng what is due 10 them. Ii the
stavaw is TO embrace them, will II be pretended
that this is not npIiring the obligation contracts"
Ii We, Virsluans. thus asrantly, papably, violate
.he Federal Constitution through fsneied nsees.
sity, must We not ever after blush TO oppose any
stride which the advocates Of Bank or Tariff may \
iakel II we do not wish to furnish usurpaion with
a silencing reply to all our future arguments in
behalf OF the constitution, let not ourselves give
it this open, this fatal blow
Instead OF a remedy thus a, once mischevOus
and unconstitutional, le, US TetGeneh cur expenses
save all we cas-work hard-upply all our earn
ngs, over and above ivelihoods, 20 the pay
nent OF our oe5t';-and, my word for it, creditors
vii! be iAspited with confidence, and wait with us
We shall soon cease TO feel the hardness of the tines
md 10 year. all wishes for any interruption to the
regular course OF justice, will have disappeared.
When It is considered, that Vrgini, spends, far
worse than useisssy, IN strong drink i've times tho
lmount OF her rcyenue,-ONE advisable retrench.
nenI is OBVIOUS TO the dulles: mind. NJ. l..