Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-05-02

Say Lsss ~,li. probably. be adopted by some
%, TINS must IN oil pfobAb iny, produce greater
eNis Than those now impending. With costs. and
property more reduced IN value, We shall have 10
psy larger debts than threaten ne. IL will be
.hoeght ees, by some. to give the Banks more urne
mat the people may have the benefits of another
crop This Is fallaeious When were the people
ever known to pay their debts in this wayi We
nave had the benefits from crops at good prices, Tor
several years. but our debts still cling TO US Prices
are not likely to be made better in thus way. One
o'her plan, apprehend, Is To be the popular, II not
we successful one. Ii IS not only not To coeree the
banks into resumption bat to sustain them IN what
may be deemed an adequate expansion OF their 6cti-
uous issues. This, think is TO DC the State
ny throughout our country.
have, from my youth. until within few months
past been sincere advocate OF we'll regulated u.
-. Baok-believins. as had been taught, that such
an institution was not only necessary to our pros
perty, but also constitutional. Such was my faith
and practice. never admired the State Bank plan
much. The absorbing tendency OF an abiding dis
position TO monopoly, every where existing among
the States. finds better field FOR its operation than
thai presented in monetary affairs. Besides, the
act Is so clear, that State money, such as we have
under the name. never Toe kept long above the
reach Of huetuation and deterioration; and that it
can only be sound at home, convinced me that such
can never, with safety, be made the currency OF the
| country.
So Ear as the State Banks are concerned, IL per-
feety clear to my mind, that they design to apply
ter, their position is well dehned-ther language
dictatoral and clear. "Let US alone" say they,
"and when the neishboriug States agree, we shall
meet our oblisaionS-lf you eocrce MS, we will
press the people" Virginia Banks wait for neigh
boring SIntos-rud her neighboring States wait ON
Virginia and other neehhorns States. Blu, can the
Banks cure the evill by no means. They can
palliate-dcceivc for n umc-bnd the minds OF the
people by cloud Of rre1eem0be paper money,
and lull 10 a false rspsS--hut must unavoidably
| as 1 | nj N
this view. the States cannot give The people perma-
nent relief; but believe that Congress can.
As before stated, all the great ado about money
hard Imes-a circulating medium-thc currency
resolves itself into the simple issue between
dior and debtor. Blot out this dcn and point out
one instance ot distress, possible. All the diff
cuiies IN controversy terminate in this issue. Is
fernsylvanii distressed, as a State 1t is because
she IS IN de1i, and cannot pay without an oppres.
sivc sacrifice OF property Are individuals distress
cd' Who are ;hey Men who owe bu; cannot
Gay without Unexpected and undue sacrifices. The
writer IS persuaded that this u the true issue, and
that - within he power of Congress 20 adjust II,
or to take such steps as will enable the poop TO
arrive ~ sn adjustment short of revolution.
The riSh: Of Congress to settle the Difficult les of
erednoF End Debtor, is distinctly granted by that
Muec OF the Constitution which authorizes 1t to es
tablish "unicrm laws on the subject of bankrupt
cies" II am rot mistaken, the interest o. credi-
tor and debtor, as well is that Of the whole nation
besides - entrusted TO Congress by many provi-
SONS OF the Constitution; the regulation oi the
value Of coins. weights aud measures sc. But in
TIC article i:s; quoied the issue of creditor and
debtor - distinctly made and charged to the legisa
ton Of Congress. BY late act, Congress has car
rcd this power into effect. IL then, Congress has
power - say, under certain circumstances tina: the
d"ctor shall go free Of the creditor though he may
At future day be able 10 pay the debt which he
now owes may rot the same power he invoked
coaSu'utonaly, IN great national calamity like
| iao present. The Bankrup; law says though
your dect IS not To be attributed TO n .la~admniS-
irauon OF the currency-nor to any deceptons
swindling or cheating process OF the credtor-tho'
no change OF circumstances, by sudden fall Of the
valde OF property has embarrassed you-tho' YOU
justly owe, not being able to pay n0,e your ener-
gies are set Tree, md your obligations abolished IL
IS constitutional in principle. ii not in detail; and u
Is earnestly hoped that il will prove u blessing to
| thousands.
Believing, as before stated, that the governments
| OF this country, State and Federal, have brought
inc people into the present state of distrcss-that
me number OF creditors is insignifcanily small
thot rs, the depressing part of them) IN proportion
10 that OF the ccbiors-that a great UNEXPECTED
and overwhelming change in the amount OF money
IN circulation, and value Of property, mas prccip,a-
ted the great debtor cless into circumstances which
threaten their speedy rum, unjusy at the hands of
/ thelr creditors. | would now propose that in adj
dllion TO general Bankrupt Law. Congress be ne.
| utoned 10 pass general DEBTORS LAW, era
duatns the amount OF respective debts according
TO the date and circumstances under which they we're
contracted
This principle properly applied, and carried into
effect IN the States and Territories as is the Bank
rupt Law would enable the people TO adjust their
debts under present, well as under any other
circumstances. The principle would give TO eyery
creditor what he is Justly entitled to OF property as
iuly as II he had received the property at the time
Of receiving tho obligation. The money holder. The
third party in pubic sale of property would merit
some attention, until proper and sufficient perma-
nent currency could be established. In scheme of
inns sort. the debts Of incorporated bodies States
General Government, and all foreign debts would
probably constitute exceptions. ltapplies to firms
individuals and companies, within our own borders
Inc true wealth Of the nation is still here, and
vii remain here; but for the want OF better and
efhcent Circulating medium. great amount of pro-
perry VIII, and must change owners. But let not
the creditor claim twice and three times as much
properIy now, as he had a right TO claim in virtue
oi ms money loaned otherwise bonded wears
gone by. lie ought to have now, what he was en-
Titled TO then, and no more. The times are goadine
the people 10 an irresistible demand of better poe
vernment at the hands Of our servants.
Inc pTtrsntiVe Of future embarrassment will be
presented IN the next number
ONE OF THE PEOPLE