Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-11-18
TN ~, t.4,t..,,,ral. .Jf.r.0ninn.)
- -. - III, .ri 4 .IIII rEGrI L

l.Al
Ia 1sis midst preveus burdens OF debt, q law wal
,,ssod ,h,. nroptrty should not be sold under any
execution. il the debtor would give iona WIN goo'
security 10. paying rrncpa interest ana cos's a. '"'
end Of one yea- This measure prevented 'huch Sac,
60. or Befnre the year expired, most OF tns
dh, ,h susnc nded were paid in some way arranged
nrd sucb sgas relief was Afforded, That nanny s""'
minds deemed it a,cnement io' the s'Fain " moi u's
breaking al the Constitution, N thus interfering VIII
the enforcement OF contracts
The raason Mhy the stay law proved sanitary, was
that yrea, e:aansnn Of The currency and great De.
,ernen of the lines, occurred before the year expired
When the lag passed, we we're n. ~a' WIN Tue hio'
powerful OF nations In The next January news O
peacr ame; aud with prace came sue" h'"u W "p
narep, ,rosperj.y few countries nave eAPerenceo
n ;nr,.,s. Q ,pansion of the currency took place
yhea, sold IN the Summer and Fail oil lolI, i"r ~ i.
and 10 slIlings bushei-tobacco, Tor lo ~ ano "a
dolars hundred. The dcbts bonded under the sta
Law with The If accumulated costs, were easily PAID OIL
becanse two dollars and nall then, obtained as
.aslv as one dollar had been the year before.
The nos,ure of things now is totally different Ihere
is no war soon end i'll peace, winch VIII bring
sudden sprinrlide OF prosperity over the land Inc
times hard, 1t Is true; hut (athohsh 'hey WIZ ""
rrow harder) no expansion Of the currency can very
soredv lake place, because our banks having Just re
sumed specir payments, will have to issue US li'te pa
per money as possible Tor fear o! having runs made
,on them Instead of expansion II IS more prooapie
that the contraction will go further for some time u
come; as some capitalists will be gathering IN then
nancy "a through dread Of nsolyencies, and others,
boarding, watch for opportunities OF speculation
Thus the end of the year during which Inc stay IS 10
continue will find the principal debtors as little abie
to pay as now probably far less able so that hundreds
of thousands of innocent securities VIII have become
involved and the crash of fortunes Will be doubled
Indeed the main effect of the stay law Will be 10 get
men e,angled securities who are now clear OF deo'
Creditors, availing themselves of this cons quencc,
will instantly bring suit upon all their demands, TO
eafa shall
thrice rs many suits as had before. The limbs
of the law (of whom one) viii profit greatly but
it will be an unhealthy thrift 10 them-a diseased tat
ness because whatever is had for the community, IS
Ind in The long run for every class IN 1t.
There will be gross inequality, and Migrant IN .
ius:ice and ruinuns oppression, III one part of tle
workings of a stay law. The Vrginla Legislature
cannot stay tie hands OF the Judges and Hiarsha'S OF
the IT, S. Courts. In those courts, therefore, the met
chants and Others of our State, who owe debts 10 cru
zen. OF other States will be sued, and made TO pay
while their hands tied np from collecting Their dues
from their domestic debtors Thus many an honest and
strong house will be made 10 toppe down hea6iong
crushing many humber one in It's TALL
Creditors by deed Of trust, too,-is IL contemplated
70 s,op them: TO prevent their trustees from selling
If mn, those who have give trust deeds will b. pulled
down like those who may be sued III The u D loaIts
without the power to avert their rum, by eIactng what
is due 10 them. II the stay law is to embrace tietn
will il be pretended that this is not npairng The oo
CATION OF contracts II we, .ilg'"iahs' NUS i"s
palpably, violate the Federal Constitution through
ianced Necessity not ever after blush to OPP
Nose INV sride which the ad vocates Of Bank or Ia
riff NAV take. If do not wish to furnish nsurpati"n
with siencng reply NIL future arguments IN be
half of the Constitution let not ourselves give II this
ops n this fatal blow? ,....-,
Irs,eod of remedy thus at once mschievous and
unconstitutional let retrench our expenses save
al we can-work hard-nppy all our earnings, over
and above our ivrhoods 10 the payment OF our debts
and, my word for it, creditors will be inspired with
confidence, and wait with us We shall soon cease 10
feel the hardness of the times and in year. all wishes
,r my Interruption to the regular of justice,
viii have disappeared. When ii is considered, that
vrgnia spends, far worse than nseessly, in strong
drunk vcs times the amount Of her revenue-one ad-
v.sabe rerenchment is obvious 10 the dullest m'nd
NJ. l..