Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-11-04

The crowded state of our columns compelled u
yesterday to postpone the remarks with which W.
should have wished to accompany the letter Of ou
Buckingham friend. on the subject Of Stay laws
aud their popularity in his county.
When We explain to our correspondent that ws
did the direction Of the Wing until aiieI
the publication OF the letter Of which he speaks
explaining the true state Of things in Buckingham
he wiIl zee Why il escaped us.
We rejoice now to hear Of a condition Of things
so honorable to Buckingham, however democratic
and however by natural consequence distressed
II her individual morals thus sound, under such
severe pressure there is hope for her political rege
nsra,ion. Let her bes,ir her body TO shake off her
debts, and her mind to shake of her demagogues,
and all will soon go well. Let her take couragei
calm her mind from the apprehension OF evils, many
of which are bu, the phantom, that the darkness OF
disturbed state Of public siairs ever conjures up;
and collect herself to her duty, her faith, her very
safety, oil Of which are at stake.
Aheady the difficulties OF the country have been
but aggravated by the suggestion Of this inqatous
sort CT lesislation which in reality approaches to
formal Act of General Bankruptey-a bankruptcy
too, in which all the nsovenss are to keep possess
SION oftheir effects.
When such remedies come TO be proposed, what
is thu Consequence While ye, they are merely
apprehended, the creditor (aarmed At the possibili.
~ of presently being cut of from the usual benefit
Of the aws) makes haste 10 push his Doctor, feeling
himself released, by such state Of things from the
charities which publ: opinion usually enforces, but
all of which must cease, soon this signal O.
open war between the debtor and creditor is sound
ed.
On the other hand, what will be the conduct OF
all debtors, in any way embarrassed Beginning
at once TO look to the early enactment OF law
which will auihorizs them TO avoid parting with
their property, remove the stigma OF every breach
of faith, aud pOss bly, enable them ultimately to
avoid all loss. they will at become rcluc,,n. to
make sacrifices even comparatively light, nad en-
deavor not 10 pay their debI., instead OF paying
lnem.
Mu:h, We are persuaded, OF the amount OF debts
put in collection has arisen in this way. IL on the
side OF debtors generally, there is auy movement
which shews a disposition to avoid their engage
ments, a corresponding one is instantly produced,
among creditors generally 10 press, exactly 10 the
same extent. This 10 inevitable, and CT itself per-
fec,y right. The common feeling Of what Is nj,
between man and man. takes the creditors side, and
iusIihes rigour which, under ordinary creum'
stances, the dread Of public disapprobatiOn will not
allow men to practice.
But the extent Of the prevailing entertainments
is, we have found since we took up this matter
greatly exasgvi:.ed. Undoubtedly, property of all
sorts has fallen terribly in value, through the scar
city OF money at home, and the low price OF our
productions abroad. A small debt is now more
difficult to pay than was a large one, some SIX years
ago.
But we have ascertained here, by resorting, at
this chief point Of Commerce, TO the mos; direct and
satisfactory information that the positive indebted
ness OF the country is really small-mueh smaller
than it has been for years. IL was fully fvies as
great in the year 1886; and has been undergoing =
regular reduction, every ys.r since.
A few years more Of Industry. of Economy and
OF Good Faith, will, have no doubt, place US ns
entirely out OF debt as a country need be, or ever
can be- where Credit is not totally abolishedi and
that is 4 state of things which nothing can bring
abou, but the suspension Of all enterprise and The
overthrow Of all Confidence. That Punishment Of
every thing but Cash, about which our Locofocos
talk, is mere dream; can never be in any scr; re-
allied, but by the extreme Of Ruin and demorali-
cation; and ought not and we trust never will hap
pen.
Courage then! we soy. Let the good eiizsns OF
this honorable land shake of this dis.raceiu, this
unmanly, this dishonest surrender OF their siurd!er
qualities, and recall that hereditary worth, intes
ri!y, constancy, for which Virginia has ever been
famous. Nothing but those old unhinehing virtues
can now extricAte US. Money, jus, now, we can
not get, except inadequatey; Credit therefore, Is
now our compelled resource. Ii Of that we have
not enough, how are we to get III BY creating
stronger confidence in our Industry, our Skill, our
Thritness, and tabovs ally our perfect Good Faith.
This course offers the only feasible, as the only
honorable help. Will S.ay-Iaws mend what we
now need-our c'edi2 No. they will totally de-
stroy, for 20 years, all that we have left.