Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-12-31

dissipation and extravagance both public and private
took place. The Banks following up and profting BY
the spirit of the times unchecked by their natural
regulator the exchanges, owing TO the vast amount
OF money seeking TO be transferred 10 this country
from Europe, continued to extend The circulation SO
rapidly that no one was con,en,ed TO get rich by the
slow progress Of industry and economy bu, the whole
people became involved in gambling speculation; and
the desire to become rich immediately became strong
that men OF the highest standing unable To resist
the infaiuation spread around Them The result has
been, that we have used up credit abroad, and in
stead Of being able to borrow called upon to pay
what is due. IL will be obvious that as borrowing mo-
ney in Europe enabled the banks to expand, from The
fact that The exchanges thereby prevented from
rising; that now when money has be paid back the
must be the case the banks will be compelled
TO reduce the currency 10 meet this state of things
And that cause will extend its effects through every
rsmfcaon OF society, and all prices must fall and
that will again upon the banks as The smaller the
price OF products, the less the amount of circulation
necessary to effect their transfer; that the banks will
be compelled TO follow the decline in prices, and add TO
by farther reductions of the currency, just they
willingly and for their own profits followed the expan-
sons and added TO them. Ii must be admitted that the
difficulties Of the times aggravated By want of
confidence both al home and Abroad and that Of
confidence has been in part produced by supposed
disposition in the community TO repudiate their debts
This impression has been deepened by the efforts Of our
Governments to pay, by borrowing, instead of provd.
:usiug to pay and others being unwilling; and by
the passage of a voluntary Bankrupt law.
Having examined the state ofthnss, and their causes
they Of such nature to produce the impression
that they will be of SO short duration to justify
the Government, in interfering with the contracts Of
individuals? 1t is said that confidence is plant Of
slow growth, and the people and their Governments
are too much in debt to enable them TO pay for some
years, and in the mean time things must be low, il
not lower than at present. The restoration Of conf
dence can never even begin to be restored under the
operations of Stay Law. II, then, there is no i'm
mediate expectation Of improvement in the tines why
pass such a law: The moral influence Of il must be
every way bad. Men under lis operation will lose
their regard for their contracts; will be prevented
from exerton by state Of anxious uncertainty will
neglect economist by retaining their property. The
evil will spread, by the kind hearted and benevolent
becoming involved for their rash or mprovden neigh
bors. The sales Of property will be crowded into {
shorter time, aud the capitalist will reap the whole
benefit. The truth is, that delay of payment is al
ways TO the injury of the improviden,. Has Govern
ment right to pass Stay Law Does not time en-
ter into the essence of contract think those whC
pay twenty or thirty per cent FOR delay would say SO
Nothing bat certain and great good could Justify
such an interference. MADISON.