Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-24
TO TIE EDITOR OF TIE ENQUIRER

H.
There appeared in the Daily Whg of the l9lh and
goth instant a communication, headed "l'he Times,
STAY Laws, and State Debts" over the signature OF
aGiles which is so worthy of the most mature con.
sderation by every member of the Legislature, that
must beg you TO republish it, and, II possible the entire
article in one number. have read every thing, both
for, and against Stay Law, that has appeared in our
ne and help remarkng, how vastly su
oeror are the views Of "Gles 10 all the other publ.
cations on the subjects 1t may be recoiected
that Stay Law was proposed at the last session OF the
Assembly; but it defeated by the strong efforts Of
the iarnen,ed Holiday, aided by other distinguished
members. -
II was then contended, that property was selling at
ruinous sacrifices and that if sales could be suspended
for year. debts would be paid with comparative ease
Now have these predictions been verified. answer
no. For the same sangune advocates OF relief tell Us
what is true that prices are stiil further depressed
they offer nothing deserving OF confidence Than
their mere opinion, that delay would be productive OF
rood results little confidence should be placed IN then
calculations, when experience has shown US now uuer
" falacous their former promises OF Amendment
/ In some of the States, apology tor interfering
with the usual course Of law is set up in the fact that
many of their Banks have failed, and others closing
their business and that in such state OF things, many
debtors mue have provided money, WIN when 10 NEE
their obigatons-but that such failures necessarily
greatly deprecated their mems; and as The Bank paper
obtained credit chiefly from the law, It was nothing but
right that those who suffered should call Tor and obtain
relief from the However plausible tins
may appear, in Stale Qhanks to those who have
heretofore opposed The creation OF Banks, AND 10 Mt
one more than The late President OF the Bank OF Va
we have no such excuse for Stay Law. No Bank hal
failed or is winding up-the paper money ls every
where in rood credit and received in payment for al
debts This is alone sufficient should think, 10 make
all prudent Legislators pause before they venture upor
an experiment, the effect OF which, 10 say me least,
so uncertain as to excite the fears of practical men,
Strange indeed it will be, if this old Commonwealth
with currency absolutely better than any one in the
COME deracy or il is at par IN every part OF her wide
domain no one having to suffer the least loss IN ex
change in making payments IN any quarter OF the State
should think of hazard'ng measure OF such 'eaI'u
conse as that must be, which proposes chang
in the law of debtor and creditor that has existed for
quarter Of q century.
cannot for my lie, believe that Stay Law can b.
benefc TO any portion Of the community, except per
haps lawyers and clerks ana 10 ther honor oe spoken
the former, know, generally opposed 10 il; bu
surely if il be true that wholesome and sound stat
of credit is mineny advantageous TO the interest
debtors must il not follow, that any measure calculates
TO lessen impair or diminish confidence, will be mos
injurious to the same classs Know such law ,
asked for to relieve those who are most needy; but viii
proyident Legislature forget that on Infinitely large
norton of the debtors in the ordinary course of things
are no, sued, but gradually lessen their obligations
times of difficulty by partial payments Enact Sta
Law by which creditors become excited aud alarmed
and nearly all debts are oHtCly Pnceu IN SUI, tDu
greatly increasing the business Of the courts, hal
Easing the people in Ten fold degree, and af,e
t adding heavy cost to the already indebted part
; the population, the immense quantity Of propcrt
brought into market st the expiration Of the laa
must, without doubt, depress its value far below tb
currency of the present day. Surprising it did al
some debtors in few counties Of the State, which
BY no means certain, would this be fair equivalent fa
The distress that must ensue TO thousands who woul
be sued in consequence Of the destruction Of conf
dence. always resulting from such i'll advised measure
of relief. nothing being certain than that the de
sire of getting all the security which possible
der the new relation Of creditors, would induce Their
generally 10 sue.
leave out Of this question any particular referenc
to the banks; they too would suffer much, but merel
in common with other creditors; their means bein
more ample perhaps the degree would be less intense
Sure am, that the man who was indebted out Of III