Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1843-02-06
TrrspAy. Jan. 81, l843.
STAY LAW

The bill 10 prevent he sarifce Of property under for
ced sales with The substitute u Nj. Brown If Preston,
up the special order.
Mr.. BANifl, Of P.G., rose 10 move the indefinite
displacement ot ball and Substitute. MI u = cunsjlt
usnis were nnanuous againil aaY stay law lie was
not unmoyed By The dsIcscs Of The prnpe lie would
hot inquire lna the Of these disln Ses II was
sroagh Or every patriot 10 devote himself Ia lhe mcaus
OF mitigating t,'se dIstIcsse. The fact that Ihs pfapi=
alton io stay aR WIS seriously considered in he .
gsaIure OF Virginia to him most mufulynr II lcn-
dcd 10 cast stigma nron the pariass cscuehctn u his
proud old Communicable. Mr. u proceeded 10 niue
that stay law would he az niiaofy sifp 10 repodra
ton lis IN nds IN II fepudilta any idea of tie
ssrt;-bnt The taltncS 81 1t "oad be 10 bring abput
thai result. Mr.. d. referred II he beneficial operation
OF the stay law In 1874 lie asrf.aed thuse A,ucfclai
effects 10 the peace which ioov oi-and the l5gh rr-
ecs OF all species OF produce, winch immediately ,psud
The present condition Of the country was rqcy dlf.rr
sn There was ~ Pro5aai!tty that tbr rce ct produce,
would rise IN any very short ue b as To 6ring the re-
hei-whch Was hrough IL lSl6.
The argument that property was now selling At very
reduced prices had force Nhrn would II be biahcr4
u sales stopped lor Twelve months aud the amount Of
property accumulated and then arced INTO market sill
farther depression must be The result Mr. D. adver,ed
To the ELECTS upon the merean mile COMMUNICATIONS
debts being due citizens without the State would tie
sued IN the Federal Courts and they being unable Ia col
lect their domestic debts wauld be Frustrated Neither
debtors nor creditors would bcbone6ted by such law
The lawyers and clerks alone would receive any benefit
Suits would be increased. lie knew persons who up
forthwith bring SUITS who had no intention If uin, II
no Stay Law IS passed. Ar u. eNhnred eenilr,oen In
consider well The effects Il Tins law upon the character
of the State and the prosperity 81 the people before h
gave u 1t then sanction before they increrred with
The obligations Of contracts and arrested the oranafs
course of justice
Mr.. E.dmunds, Of H.. desired NJ Tayeuners amend
rnent should be before the Iause before the motion f.
Po.iPonement, until that amendment was introduced
Mr.. 1ayenaer offered hs amendment
Mr. Edmunds then renewed the motion f,r Indefinite
pos'Poheuen In this aspect Of the question: the oppo-
nenis OF The Stay Law would labor under a disadyan-
tsgc-but for one he willing 20 submit To that dls
advantage lie wished 10 meet the " hole suh,ect at
once and to know whether tho Virginia Legislature was
PREPARED, IN any shaPeo form. 10 touch the vested rghs
ei creditors and stay the courts of Justice lie referred
70 former Legislation of hischaracrr c,ntspa lin,
the circumstances, under which al former Say Laws
were passed, were totally different from what exist NJ
present Then war runners Of war preyallpd-nn,y
we nave ad - years Of peace. Halter such period
o. peace ii Temporary embarrassment We resort ia
oiay Of execnon-to the afct Of the courts If Justice
II would establish pccnden' which could not be tno
strongly reprnbaled. This W. ms - q eeiinn :, tho
measure. his second objection was Its UNEQUAL and IN
Jus, operation One portion oi citizens would not be
rei,ceed by il at all All Wao cotd debts beyond IN,
limits Of the STATE wogd be ssg IN the Federal cer.
This would be To give 'eg creditors preference over
doines'Ic creditors. In h6 3 the farmers ,.cre IN
me nant oil making deposits IA their merchants but
this bill is passed, ihusa domestic creditors would have
ihcir hands tied up. the foreign creditor would come in
and hayea preference, aad if not enough ior both
would take ALL
It's effects upon the Commercial credl, Of a., Sf,te
would be most disastrous lie did not spe.k of the mer
chants as sePerate and distinct class Whatever prese
ed the merchant here in the city, affected The merchant
vi the country Give to be understood that the ccurl,
were closed TO our cur city merchants their credit
would be destroyed at the Norh-they would be- sned IN
the Federal Courls-and their ruin would spread f,
and wide through the county.
The effect to up,n the Baa's wasa serious ronsi1e
ration IL these institutions were not compelled to s,,s
pend specie payments, they would be unable to extend
any accommodations, 10 merchants and others who bn,
the produce OF the country The price Of produce. f
she want Of composition, would be depressed still farther
Tue ahDle trade-mheh the domestic merchants ar,
Frustrated and dsvea from the field, would fall into th
hands Of few foreign mssrhanis--who would monopo
l;zr the market-and give only much for wheat an,
tobacco. To them I.'gbt seem pioper.
But Mr.. e. had an OBJ -ciion 70 all legislation Of ihi
kind, because j. - n6Ilanee of dishonest ieeisia
tion. k0mpls .[ll pom the credit and charar
ter It Moqld aae belief that W,
- 5&Jllbg 70 pay oss a destroy conf
" out Integrity. 1--we satss pxes to meet
s5ais debi. he credit " ...sns el IN l,r'hwlh
Fssx -