Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-03


debt would be increased and the means ior wan OF
circulating nedlm) would be dimin'sheo-ano Inc al
ternnve 10 the utter sacrifice al property oeiofe al
yerted to- would be Stay laws, which would again
and again be passed, until lapse OF time would ne p'eao
as reason for not paying at a-and general absou
ton from all old liabilities would be granted The Stay
law is the boldest step towards that most hdeous OF all
anarches Agraransm that this fruitful age OF ihho-
vation has suggested
How then can the Legislature afford relief BY
charterng new Bank ? Certainly moi. new Bank
could not now be set in operation-,he specie could
not he ob,aned-the stock could not be taken-and 10
sci in motion irresponsible paper 10
legalize suspension of specie payments-wouia De 10
reap no benefit from experence-to put IN operation
the same or similar that have brought US to our
present state-t would be throwing currency IN CIR
culaon that might rapidly deprecIae, ana result IN
loss the planter, and visit upon Postehty Inc same
evils suffer.
While we are on The subjec, of Stay Law, permit
me to address argument TO the patriotism, and,
might add, TO the humanity OF the people. mere rs
one effect Of Stay Law that none can Doubt would
utterly demolish the mercantile and trading ,nuIea' IN
the cites of our State Take, for example, Richmond
or Norfolk. Their citizens are, perhaps, ,naeoeo 10
nearly all the commercial States in the UnIon, IN
greater or less degree. They have, also, bought
from foreign States, and returned ana soia 'heif
commodities amongst Ifyou pass Stay Law, our
fellow citizens in Norfolk and Richmond could be ar.
rasned before the Federal Court and made TO pay these
debts to citizens Of other States or TO foreigners, while
the Stay law is in operaton-whe those VINO nave pur-
chased the articles for which they became thus indebted
from their customers in the country, are Keeping Oft
their suit by q resort TO the Stay law. Wnat would
become of the wholesale merchant in Richmond large
creditor 10 the interior of Virginia. but large debtor
10 New York his ruin would be inevitable lie would
be sacricet-not by his own act-not by the mefcess
pelting of the present Storm for he could weather u II
left alone-but by partial iegslation-by laws which
promise little good 10 their advocates, and wil with
uneTring certainty, destroy portion OF our clzens
who have been always useful to the planter ana whose
prosperity is inseparably linked with the agricultural
and mechanical interest. 10 the trankness oil virginia
honesty appeal 10 the magnanimiy aud moral ieeihg
Of the State, If any permanent good can res"h IRON
such system of based upon The
admission that the property and happiness OF thousands
are TO be sacrificed when The law takes effect. "Can
the sad genius of The raging storm be propaied only
by the Mooch offering Of large. SO respectable and
useful portion Of our citizens as the wholesale mer-
chants and their dependents?
IL peace offering is TO be mode, let The lot tall on
the JONAH who, at present. keeps up the elementary
strife. Let it fall the brokers, that the Banks may
relieve the people, and then let the people lake in hand
the Banks.
But TO return TO this desuliory argument. II has
been thought hy some that the city merchants can ease
the mseves of the dilemma, in which the foregoing ar
gun,eni places bem by assigning II tier foreign ere
d,.Ors, 10 their credor IN other Safes 81 The Caon
hsr bonds, oteS, aSgGt;dHe SECURITIES taken Jr0m
the country merchants Bot this is mistake. The
Second Section Of the Judiciary Act of 1880 express
Is denies the District Court OF tic unitcd States jars
diction of such assigned bonds, or other chooses in
action, except foreign bills oil exchange) and II tie
parties 10 tie contract before The assignment ao
citizens Of different States citizen and alien, the
sgnment cannot give jurisdiction. OF this there
doubt, nor can any device be formed to relieve Tie
Richmond merchant, to give tie Court urisdc;ion
In the case @: Manifold RS. Levy, Dallas-the
controversy between two ctzens of Penn
sylvoa;a about title 10 lnnd-one or the ii;!gant
parllss conveyed to q citizca Of another Stale, IL
order 10 t:y the title in the Federal Court but The Fe
3eral Court anmadverled with severity upon the pro-
ceedinr an fort 10 obtain jurisdiction by FRAUD
So thai from s and other that might he cited,
it will be discovered thai no shift be resored 10,
either by transfer Of personal real property, by
deed Of trust or enment, 10 throw he foreign ere.
dor The country merchant. So that the crash falls
at once en- the city merchant Their ruin would act
on the banks and the banks react the people. The
country merchants would only be injured 10 the extent
Of the costs of their debts 10 the ces-for the poor
boon left 10 the wholesale merchant OF taking his
cution on. agcns, his country customers The
Stay Law EXPIRED would certainly be awaited OF, and
he would pu all such claims in suit The customer Of
the country merchant who IN the commoor and dis
trust of Stay Law times, could give security, would
be the scape oat who would bear most Of the sins Of
the STAY Law. The merchant peculiarly tempted 10
him; for, if he does not give security, his property
is sold-ii he Does the merchants debt is made safe
| Bat told that necessity mas no law-that she
consults neither moral CT civil codes-tha the people
w
STAY Lay will bring relief We ask the advocates
of this Law TO weigh its advantages and disadvantages
cooy. Let not in haste adopt measure that will
mock and deceive the people
| What then, can be- done: The first thing, | will
humby and respectfully suggest, is 10 put down the
Brokers, by prohibiting tax, resort 10 legislation
that dispcnses eh The necessity Of SO much paper cir
,uiatOn, and furnish every aid TO the Banks to dis
conn consistent with permanent specie resumption.
| The Banks at this time must be sustained for the
Dirs'sa uD O
take along with them the wheat, AS The storm
is allayed, mry put their heads together TO
place the whole fabric OF Banking basis that will
render them less liable TO those violent and spas
modc x pansions and contracions which shake our
political system to lis centre. have no lme-nor is
it the proper time TO dwell the misery and moral
degradation Of over-banking. The Banks at this me
are anxious TO issue They desire TO make profits
The stockholders want good dividends; and If these
harpies the brokers, not always brooding, with
i'll omened purposes over these institutions, ready TO
pounce upon hem the first uDguarded hour, the banks
would issue more freely. And ought the Legislature
to have any conjunction for class of men, who
Though, for aught know, respectable in detaD
can by concentrated action make upon these in
slitniions and in twenty days involve the whole com
munity in scene of CONSERVATION and distress: Bro
kers and banks incompatible things, at least cur
banks conducted, and il would he wise legislation
to destroy the broker, if the banks 10 be useful.
The last time we looked at the tax on q brokers' IL
few years ago. it was 90 dollars-cvcn less
thln TIE reti meICnaul hoOlu not our
ature do we'll TO tax them three four thousand dol
lars The under the heaviest penalty is forbid
exercise his tradetbe faro dealer, the cardpayer
e3emplarily punished by our penal CODE but the
broker, in whom is concentrated more unaoyed mis-
chief TO municipal society, than all combined, is
permitted to STAY and destroy with impunty.
The next remedy that would suggest, is to put bonds
and promssory notes the foolIng Of bills Of ex,
CHANGE a. regards their negoablty-in fact, on the
same footing they are put in England. The essential |
matter with the people is, this me to increase the
circulating medium of The Stale, substitute 1t BY
something raiuabte. We want it al home in our
counties. II idle TO say, that the loss Of half crop
is the sole or the principal of the dear,h of money
amongst There is not sufficient circulating me
dunn TO buy half The property thrown in marketthere
is not enough balance the Indebtedness between the
members of q community where all solvent and
the solvent is actually sued and sold out when he
is large creditor. The Bank circulation would par
tally remedy this defect; but there would be loss
of d per cent upon the issues sustained by The people
If I In nit bonds