Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-02-16

kick, would sue, simply That each Que hsn' oe -.
least as safe position us his neighbors, when the hms
for aeton-perhaps it would be better to say, ST.
the dau of erecut,on, should arrive. The laws oil hu
man nature as well 60 the Stay Lac, would dictate
this course. e,
In these various ways all the Indebtedness OF the
State would, at the expiration oi the stay, oe |" '"e
shape of EXECUTIONS. And mark YOU SIR, the amount
of those would greatly exceed the amount
of the original debt During the recent discussion 10
this Hall on the bill to ''extend the jurisdiction oil
SIM Gle Justices much said OF the COSTS OF SUITS
in our Courts One gentleman undertook TO demon
strate that on small sums, the costs OF collection are
now equal to seventy FIVE per cent upon the original
debt Now, Sir, while do not assent to the correct
ness of this calculation yet avail myself of the &C
knowiedyed fact that those costs are very heavy, as
m argument against the measure now nnder CONSIDER
alton Have gentlemen considered the question IN
this aspect, Have they enqulred how much ms IRE
LIEF would cos. the people OF the State SIR can
fell gentlemen that The "cosr' would be infinitely
more than the s'REIIrr would be worth ConversinG,
time since, with an intelligent gehleman, VINO
was merchant during the as Stay Law, he informed
me, that upon ordinary sums, The COSTS were inliy
thirty per cent.-aud when we consider the shef'ifS
fees clerks fees, attorneys Ices, commissions cost 81
apprasement under the valuation eaure-ano super
add 10 all these the interest npcn the whole-thy per
cent is n VERY MODERATE calculation. Yes, MT
Speaker, this "reer' would add nearly ONE THIRD to
the aggregate of debt which would be suspended by
it-an amount which would sweep off the NETT pro-
ceeds Of one entire CROP though tina, crop should
good price So that the crop would be consumed in
paving the costs Of the "RELIEF, while the debt
would be not at oil diminished. We'll may the untor-
tunate debtor exclam, 'Save me from my friends.
There is another point ofvew in which this question
ought to be looked at its effects upon the mercantile
community-whose interests interviewer with
those OF the people at large, that serious pecunnry
shock to them vbrate through all classes, aud be
felt in almost every family Indeed, the principal
part Of the debt, which is pressing so heavily upon
our people is due to the merchants. They are yet,
however extending every indulgence TO their debtors
that the extreme difficulties OF The times permit them
to do. Under these circumstances, II must be obvious
10 all that whatever tends to the serious injury OF the
merchant involves, TO greater less extent, the in
of the whole people The overthrow OF The one
would be productive ofthe most disastrous consequent
ces the other. What, then, would he the effect OF
this upon that large and respectable class OF
our ci,izens3 Sir. il would be traught with unniixcd
evil The almost utter prosiraiion Of confidence ano
credit (Which are, all times essential TO CONNER
cal prosperity has already fallen, with annga;ed
violence, upon them and, through them, upon the PEG
pe. Many have fallen beneath the 'spressure of the
times while all have been or less injured Those
who have been absolutely craShed have breasted the
tempest in its utmost fury and, after having struggled
through almost insurmoun,abie difficulties, have safely
reached q point which ''gves promise of brighter
day" They have maintained themselves, and, permit
me say Sir, Sared their numerous debtorS at immense
personal sacrifices. All that they require at
hands to be let alone Their unadsd efforts will
have yet to encounter, unless those efforts are crippled
By an improper legislation on our parts. Confidence
ABROAD, however, absolutely essential TO their very
existence. Once destroy that confidence, and they
not stand This results from the fact, that,
in the ordinary Of trade they generally
debted to merchants of the Northern cities This is the
case, greater less extent III almost ell parts OF
the State Now, Mr. Speaker, | think it has been de-
monstrated that OF the first effects of this ;stay
measure would be the destruction of confidence. In
other States it would result in the almost total annh
laton Of all confidence in both the disposition and the
ability Of citizens, whether merchants or not, TO
meet their engagements People abroad not having II
in their power to obtain any very accurate insight into
the condition of people, naturally look to the Lee
gislature the bes; iader 70 that condition. II is
therefore, obvious, TINT safe and coufcH legislation
here is well calculated to INSPIRE confidence abroad
Pass your Stay Law, however, and, as SAID lj'tle
while since, you announce 10 the world that the PEG
pie of Virginia either unabe up,cHiing to pay
their debts 1t Ill be deiiberae declarations that,
desperate cur rccna'a'y difficulties that they re-
quire the desperate remedy VIZ Tie suspension 81
the lac: which nothing can ever Justify tut the extern
est necessities Of the State That the total prostratlon
of our credit abroad would be immed atey consequent
upon such a declaration, must be perceived by the
merest novice.
Under such state Of things, the foreign creditor,
with the hope Of SAVING tiHM ne 9ssppsEa
compel his Virginia debtor pay. And let it be re.
membered, Sir, that those means would be ample No
legislation by this body close the doors of the Fe
deral Courts against the citizens of other States
Those temples OF justice would still be open, however
NAV shut OWE; and TO them the foreign creditor
would resort The result would be, that our merchants
would be sued in the IT, S. Courts where judgments
can be obtained with nearly as much facility they
can in our tribunals We shall have tied up Their
hands and thus debarred them from the only means in
their power OF meeting their engagements They must
be i" sold out under executions in the hands of the
marshal, at time when they have thousands due
them which will not permit them to collect. Thus
they will be compelled TO stand quietly by and witness
the total destruction of themselves and their families
in the bitterness of their hearts cursng the unwise e
gislaon which had literally invited this catastrophe.
But the immediate effect of this measure upon the
merchants, deporable It would be- is still The
worst of the evil have already sad that the interests
of the merchants and those Of The people are IDENTICAL
nearly The former keep alive the markets Tor
all our staple agricultural products; and, the same
tme supply the people with The manufactures OF other
countries As the natural result OF these intimate
commercial transactions, the people generally in
debted TO the merchants 10 the foil amount &c year
dealings; and many cases. TO much greater exte
Hence 1t is obvious that whatever seriously affects the
merchants, necessarily affects their customers Also
The failure of one merchant frequently involves some
liza dozen others, and OF course involves the
Of all 10 The extent of their Indebtedness Every one,
therefore, who would be compelled TO swnd up his
concern under the operation of the proposed
(and think have already shown that there would be
many such,l would be forced, in justice well to HIM
self as to his creditors, put the whole cf his
debts process Of collections this alone would
involve the people IN an immense increase of litigation
with all lis attendant evils
Mr.. Speaker, will not pursue this subject further
In every aspect in which am able TO contemplate this
measure see nothing but trd likely fow from it.,
ii adopted. My friend from Buckingham {Alr Bocock
tells there signs OF better Times, amos, every
quarter In the Southern States, he tells US, that spe
cies of property most valuable TO U.s. and most availa
bic under present circumstances q mean negroes)
has appreciated considerably and likely to appreciate
relief will be derived from this That gentle
man s, doubtless correct in his calculations, he would
have ventured upon suicidal an argumen, without
the fues! assurance that it we'll founded. If re.
lief be coming from these natural and heathful causes
let not counteract their operation By unGmey
interference part H. again, property be rising in
value, then the argument IN favor OF Stay law,
any kindred measure, is gone, and for that reason
alone, If for no Other. we ounht 10 reject Il.