Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-24
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RICHMOND. TUESDAY, JANUARY "a.
A STAY LAW.

II becomes high time for the Press TO speak out when
measure of this description threatens to pass the House
Of Delegates We have declared our opposition to the
measure-,hough we have freely published the Views
of Correspondents on both sdea OF the question 1t is
row time for us TO take it up more seriously, and sp
neal 10 the People and their Representatives against so
dangerous measure. We shall approach 1t, with no
words of denunciaton upon our lips. We extend the
came forbearance and beraty TO our irienos that we
claim for our own opinions We haze no interest 20
mslead our judgment-and when we protest against
the of such measure, we nave no wIsh 10 oc
tate 10 the understandings of others, or TO bring their
motives into suspicion. 1t is question OF Proiouno IN
terest to The prosperity of Vrgna-and from the va
riety of views which have been expressed upon IT. we
have right TO presume that il is bese win some di-
Guilty and doubt But for one, we do not hesitate 10
saw that we consider such would be injurious
to the State and disastrous to the Republican farty 10
whose hands placed the reins and responsibility
of Governmem-and who will reap the bitter fruits OF
the measure in the great crisis of 1874 when the suits
that will be instituted under the law against the pro-
perry of defendants and their securities will begin TO
fall with tremendous weight upon the parties and Inc
people.
sideration the remarks of an "OJserrer, who we vouch
is one of the intelligent and experienced citizens
of Richmond and who introduces to notice the very
able essay Of "Giles,~ decidedly of the most en-.
| lighened economists in this broad Commonwealth
learken, we intrea friends in the General Assem-
bly,, TO their warning and prophetic voice. Shake not
the credit Of the State Of her citizens, but add TO
the stability of buth by laying the necessary taxes, lay
ing the foundation Of sinking fund, and rejecting this
pretended panacea OF a Stay LAW viii you have our
merchants, and other Debtors exposed to the mercy OF
their foreign creditors through the Federal Courts! Will
you compel the Banks to pay their notes in specie,
when you prevent their recovering from their customers
the amount Of the notes that due to them? Will
you invite enormous multiplication of suits in our
Courts by the prospect Of saving the debts through
Will involve eVPr of the State
in these perilous securtyships' Will you throw the
debt with increased costs, upon the Debtors twelve
months hence when there is little prospect that the
times will by that time have improved and increased
their power 10 meet their accumulated engagements =
We beg enlightened friends in the Legislature to
pause upon The subject We beg The people 10 look at
it calmly and wisely.
One Of the papers Of this city sports the opinion that
"The Stay Law, perhaps, would be admirably SUITED
as an auxiliary the Sinking fund measure. By 1t,
individual claims being suspended, the sax.gatherer
would have better chance of collecting his e1actons
One Of the most intelligent merchants in Petersburg,
and ore Of the most decided Democrats in the Stne,
takes very different view of the matter in the follow
ing passages, from one of his private letters
81 am much pleased at the stand taken by Mr.. I.
J. Randolph, and trust that his views will be fully
carried out. 1t would infuse economy into the minds
Of many who might likely have continued, from the
force Of habit e1travagant in their manner oil nVng'
and would also at the time have happy effect IN
restoring both private and public confidence. Should
such tax bill be passed Mr.. r. desires, and the
Legislature refuse 10 pass Stay Law, think we
might safely expect TO better state OF things IN
hort time but the proposed tax bill would do but little
good, fear, if Stay Law should be passed; as the
latter act would show very unstable and also very
atisacory state of feeling, which would in all pro-
liability, destroy the force of the former on the public
mind The interest the Stale holds in the Banks ought
to be enough TO prevent TO say nothing of weghtler
considerations The Legislature from passing such
law 1t would be long time before we could recover
from the disastrous consequences flowing from Stay
Law; and very much doubt, if the Legislature de.
sired TO do the State much injury by single act as
could possibly be inflicted, if SO fruitful source could
be found as the proposed Stay Inv. Atpresen, when
neither States nor individuals have but little credit,
such legislation would be utterly destructive of what OF
public credit is left and the high standing of this good
old Common wealth would become numbered with the
things that have passed away
! Hearken to these warnings, we nreat you-and
hearken also to the following admonition from sister
State who had tried all this quackery, and tried it to
her cost
"STAY LAVA correspondent of the R. Enquirer
says that the people of Virginia cry aloud for Stay
law" If the people of Virginia could profit BY the e1pe
rience of the people of Mississippi in such relief inca
sures as redemption STOP stay and valuation laws, they
would "cry aloud to the Legislature, on the other
side of their mouths, TO be saved from them.
| MISS Southern Tribune"