Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1843-02-23

1outfase ia perpeiraied shocking our o justice
AID morality, II ia pour and ia PIT NJ In rcluite our
own clilzons To look Tor Indulgence aud mercy irnm the
foreign creditor, when his Legislature has deprived
him ol even handed Justice.
IL another manner ii works inequality mud injustice
Inc merchants OF tu"n and county have two caasrs of
cred tos They indobtod the N,rih IN merchants
for purchase oi merchandise are ais, larpely in
debied To that most worthy aud respectable class o
citi,ens the ovcscers and small planters who have de-
posted their yearly sarirps with them for the purpose
"i purchasing property al suitable times THIS largo
class Of creditors viii be STAYED from collecting their
debts. whilst the Northern creditor sncng through the
Federal courts, his debt aud ges the preference
u has ihls odoos feature o giving preference 10 the
ioreign creditor in collecting his money ~ the expense
"t the home creditors IL mst honest thus Ia close
the doors ol cur courts 10 home creditors whsi
courts are open 10 iprepu eredlors2 We canuol pre-
sumo ha, these e, viii not be- extensively sui
tered by reference IN the operation oi the Stay LAWS OF
lSos aud lSla The circumstances 81 the country are
n"w entirely different Then. Virginia carried on
lsreo share 81 her import and export ifadn direct with
England and the conlincni oiEurupe There Was con
paratsely. lttle trade between this state and the North
orn citics A trip 10 New York then regarded q
greater undertaking than pa ssage 10 London now
Al this day, The course OF trade Is ehanged the Northern
cities do almost all the carrying trade Tor Virginia
The extension Of steamboat ha,rstion; Ito introduction
Of rail roads and canals aud the immense expansion Of
the credit system, have increased the trade between
the Northern cities and Virginia hat there yaa
quantity more OF trade and Indebtedness between Ntpn
Ia aud the Northern cities. ihnu there IL between any
two elu distant portions oi own State. From these
causes, no man can estimate the amount ii Indebtedness
or the extent Of the evils which VIII iow from he pas
ageol this law
Let NJ look to ,rc o,et,,ien u tins law on the Banks
nj the commonwealth. these institutions are alren,',
III low Credit abroad from repeated suspensions Of apecie
payments. aud forced resumption oi date
They have IN circulation millmns Of notes aud
about two and hall millions specie In their vaults
he amount o debts due To them IS over fourteen mil
hons oi dollars They required, under high penal
tics 10 redeem all demands against them, WHEN p sen
ted, in Specie yet they would not have povrr under
ihs law 10 eoetce the payment III Que dollar from lhc
debtors earlier than eighteen month";. They have been
fgdly and successfully curnlng Their accommodation
debt or the purpose Of more freely dscounlinp business
paper the on, proper and legitimate facilities al banking
Cut oil the resources Of their debtors by tho pas
sage OF this law, aud their accommodation debtors Will
moi fear protest; the whole accommodation debt, and
all the business paper discounted foT weak and doubtful
merchants, will At once become suspended debt Stop
the collection OF merchants and how many can meet l,r
Bank dehis} The whole mn'esnlile character aud cred
1t Of your STATE will be Frustrated by suits ~ The Federal
Courts. and protest III lhc Banks With the overthrow
OF mercantile credit the codito your Banks will edrpro
ciatodat home and abroad, aud their soyoncy impand
from the know ledge that their power collect through
the Courts ia taken away. Disastrous this measure
will be on the solvcncy Of tho Banks lis results viii be-
still more rninous to the country. A few days pas, tho
amendment offered by the member from rutIylyana
(Alr kecnc 10 this bill lcgaze the su5penson u,
specie payments with the exception Of three stopper
tcrs Was voted down by the unanim vote OF this
House hat decisive vote settles the question Of auoh
~ suspension. Specie pa mens could only be main
tanned BY the most runos curlas of already
ed currency. They bayc in circulation now two and
half dollars IN notes for dollar specie For eve
~ hundred thousand dollars IN specie drawn from ,lcm
they contract their circulation two bundled and fly
thousand dollars Of notes. 10 keep up the relative pro
portion Of specie 10 notes IN circulation Take from
them the power TO collect their debts. with this
pusofy requirement 10 pay specie and the consequences
must he clearly irseen. The suits AGAINST he
chant. IN the Federal Courts will draw Their notes 10
the Northern eirs, which will be returned upon
the Banks. Runs viii continue and increase upon Them
for specie, aud their curails oi the circulation will be
more rapid aud more rlgld--the lnoney which is now
SO scarce IN the country, will become searccr, and
property which is low, viii fall lowrr-lhe merchants
who depend upon banking accommodations 10 buy tanc
be- wheat. and other staple products. will he driven
from the market. and the produce Of Tie cohtty %l be
cngnssed by fey large sophisticated foreign agents.
who need no aid from Banks Active competition will
cease and the tobacco and produce market will be mo
nopolizcd hv few larpe dealers, who would regulate
prices 10 suit themselves. Produce would be lower,
money would become scacer, from this cauee aud the
regular curtalls Of the Banks Property would continue
TO fail the distress aud enbarrassmcnls Of the
10 increase, and the law would bring in Us train all the
elements ol oppression Instead of relief Whatever
tends weaken the Banks, and impair their creait al
this time, falls with full force the mctciant ol the
upon the planter il is by the labor of the planter
that the wealth Of the country comes, and by his
its debts ultimately paid. This measure. which pre-
tends afford relief 10 the planter, throws upon him tn,
accumulated bnrens arising from The impaired credit and
solvency Of the Banksthcr ruinous but necessary chr
lails-ihc prosracd mercpn'i'a character and credit
The monopoly OF the produce marIeiahd all the various
assurances aud higher profits charged by The merchant
for longer credits and greater uncertainty IN collections.
beg this House my constituents from any such
| relief
There was more general view, which ne wished
to address to the House. The pcnicnns results which
foo from a loss of confidence too highly estimated
whether considered IN reference public credit ndi
ydua prosperity. The two are most intimately and IN
separately connected he should proceed TO show.
Any coftsh Of ceslaun which rep,dale evades
paymrnt Of the interests aud principal Of the public debt,
is confined in its dee,rrous Effects to the emharrass
mcnt Of the public faith but spreads its depressing nfu
crce the private credit and individual prosperity OF
and The postponenent by operation of law OF the fulfil
ment of private contracts, have equally extensive and
injurious operation The money lender does look
solely to the aJ Of the public private debtor pay
his debts. but also the riHnigness 10 pay. lie watch
es CLOSELY, too whether the Legislature from
corrupt motive or desire to AVOID responsibility, will p.
wade the laying Of taxes Ia pay thc public dtht, or EN-
power the private debtor evade and postpone his pr
vate contracts. The State Of Mississippi declined the
payment Of portion Of her public debt and her bonds fell
in market to ninety per discount These last States
did not repudale nor deny the obligation OF their debts
On the contrary they 'express$ resolved hat evpsy
consideration ol morality and good tn reqie the pa
b,,t tin nj lawn