Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-03
FOR TIE ENQUIRER
HARD TlMES-STAY NEUTRALITY-SUSPICIOUS. AND


HARD TlMES-STAY LAWS-BiNkS-BRokEKS AND 4
NEW Project
Devoted 10 another pursuit, have no inclination Il
particpa in poiiticsbut the times are 50 calamitous
and the wreck of property in this part Of Virginia has
been general that fall vocations forced "a
the enquiry. whether the concentrated wisdom of The
State afford relief. Never did subject require
more considerate reection-more earnest and candid
consultation, than the embarrassed condition OF oul
population We all participate in this community OF
suffering. The calculating politician may endeavor 10
make ca pi!a out Of our PROSTATE condition, and chide
his opponent with bringing about our present caiam
ties; but il is our business, mean the people s-the
business of the great mass-tlc actve-the working
the sentient practical and honest people-those who
support the Government and the repositories of the
great trust OF scf gocernmeat-iti is our duty to look
alone at the means that exricate us from this dit
hculty. Partizan warfare s worse than cannbasm IN
such times these. The truth ought now to be heard
regardless OF party calculations. 1t is human to err
and the wisest forecast and the best legislation ght
have proved unavang to avert the storm that has ga
thered over US. When the country studded over
with eight nine hundred banks and all the channels
Of legitimate trade and reckless speculation glutted with
spurious and dece;ful currency wise men predicted
wreck. They knew, from the history of the past
that the day Of reaction must come. When negro men
selling for 81 200 and real estate from 20 to 80
dollars per pcre, many knew that could not las-tha
Il not the result of increased weul;hnot the irr
of ocular indrsry-bu that base circulating medium
had infused ITSELF ike the silent effects OF heat through
the whole community, expensive and viviying IN lis
inf ence, but destined brief space 10 depart and
cause terrible revulson-a collapse attended with the
frigidty of death We brought 10 our present low
estate, by .the excessive Of that great commercial
s,imuant-papcr issucs-and now dying for the
want of it. little circulating medium 10 set the
fluid in motion IS absolutely necessary to produce re
action The banks have mainly produced these e1
tremes; and the banks must and aono can, bring us
back to the wholesome mean between deceittnl pros
periy the hand, and the most ahject adrersty
on the other. Every sensible merchant and rejecting
planter, knows that increase Of bank circulation
would raise the price of property.
Stay Law any other patent that proposes TO
cancel the obligation of the debtor defer TO very
distant day the collection of debts can afford no per
maneut relief. The debt cannot be paid by postpone.
nent the due day-the increase of Interest," OF costs
OF debts-the encouragement to ldeness, specula
zion and extravaganza, when the debtor IS under nc
i'm me date obligation meet his demands, will all con
spirc make the burdens of the debtor at the exp5a
ton of the operation Of the Stay law heavier then al
present. In the meantime, perfect stagnat,on OF bu
siness will exist for Stay law necessarily locks the
banks. | know aud have some opportunity TO know
oil the practical operation of the banks know they
cannot discount when they cannot coect-their week.
discounts are dependent on their weekly collections
unless indeed, which Heaven forbid The Legislature
arain lecaZes specie suspension. What then can he
effected by the planter in or years while the banks
are barred and collections Of all sorts suspended
verify believe his family expenses could not be paid
The Stay law years would be lost term Of years 10
nroads would be made in thu payment of debts, dull
monotonous cessation Of business and fearfu look
no forward" not indeed 10 the day of Judgment but
of .reeut;on when the whole debt of the State, col
lcc,ed, and concentrated and increased by time, would
be let loose at once, which would come like gathered
waters over our unhappy land, and sweep away the
lille oroperty the debtor had left Some tyIant ex
dressed the savage wsh that all The heads Of subjects
we're appended TO one aeck, and tina, lie had an execu
TONER 10 amputate blow. II We wished 10 wit.
ness the greatest amount of human misery from pecu
n;orv embarrassment; and had conferred the power
Of making laws, we would pass Stay law oexpire by
limitation in three four yedrschoke up in the mean.
fine he money in the banks, and encourage every ere
di,or 10 sue By requiring security from the debtor he
.,ors e.ecu,ion-so that the whole amount o! debt
might be fully collected and accumulated, and then
break the barrier.
Credit and confidence both necessary to set The
Banks in more efficient operation, and both are impaired
bv STAY laws Next 10 not paying, to defer your Gre
ditor TO your own time. The time of payment IS an
part Of the contractto postpone for three or
four wears the day of payment, u.s. in effect impang
the obligation Of the contact-it bad tahiti 10 OF
niece With State Notwithstanding full handed
dafanIt;no and those modern fruits of the Ranking
svsfe that threaten drive old Virginia honesty IRON
the land.
slay law that would he in operation three or four
vears would probably end in Revolution-an over
wbelmng majority Of the people at the end Of that
time would be debtors. The same reasons ana many