Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-02-23

fic with the contract, 1t will hardly be conenueo, W
no, impair The obligations Of said contracts. ms sho!s
exposition will suffice show that the proposed law
at least questionable few reflections upon the enects
of such u measured 1t may justly be inferred, IRON
our argument the unconstulonaity OF ins Inea-
sure tina. il would impair credit, and weaken u mol
destroy that confidence, which is alone the basis OF
credit This inference will be swelled into reality by
further consideration. Let such measure become
law, and with what confidence could | approach
nv ueghbor, and ask an accommodation! II ne
tell NE, "Sir, have money 10 lend, but you! o'oy
law posipones aud delays throws such emoarrass-
menis around The Collection Of money decline loan
ing my money; especially, when can, by walt
inn some little time, buy these very stay bonds AZ
liberal discount am driven, then, TO offer 10 borrow
at an usurous interest, or my credit, which am en-
deavorng to sustain, must PERISH
But look NJ its effects upon the mercantile interests
Merchants constrained, in procuring their assert
ment or supply ct goods, 10 buy on credit. IL Is
known in the market that the merchant comes from
State where there exists Stay law. credit is asked
and the wholesale merchant promptly replies, that u
cannot afford sell you my goods upon the same terms
would sell to merchant coming from another state,
where the process of collecting debts is prompt and
efficient should be glad to fill your ORDERS but can
not unless you consent TO give me higher PRICE
You see my situation My credit and standing abroad
depend upon the prompiness of my payments, and /
cannot maintain that character if sell you my goods,
as may be compelled to negotiate your paper at con
siderable discount
The retail merchant makes nlS purchase dl IN
vance and charges his per cent upon the first cost.
The consumer pays for the whistle. But, pass such
law and upon all debts heretofore contracted suits
NAV be instituted in the Federal Court process issuing
from which is not governed by The provisions OF your
STAY Law mean upon all debts exceeding five hun
ded dollars contracted between citizens OF different
States. Its effects upon the Banks would be dsas.
trous or rather the expectations for relief through
them would be cut off The present pressure IS ascrI'
babe to great extent, 10 the fact, that during the
great expansion Of the paper currency, great ndebt
edness created and extending far beyond the or
dinary means of payment, a revusion inevitable;
and the crash came, and with il, matter OF course,
contraction of the currency The policy Of the Banks
now return to healthy state and the accommoda-
tons are extremely limited. The amount of money in
circulation is greater than at any period prior to
1885, but the Indebtedness far exceeds The indebted
ness OF that period; that much greater circulation
is required TO subserye the wants OF the community
How can the circulation be increased Surely by
legisating, to destroy the confidence at all times
necessary cred, Surey, not by retardng the col
lection Of debts or poslponing payment! 1t would be
utterly inconsistent with correct banking principles, TO
discount literally under such state of facts, and it is
perfectly impossible for the Banks to increase their
circulation and yet maintain specie payments.
There is one other view, and will have done upon
this subject If the debtor class did avail themselves
of this STAY by executing bonds the whole amount of
property TINS released, or great portion, at least,
would again come into market, and the same reason
which is now urged for postponing the sale, would
apply them with equal force. But met here
with the assertion that the times may get better
From what supposlon have you right thus to con-
jec,ure' From whence come extraordinary
demand for our agricultural products? Alas these
anticpations we'll founded; and if not, all your
relief measures will only have the effect of pospon
ing The evil day. and ten, come 1t must, the debtor
is overwhelmed, together with his confdlng friend
Entertaining these views, my course was obvious ond
| was constrained 10 voc against the measure. va
ualion law spoken Of, but it had so few friends,
and the difficulties attending all relief measures so
great that that measure abandoned. But, we may
be asked, there be no relief afforded We an
swer, that legislative action, in our opinion, can
effect it. If we could devise any way by which the
present Indebtedness could be liqudated, would
give it hearer support than myself We cannot, by
legislation, discharge the existing debts OF The people
Is there them no relief None fellow citizens, but
through that native energy which you possess by The
exercise Of which, aided by strict economy, you cam
by degrees emerge from the distress by which you are
overwhelmed. | am admonshed that have protracted
this subject too far but the interest have felt, and
still feel ~ my only excuse. | am happy, too, in
knowing that the pressure OF the times has not fallen
upon you with the same severity with which other
sections of our State have been oppressed and hope
it is not travelling out Of the record, when say, that
this exemption is mainly attributable to your econo-
nical habits your planness Of living and your in
duslry Other grave subjects have occupied atten
on such the subject of taxation, and the best means
of lIqudating increasing debt Upon these subjects
] have expressed my opinions, which have been pub
lished, and which, am pleased TO learn, meet your
appreciation. | again return you my thanks for your
Kindness and lorbearance and, although retire into
private life, shall still be found fighting side by side,
with you in all the great contests for princ pie, and my
voice shall still be heard in defence OF our common
rights, and in exposing error or political humbug
gerry SAMl' u Williams.