Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1843-01-23

that we may certainty anticipate, by the further dimin-
ulion Of the one and an augmentation Of the other, a co-
ser approximation between The two. Until the lowest
point IS reaeled-and how long ii will be before thai
will be the case, we cannot pretend to conjecture-the
scarcity oil money must gradually increase, and the Prt
ces of property be reduced; 50 tia, the probability is
that he who can procure a stay Of execution for one or
two years, will find himself less able 10 meet his ubliga-
lions al the expiration of the period for which a Stay
Law, may be passed, if one be passed at all, than he is
now. Ills debi will be increased in amour. by interest
and accumulated costs, while money will be scarcer, and
Properly lower even than it was when that law was en-
acted, Such is onr firm conviction and hence we look
upon a Stay Law as calculated, even II IL probably post
ponc, is certain 10 aggfayato the evils Of which the people
complain.
OF such as object to- Law lcgalizing Bank suspcn-
sion. we beg leave to enquire upon what grounds dc
they sustlin Stay Law We defy them to mention
one which will not yindic,te tho morality and the pro-
prieiy Of a suspension Of specie payments by the Banks,
and even place the latter upon higher grounds, in any
aspect in which it may be viewed. A suspension act
would merely close the vaults of the Banks for limited
period to those few helders of lis notes who might wish
to demand gold and silver in exchange; whereas a Stay
Law would close the courts Of the country and suspend
the collection of debts against individuals altogether, du.
ring the period Of lis existence. The Banks, while in a
state Of suspension. too-known as they arc to be sol
yent,-would furnish the country with a safe and con
venient circulating medium, and would be enabled to re-
lIeve the pressure upon the people, by charging their
discounts. A Stay Law, ON the other hand, would add
nstiing 10 the convenience or relief of the country at
large. but would absolutely inflict a serious evil ON one
portion OF the community. for the purpose of conlcrriog
the doubtful benefit of delay upon another. In princi-
pie, both rest on the same footing. Both are suspension
acls-but there is this difference; that in the case Of the
Banks, though we may moi get specie on demand. we
obtain, IN their notes, that which, is Equivalent to specie
at least in all domestic rses; while in the case of a law
saying the collection Of individual debts, we can get
neither specie nor that which will be, in any sense OF
the word, lis equivalent. In brief-in the one case we
may get solvent Bank notes convertible at some future
period-in the other case, we get nothing.
These views have been hastily thrown together; but
they are mol less the result Of serious reflection. We do
not expect that they will find favor with all persons
because we know She strong tide Of public sentiment
witch exists against another suspension of specie ray
mfnis by the Banks. Butbelieving that that is the on
y mode Of comforting substantial reliet upon the peoples
that the hopes founded on Stay and Valuation laws
altogether illus'ry and deceptive. VIC have deemed Il
not unimportant 70 express our views. Unless the
course we have indicated he pursued, however, the on
" rational source from which relief can be expected, is
IIME-lNDUSTRN-and ECONOMY. The for
will adapt every thing to the specie standard ofval-
ne To which we are gradually descending-tle two latter
will soon reconcile us 10 the change.