Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-02-11

20 make TOO great innovations the ordinary modes OF
collecting debts II they would be content with redu-
cling the cos. occasioned by the forthcoming bond
system, and increasing the indulgence or time gained
ny the debtor giving those bonds they could sue
coed IN DONG much good for the country If they IN
sisted on making the change too great, they would
crive from their support of their friends whose
sense OF prudence, as well of Constitutional law,
would not permit them go far as many other gen
tlemen IN passing laws eecng even The remedu by
which debts are collected lie said he hoped all those
who we're wiling to do any Thing soften the dstressss
OF tie country, would help in voting down the motion
to postpone.
AFTER MessEs. Daniel of Prince George, Ednuuds Of
Halifax and Brown Of Preston had spoken,
Mr.. TAvENNER obtained the floor, and said that
he had no disposition 10 consume The time of the
louise, by attempting 10 defend the general principles
OF Stay Law. There were others able and vii.
ling TO do IT. But as he had offered substitute for
The original bill, which he a1d some others preferred,
&c feit 1t incumbent upon him 10 briefly explain it's
provisions, aud TO show that it was not obnoxious 10
arguments urged against Stay Law IL simply pro.
poses that vaueis lie appointed and receive So ents
per day, whle actually engaged-lhat if the debtor
require II, he shall aave his property about TO be s.ld
unter en- execution or deed Of trust valued by three
OF these vaners (any two of whom may acU and that
The sale shall be continued as though there were no
odders, unless the property Will bring thirds, or Cf
The House preisrTed) one half Of ts appraised
| lue.
/. also contained provisions favorable 10 the creditor
1t provides that the property Except the heavy articles
.; grain and PTo.ender) shall not be than twice
exposed lii Tie county, unless the debtor that
II shall be sold Tor what it Will bring; but n, the option
o. either party, may he exposed fore The Court House
door, at each and every Court day. until il brings two
thirds OF lis appraised value, the debt is otherwise
discharged IL nlso provides Ina, either party may "a,
h,s own cost lave the property rc.valued by other
gaiuer<, a; each succeeding sale day.
II ESQ provides, th1t when the return day Of an
execution has passed, before the property levied
IS sold, the Creditor may out a new execu-
ton, ard make additional or different levy, not,
wlths:an'ns no sale has been made under the FIRST
leg. The las might be limited to year. and
Their Legislature cxend.t 0. fetm. it TO exEre-Thus
1t will compel the debtor To pay, if he has any pro-
perty that will bring Two thirds Of It's real value when
publicly offered i Court day 4, would only extend
protection to the debtor who has property and
merely protects him against the ruinnas eaosiioo which
=" ''sse times ofia" o'n me general scarcity
%! money, the accidental want Of competition ~
tween bidders.
af. I. argued, that the only principle involved in the
substitute which he offered, was, that Of the right to
stay the hand OF line creditor for limited time, rather
than permit the ruinous sacrifice of his debtors property
And this principle had long been recognized and acted
by the Il upon this principle, that Courts
Of Equity uniformly directed tho sale Of real property
10 BE made on Credit and often set aside the sale Of
personal property for nadequacy of price.
Mr.. I. thought that tie danger Of onr merchants
weight: Because, the Federal Courts have jurisdic
ton oil no under $500, and few OF our merchants
Owed 80 large sum TO any one Eastern merchant or
firm. Although one of our merchants may several
thousand dollars in the East, ye, it generally divided
between different houses, and consists chiefly Of
under 500 10 each. Besides, our merchants frequent
!ly change their own partnership relations, and from
that might often defeat the jurisdiction. But he
thought few Eastern merchants, who could in the
Federal Courts would he disposed 10 do it, for any ad
vantage they might gain by avoiding law which
might expire in less than year The very act OF
sueBg in that Court, where the costs enormous,
would amount to declaration on their part, that they
meant 10 enforce payment Of their customer, without
regard TO the sacrifice Of his property. Eastern
merchants, he thought generally looked too well to fu
ture custom to show themselves so iberal.
! s!r. i. thought that there danger Of con-
polling the Banks 10 suspend specie payments BY the
passage CT mere valuation law. The debtors Of
Banks, he said, generally men Of wealth, who
cond 10 better with their slaves and other property
than to permit it TO GO at two thirds Of its value That
class OF debtors would be but little protected by tho
law, and the Banks would be under necessity to
suspend
hr. T. said, it had been urged with grca, force, thu.
Stay Law would increase The number Of law suits
that the cTedtar would sne hst he might obtain the
security given in stay bond. He might ask, why the
creditor has not already sued in ORDER 10 get the
ry of forthcoming or delivery bond But the OBJ
lection did not apply at oil 70 valuation law. II offer
red such Involvement TO the creditor. IL proposed
no stay bonds, neither dd ii propose sale bonds il
discharge Of original debts.
El7. L. thought the only question worthy OF congicc.
ration, whether the general Indebtedness of the
country, the scarcity Of money, and The ruinous sacr
fee ofproper,y daily occurring in al paris Of the State
would Justify Legislative interference MIR. r. here
read part Of letter from highly respectable consti-
tuen, he said. giving account Of sacrifices Of PFC
perty in his own county, injurious alike 10 the interest
Of The debtor mud the creditor. slr T. thought the pc
cuartes OF tiic times demanded that the law should
authorize and require officers and trustees 10 continue
sales, where property, from any canss accidental
otherwise, would bring fair proportion OF its va,au
Mr.. T. spoke at GONE length Of the probable opera.
lion o! tie law, if passed. He thought it would
many from entire ruin, who would be quite able to pav
their debts, if they could only sell their property
half II lis vaneand, by preserving The debtor, it will
preserve his ability 10 pay The increased delay tina.
II would cause would not in many cases be great; al
though the property when first offered ia the county,
might no. hrag twothi-ds ofts value yet il frequent.
y would, when offered before the Courthouse door on
Cou.. daya since the creditor would have the right
OF exposing the most sscable property Of his debtor,
end would frequently be wiling 10 take il himself al
wo,hrds of It's value, especially if it consisted Of ne
groes, cattle, horses, &c.
Mr. T conten6cd that the operation OF the Law would
induce The creditor 10 make liberal and fair terms with
his debtor, wc the relief j. afforded woa!d not be so
rea; 10 relax the exctnrs OF the debtor 10 pay aud
thus The aggregate Indebtedness Of the country would
gradually be diminished until the necessity Of the law
itself would cease 10 exist MIR T. thought it was not
right in times like these, 10 allow creditor who is
foremost ia the collection Of his debt eopardze tho
debts ofohcrs who had been more ndulgeni,by forced
sale OF the debtors property. Again, he sed, it
well known that property often sold a prices So
ru'Gous to both paf'ies that the creditor himself would
not permit II, were he present Bu how seldom cpn lie
De present lie IS often distant fom tho place o: s2le
and aparebeDGs no srch consequence from enforcing
his debt; or lie may be assignee and fears 10 inter
ruFt the regular Of Tie law est he may lose his
RECOURSE.
| Mr.. 7. thought that valuation law would be tene.
fetal in preventing consve and fraudulent purchases
by preferred credilnrs by friends Of the debtor with
the debtors money, prices bearing relation to tie
value Of the property, but greatly embarrassing tie ia
creditor. The bare fac. of the debtors declining t.
claim the tenef. Of the valuation lew and the properly