Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-02-23
ROBERT BLACKWELL, JR, See'y.
FOR THE ENQUIRER
tn the Poters of Shenandoah Counfu.

ROBERT BLACKWELL, JR, Seey.
FOR THE ENQUIRER.
To the Voters of Shenandoah County.
| deem it proper thus TO announce to you my deter.
minaton not to be a candidate for the House of Dele
gates at the approaching election. In retiring from
public life, into which your great parality called me-
il would be doing violence 10 my feelings, if did not
publicly express my gratitude for the honors conferred
upon me- My youth and inexperence have prevented
me from advocating your interests they deserved
and that which have attempted has been but feebly
maintained. may be permitted to say, however, that
your wishes al oil times have been looked TO guide
for nv conduct and if have erred it was the fault Of
my head and not my heart. | therefore hope, that
those interests may be confded TO more worthy hands,
and our common prosperity and happiness promoted
thereby.
II may not be deemed amiss to append brief account
Of Of the grave questions upon which have been
called to act and TO give the reasons which governed
my conduct
The first Of Importance to which shall REFER
bill authorizing the Banks of this Commonwealth to
issue small notes. To the principle have always been
opposed either as temporary or permanent measure
No one theory in monetary affairs has been more fully
confirmed, than that no two substances designed as
REGULATING medium, of unequal value, circulate
together. The the least valuable will repe the
other y ppy this TO small notes and specie, and the
former banshes the latter from circulation. These
small notes, il pretended al first, were designed to
the friends of the say, that al present II
is to prevent suspension, and to enable the Banks in
the only way 10 extend their circulation My opinion
u.s. that there will always exist plausible preext for
issuing these sinai! notes, and thus indirectly effect
that which dare not be done directly. The known
hostility of the friends Of the Banks to large infusion
of specie into general circulation fosiered under the
cloak Of relief; and that which is now done merely as
temporary measure, viii be changed into permanent
policy Indeed doubt not but there are decided ad-
vocaes for such policy now
The subject of Stay Relief Lao has engaged our
earnest attention That distress, perhaps to an unex
ampied degree, is pressing upon the people, was uiy
evnced by the eanestness at the friends for reei, as
we'll as BY the mature consideration it elected Against
this proposition reluctantly compelled TO vote,
and will assign few reasons, which then inf1u-
enced my mind, and the same in substance which
delivered in opposition TO the bill. lat. As to the
conslulonalty OF the measure. lay this down as
principle which cannot be successfully controverted,
that the legal remedies by which a contract may be
enforced and existing at the time, must OF necessity,
form part and parcel of any contract not expressly
admit, but implicitly Suppose there was no law by
which ccntrac, could be enforced, would any be en-
tered into, especially when there existed an en-
tire want Of confidence; This, may be told, IS sup
posing extreme case-yel illustrates the principle
But, suppose that law be passed, preventing the col
lection OF money for two years. would any individual
lend his money without hesitation, and would not the
terms be governed by The circumstances? when mo-
ney is loaned upon unusual credit either the inter
est discount IS increased greater security re-
CURED. This demonstrates that the mode OF collection
does enter into the conrecl and that the terms are
or less controlled by it. Now, by what authority
can Legislature say, that debts contracted under
particular law shall be to restrictions and delays
not existing at the time, nor in contemplation by The
contracting parties; Or by what right can law be
made to have retrospective operation, and inflict se
fious injury upon the creditor class, merely upon the
plea of afIordng reliefto debtors' In my humble OPT
nion any measure having this effect, does, to the very
letter, violate that provision ofthe Constitution, winch
declares, that the States shall pass law inpalring
the obligation of contracts
But may be told, that law extending the time OF
collecting debts and at the time making that exten-
zion depend upon additional or sufficient security, does
mot impair the contract; that the advantage gained more
than compensaes for the injury lfmy debt IS already
secure, need no other security and if my debtor IS
unable to give stay bond with security, receive no
advantage. But suppose that have loaned my money
TO individuals and at the time can, by the then e1lsing
laws, enforce payment IN nine twelve months
have the fullest confidence in the ability OF my debtor
to pay at particular day enter into contract for
the purchase of tract Of land the purchase money TO
be PAID in three equal annual instalmen:s-l make my
first and second payments and before the third IS due,
the Legislature pass stay law, and the collection OF
my debts is postponed beyond the period when the last
instalmrnt should be paid. Owing 10 this interference
by the Legislature, must either consent 10 ruinous
sacrifice fail to comply with my contract In either
event the contract is impaired. If permit the bond
10 be shared, the original contract with my debtor is
nringcd by imposing loss upon ME, effected by the
stay law or, if choose not 10 be subjected 10 this
ruinous process am driven, by the operation oil your
reeflaw, TO violate my contract and il may impair the
obligation of both contracts It's therefore,
TO say, that your debt is secured ultimately By stay
law, when by its arbitrary provisions am deprived Of
my rights, accrung under laws existing at the time oil
making the contract, when must violate my own con
suffer sacrifice may be told That # consent
give two,hirds of tie appraised value Of the property
of my debtor, the property must be Sold and no stay
permitted Was that part Of the con!rac; when
loaned my money, or will That property pay my debt
il will not answer the purpose.
The operation of the Stay or Relief Law, as to
deeds Of trust, would be more unconstitutional than
upon other contracts The usual form of such deeds
is some what to this effect: conveys 10 GER
tain property, TO secure debt 10 Cit is 10 re-
main, according TO the contract, in the possession OF
A, until default OF payment-the day of payment is
fixed at some distant PERIOD the credit being given as
for the character of the security afford
ed BY the deed OF trust. The covenant or contract is
so!emnly made, signed and sealed, and provision is
made that, upon default of payment, the said b, al the
request of G. shall advertise and sell said property for
cash, notice having been given according TO the terms
Of said deed Your law nterposes and says that said
property shall not be Sold unless il brings Of
lis appraised vaue:-if it does noi the debtor may
execute stay bond which shall have the effect of
Judgment; and, at the end Of twelve months after the
execution of said bond, execution may issue thereon
If however, the debtor refuses to give such bond the
property shall be sold upon cred. of twelve months,
with interest from day Of sale-and the notes executed
for the purchase of said property shall likewise have
the effect of Judgments and executions in like manner
may issue. These consequences, so directly IN con