Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-02-01


habit Ut making deposits with their merchants; but III
I'LL j. passed, thosc domestic creditors would have The
hands tied up the foreign creditor would and
preference, and. G enough for eo,h would take ALL
l effects upon the commercial credit OF the State wou
be most diSasrous lie did speok of the merchants
separate and distinct class Whatever pressed the mel
eh.nt here in the city, affected merchant OF the country
aud through him the people OF the county Give 1t to
understood that the Conrts closed To our city mel
ehants their credit would be destroyed at the North-the
would be sued 10 the Federal Cou-and their ruin woul
spread far and wide through the country.
The effects upon the Banks serious consideru
ton II these Institutions not compelled 10 s,ispcn
specie payments they would be unable Ia extend
comnodations merchants and others who buy the
ducc OF the country The price OF produce for the wan
OF competition, would he depressed still farther. TIT
whole uadc-when the domestic merchants prosrsteS
and driven the field would fall into the hands OF few
foreign mercbants-who would monopoliIe the markc
and give only much for wheat and tobacco, as Il
them might proper
But Mr. F. had an objection to legislation OF this kind
because had the appearance OF dishonest legislation
II would throw suspicion upon the credit and character
the State. II would induce the belief that un
willing PAY debts il would destroy confidence in
integrity. Ii raise the the public debt
the credit OF the State will forthwith revive. and foreign
capital will flow aid-but the taxes not in
creased and the Legislature the hand ct private
ditlr-Stse and individual credit Will Immediately be in
paired We shall be any the less able pay; but conf
dcnce will he Loot in willingness to pay-and desuc-
non OF confidence must be the consequence Mr. < dwell
much length upon the importance of preserving public
confidence and aserbed 10 the impaired confidence IN the
public and private debtor the general distress, which
vades the community. This want OF confidence had
ed Of the and concentration OF
il in the hands OF few wealthy We must revive
confidence, before this money be released from the
hands these few who have boarded IT, either from fear
out for the purpose OF shaving He referred
the OF circulation in former years, when there
pressure show that Is the want of confidence
which the present He instanced his own
and Buckingham. Inc latter county entitled
10 only $50 900 at So per capitalize deemed adc-
quse for any community. This $4,000 Is not more than
many OF the citizens OF that county WORTH but is con
cenated the hands OF few who afraid TO let II out
holding up buy property atredueed prices or for
the purpose of shaving II cannot be extracted from the
hands, which hold it, by sale OF property and revival
OF confidence.
As TO the time this bill is to opersie-Mr Edmunds
tended that would scr the two years provided
in the BILL The same which will justify the passage
of law now will be urged for its continuance with ten
fold force, at the expiration Of that time
Mr.. E. without going into the discussion of the Con-
suonsl question, adyercd 10 the clause OF the Consuu-
which forbids the mpairing contracts But people
had not relied and did rely much upon that upon
the integrity and good faith OF the General Assembly OF
Virginia. lie had heard with surprise doctrine in
this Habitat great boon creditors TO be per-
miiied prosecute their claims IN the Courts He repu-
dated such sentiment based in error and fraugh with
! IT, .sticc.
Mr. T.. concluded by reminding House of the mpor.
the subject under consideration and that in
the power of the Legislature give blow the credit
and honor Of the State in single day. by the passage OF
Stay Law, from which tcoud in twenty
They might easily precpitae the Commonwealth into
raj and financial disgrace but it would require ycars of
suffering her her former COED name and enya
| bic position among her sister States.
Mr. BRowN, OF p would not legIslate for the debtor
class alonChc would do nothing degrade the common
wealth any respect-hut he would egsae for the whole
people and do all in his power advance the honour and
glory OF the State He proceeded reply in detail 10 the
objections urged by Mr. Edmund. He read bank statistics
show the difference between the amount OF circulation
in 1899 and the Within four years the d.
intuition had been As millions This had caused in
pressure than existed in 1914. IL fair and just
extend indulgence debtors for Contracts made when
the currency inflated. By the appreciation Of
money, creditors would receive much they stipulated
for in 39-by receiving much smaller But all
that he proposed do To the IN circus-
ton pass from hand hand, and p9y greater
number Of debts. fifty dollar will in the OF
years pay large amount OF debt BY giving
this imo great relief and great saving OF property would
be effected. His substmie-merely proposing proong
the final proceSsdd not conflict with the practice OF the
Federal Court and he had drawn with view to obvate
all constitutional difficulties. lie opposed to stay
valuation law-because obnoxious of the
objections urged by the gentleman from Halifax.
! Mr. KEEN would fully into his objections
against this bill That had been done ably by Others
who had gone before him He had few days since offer
ed the best eXpedent he could devise for the relief Of the
people. His proposition hsd been received with great
favour-He alluded his proposition requiring the Banks
suspend-which had received only three He still
believed that that the best OF giving relief.
While the currency contracted Stay Laws could do
. no good. He knew OF many OF the Western counties
where debts be collected now-beeAue there
money in circulation He repeated there remedy
but an increase Of the circulating medium.
/ Mr.. TAvESSER read letters from his county TO show
the great pressure existing He commended that his
Eiton-which required valustion-was Justly obnoI-
ious the arguments urged against Stay Law. He only
proposed that the creditor would give sds of the
praised value Of the property Of the debtor that he shall
wait for peri7d until the debtor could make other
arrangement. There would be nothing unjust this the
creditors. His proposition would prevent sacrifices of pro-
perry Properly some times sacrificed for the want OF
bdder and Others by collision between the debtor and
some favoured creditors II the motion postpone
indefinitely failed, Mr. T. would limit his proposition
year-so that IL merits may be tested.
being O'clock and rising speak, the
Speaker about put tie question: when Mr. BococE
suggested that there other gentlemen who wished
give their views and enable them do he moved
lay the subject the table until to-mouow-whch was
| agreed TO.
By Mr.. MoRAE-Thai the Committee of Courts inquire
into the expedency of repeating the act, entitled ian
concerning apprentices bound by Of the poor
passed April 9th, 1899.
BY Mr. DENNIS-That Committee Of Courts inquire into
the eTpediency Of repeating much Of the law requires
grand juries be summoned 10 and empanneled the
County Courts Of Nottoway in May and November of Lu
nenburg in June and November Of Charlotte May and
November, and Of Prince Edward in MAY and November
By Mr.. DESSlS-That Committee Finance inquire in
10 the eSpediency Of taxing plaintiffs all suits brought
by them in the different Of this Commonwealth
certain per the Of the debt sued for which
u not to be included the bill OF against tt de-
PENDANT; but be- paid by the plaintiffs the clerks
different in which such suit brought, and by the
Clerks paid into the treasury Of the State.
PETITIONS.
BY Mr.. NowLIN, Of sundry citizens Of Luxembourg
against the extension Of the jurisdiction Of the corporation
of said town.
By Mr.. CowAS, Of VIM. Gibson.
BY Mr. ANDERSON, Of 10 citizens Of Prince Edward
for a Stay Law
The following bills read third time and passed
Increasing the allowance witnesses IN certain cases
Concerning sales 81 property under executions other
legal process 10 the Town Of Lynchburg.
Mr.. BIRD, Of p, moved adjournment.
Mr.. MAET1S called tlie ayes aud noes, and Mr. Bird
Withdrew his mouou-whoh was renewed by
! Mr.. SMITH. Of H.-whon Mr.. Martin renewed the cal
fo the ayes and noes which ordered and aye
7 80, % So the House adjourned
SwIsP SLASfiEs, HESFioO, Jan. 2Sth, lsI3.
MTssEs. EDfroH-I live in the country and therefore heal
but ttc news but is generally reported in my neghbor
hood, that Legislature j. going instruct the Cour
Martial, which is % ny Capt Mackenzie, 70 find hin
guilty. Please let us know il such - really the fact.
YoFfrs