Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-02-16

away, or by weakening the remedy.
SIR, said MIR. L.. such arguments as these NAV be-
rdicued as mere generalIties, stabstractons f you
wil-but beg gentlemen TO remember that they arc
''a6stractlons OF very practical knd-aifectinp the
most delicate relations of society; and when once lost
sight Of the whole civil jurisprudence Of the country
will be shaken 10 its foundation.
j come now, Mr.. Speaker, 10 consider, yerv briefly
some of the arguments advanced by The advocates of
the proposed measure. These have been SO ably ex.
nmined and triumphanty refuted by the gentleman
from Halifax, (Mr. Edmunds,) that but little as oh.
served at The outset, can be added. only propose
therefore, TO call The attention Of the House to one or
two considerations which deserve particular attention
The most prominent of these is the low price of almost
every description OF property. we told, that the
depression in the value Of property unparoleled tina
sacrIces a! Shefs sales ruinous and the consequent.
pecnniary distress and embarrassment unequalied by
any thing of the kind that the whole history of tie
country afford. have but little doubt, Sir, tina,
the picture is too highly colored, whilst am very far
from denying that tace is great deal Of real distress
IN the country. The truth is, however, that, owing 10
the speculation and extravagaEce which run riot over
The whole world, some few years since, an amount Of
/ Indebtedness has Accumulated, which, even in more
prosperous tines could not he paid except by sacri
! flee Of property, every sale Ly sheriff is usually
denomnated. Under such circumstances it must need
happen that prices will lucua'e, and property fire..
quentiy fail below It's intrinsic vare. Sill however
in taking that value the basis &c legislation the ave.
rage ought TO be ascerianed and calculations based
/
| that too 10 "nL IT. - = =
nign prices OF 1896
and 8 when property was infinitely beyond its in,rn
sic value and fix estimates according to that
ard: Whereas the rational and proper calculation can
only De made oy taking term of years, say fifteen or
twenty, and finding The average value of property for
that period a calculation of this kind will show that
oe value OF property now, is equal 10 its average va
lue Tor any period OF twenty years in our history |
invite any gentleman, who doubts this 10 make the in
ves,lgutlon for himself
But, Mr. Speaker, admit i; to be true that pronertv
IS now being sacrificed for prices greatly below s in
trnsc average vaiue-give the advocates of the STAY
law all the advantage that be derived from the nd
Inssinn-nnd, still, it will hurry US 10 conclusion ia
which not many gentlemen upon this floor would be
wiling 10 60 IL The low price OF property be 4 sul.
cIent reason for the contemplated measure its term
onghi TO be limited, oniy 5y tie duration ofihc
Inc 'stay must, therefore, continue until property
shall reach, either some given fixed value or its raif
IN general terms that 10 say for indefinite period
Bu: this IS not ALI the very existence of such law IN
contribute to lower the value Of property This has
been demonstrated by the gentleman from fiahfax-
One OF lis hrsl effects would be The destruction of all
confidence; and, necessary consequence scarcity
of money would follow. In the state of general dis.
trust and alarm, which would be created and continued
by TINS me asnre, NIL men would infinitely prefer losing
the interest uPal their money 10 rskng the loss of the
princ pal. Capitalists, not knowing whom TO trust
would hoard mp their treasures; while many would
hold up their funds in antc patton of the rich harvest
that would await theG 81 The expiration of the "stay"
when an immense amount OF property would be sudden.
ly thrown into market.
All these would combine TO keep down prices
Nor is this all The same causes would continue to
produce the effects and property must remain in
i,s depressed state until the ceased 10 operate
that is 10 say until The expiration of the stay Assoon
ns that event should happen, however, Gf it erer
shoud.) another md yet potent cause would be.
gin All the indebtedness of the country oud al once
fa like an avalanche upon it, The food. gates, which,
had but damned up the currents of justice, would
the " Stay Law will have accumulated, would have
TO be satisfied And how satisfied, would ask, Mr.
Speaker, There can be hut one answer, Sir VIZ
by the sale OF property, which, inevitable
qnence, would sink yet lower than it had been before.
Here, then, would be scene Of "ruin and dis.
tress which would demand new remedy! md what
would be that remedy' Why, Sir, "relicf," as mat
ter of course in the form OF Stay Law; and thus
these two must continue TO act and for
unlimited period-tie low price Of property producing
The stay, and The stay causing the low price Of proper
ty. ITO this complexion must come" if this mra.
sure should become law.
II has been commended, however, that in the ordinary
course of things, the money market must necessarily
improve; property appreciate in value and produce
command better prices and that, by these several
means, relief will be afforded | am free to admit,
that there is much force in this argument, and hive
donbt that in these several ways "the times will i'm.
prove provided, that money, property and trade
left 10 ''pursue the even tenor of their way, undis.
to unset.le the laws by which they governed; and
thus dsarrunge the whole system Would such
be the operation of the proposed measure? | think
has been already demonstrated that Of the first
and most disastrous consequences Of Stay law, would
be total annillaon of confidence and the consequent
still greater depression in The money market. Conf.
dcnce, MIR. Speaker, is the very life the soul of tho
money market. Without it, the utter stagnation OF
all heathul circulation is inevitable. Now, Sir, the
passage of Stay law will be solemn legislative
ann finn q he oc
are unable TO pay their debts; and if the world have
any confidence in the Legislature of the State they
would lose all confidence in the people Of The State
This then, would of itself not only prevent any
improvement in the money market, but would inevr.
taby depress still farther There is no hope there.
FORE IN THIS quarter.
Is there any IN the possible improve in the prices
of produce? This depends upon so many contingent
ces, that it is evident that rely upon It
the basis of action. The value of our agricultural
products must materially depend upon the state
Of the money market at home; which, as have aTcadv
shown, would be almost totally runr BY The operation
Of the "s!ay." But the value Of those products also
depends most materially upon the foreign demand and
that cen1nd, again, upon variety Of circumstances
that need not be mentioned, they are, doubtless,
familiar 10 all. ! will oHy say that es for as my in.
formation extends, there is but little prospect that tho
demand for American products abroad will be at all
greater twelve months hence than it is now Concede,
however for the sake of the argument that there will
must also be taken into the accoun) but that those
crops will command good prices Give TO the ndvo-
Gates of the "Stay law all the advantage they cen
derive from The admission, and yet am prepared 10
show that all the "reef which these causes in the
heahiul and natural state Of things, would afford, will
be nearly if not entirely, counteracted and destroyed
by the very measure which is now urged upon US as q
relief measure" This brings me to the considera.
tcn of wha, is perhaps, the strongest objection to the
proposed law, viz. the accumulated Indebtedness chcA
II nould produce.
| have several times alluded, slr. Speaker, to the
fact, that the only effect Of Stay law, the way Of
relief, would be temporary suspension Of collection
by the mere "damming up Of the current Of justice
The debt would be saspendsdnot paid by the opera
,o'; wlils j! can be easily shown that tie litigation
will be greatly incrensed-thc number Of suits
greatly multiplicity il. have already shown,
Sir, thai it would destroy confidence and without
confidence there be TO credit. The destruction
Of tho one s, therefore, the ruin of the other
As soon as these are gone, the ultima of the
law IS the only persuasive that the creditor uses. All
Ubo know any thiny of Lu,,,n q