The New era. [volume] ([Portsmouth, Va.]) 1845-1847, 1845-08-25
ACKNOWLEDGING A DEBT.
BY T. S. ARTHUR

According to the provisions of an act of Assem-
bly, in neighboring State, an insolvent debtor on
giving up his property, is released from all his
moneyed obligations so far as the law is concerned
If he should become possessed of million of dol
lars, the result of application to business after his
failure, he can hold it free from all demands of
his creditors provided he does not acknowledge
his Indebtedness in writing, or verbally in the
presence of witness.
1t often happens that man who has a good deal
of hope in his mental composition, with intei-
gence and energy of character, gets beyond his
depth and fails. The insolvent law releases him
from the burden of debt, and wiser and more
prudent man, he starts again in the world AS
soon as he is fairly under way a certain class of
his former creditors approach him, and endeavor
to get from him some acknowledgement of his old
claim. Too often it happens that the debtor as
sumes enough of these Obligations--whch are
usually pressed for at once--to swamp him again.
But, in general, even the strictest honest debtor
that is he who fully intends paying off all claims
against MN, II ever able-ls very cautious not to
acknowledge anything until he is ready to pay it.
There are too many, however, who positively
refuse, even after becoming comparatively veal
thy, to meet single obligation contracted pre-
viousy. even though the debt be to one who great
y needs what is owed to him. A case of this
kind occurred with man whom we will desig-
nate by the name Of Woodfall He was a fellow
OF the coolest temper in the world, and had high
regard for justice and honor when they brought
dollars into his own pocket. He did business
rather carelessly, and failed in consequence. One
OF his creditors, named Jacobs, was a man who had
a large family to support. He could not bear the
loss of five hundred dollars without great ncon-
venlence. One day after Woodfall went. through
the mill as 1T was called, Jacobs met him in the
road. They both lived in country village.
am sorry from my heart at your misfortune
the latter said.
And so am L. was returned. But what
can't be cured must be endured. I shall try a
gain
With more success / hope
Doubtless. And then | will remember you,
Jacobs know you have as much as you can do to
get along, and it greves to'think that, through
my failure, you should be brought into more trou-
know, if ever it is in your power, all will be
made up to me-
Yes, principal and interest. | shall look every
honest man in the face-when no man can say to
me, Pay me that thou owest'
1t that is your spirit, you will see ito
believe so,' was the confident reply so
don't let the loss you have met with through me,
inconvenience you more than you can help. All
Will turn out right Your five hundred dollars
may come at time when they are needed much
more than they are at present.
Alter this conversation, Jacobs felt more com
Portable. He knew that Woodfal was an active,
enterPrs!ng man, and he believed that he would
IN the course of few years, be in a condition to
pay him hive hundred dollars, principal and in
terest
Time passed on. Woodfall, who had kept a
store previous to his failure, managed to get new
stock of goods, and again commenced business
AT the end of the second year, he had done SO
well he was able TO build house. But not
word had he said to any one about paying off old
scores. AT length Jacobs, who. poor man, had
oeen growing poorer instead Of richer, thought that
1t would be no harm TO call his debtors attention
to the fact of his having promised to remember
him. So, one day, he called in and said to him,
in the presence of his clerk
Mr.. Woodia, if you think you are able TO do
"a little for memo matter how little-I shall feel
greatly obliged I wouldn't have said one word,
only | am dreadfully put to it to get along
Do little for you how -? | don't exactly
understand YOU was Woodfas reply, With
look of innocent surprise.
That old account, you know, Mr.. Woodfan'
Old account7 don't know of anv old &C.
count Mr. Jacobs
Oh, yes! Don't you remember the five hun
dred dollars that you owed me p
( do remember ihatI once owed Won that sum:
but it was paid long, long ago No man can
come forward in this world and claim dollar from
me-
Jacobs looked confounded At first he was
strongly tempted to get angry, and speak out a
piece OF his mind pretty freely; but he restrained
this feeling, and merely remarked, in low tone
that reached only his debtors ear From you