Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-09-19
THE sEQuexTmaTIoN ACT.

Hon. 5 X. CocKRILL, one OF the Receivers
for Tennessee, appointed by the district court
Of The Confederate States, in response to in
quiries made publishes the following:
NASHVILLE, September Is.
DEAR SIR In reply to your communication
Of YESTERDAY, state readily, the outline OF A
policy that will best accomplish the object OF
the government in my opinion; | an however,
an agent, subject to the control Of the court
stiil derive my inclination from the spirit Of
the law.
The Northern States are waging a fanati-
cal and viDdietjve war on the Southern States;
by CONTRIBUTIONS and desolat,ons on our bOr-
ders, heavy Losses have been already sustained
by our citizens; others will be.
II is the duty of our government to indemni-
fy her own citizens; though unwilling to adopt
such a remedy, no other course was left, after
the action Of the northern government.
Those engaged in supporting and maintain
Ing this var, against us, have property, real
and personal, debts, rights, and franchises in
the Confederate States; these the law directs
shall be subject to Che control Of the court ana
its officers, for the purposes contemplated.
In carving into effect this provision, it is
not designed to oppose debtors; a policy that
estab ishes the fact that the debtors recognize
the Confederate States, as creditors, and not
'siien enemies - embracing time that accords
with a reasonable ability to pay, will best ac-
complisb this end. Securities from merchants
nav well consist Of notes on solvent custom
era, TO be paid in reasonable instsllments, and
such other facilities as win make their country
debts available in their protection. The debts
viii De payable in the notes Of the government,
and not in metal as At present. War suspends
he right Of ''alien enemies' to their debts,
bat this is a suspension only, not payment.
The interest OF the debtors is promoted by the
plan and policy above referred to. Liabilities
Should no. be forgotten this will keep them
In a train Of liquidation, and with as little in
convenience to debtors az the object and spiTi.
of the new law will admit.
Commercial credit ia naturally sensitive,
and A faithful and effective discharge OF duty
does not require that inventories OF liabilities
reported bY business men, should be left open
to the gaze of the public. I will see that strict
proprietv is observed on this point. Reports
required under the law viii contain correct
aggregates, snd not names A competent,
confden isl clerk, will keep under key reports
OF liabilities.
A settlement 10 fun, OF in part, with the
Confederate States, will be q discharge Z" pro
~tanto,o and evidence will be pat in the banda
Of the debtor5 Of this fact, aud preserved upon
the books, to be kept and further, the gov
eminent VIII 90 Whatever IS neC6bshiy O]
tresty, when peace comes, to protect in full its
own citizens, who thus obay her laws. Those
who refuse or fail to comply with the require
ments Of the act, leave themselves subject to
the process Of the courts, and the penalties de-
clared for dslinquehcies.
The law condemns all property, credits and
rights, in partnership or nOt-eXcept Coutede-
rate and State bonds. 1t applies to all persons
in the free States, and not TO slave States ex-
cspt sucs persons as hold commissions, civil
OF military, under the Lincoln government, OF
such as are engaged 10 aiding and abetting tha'
government, in It's wanton and mad attempt to
suhiagate the South. When that day Canes
we shall not need law or courts for then heI
brave sons, with their fathers, will all sleep in
death on her countless battiefells.
Ny first duty is to get information on The
subject Of debts, dates when due, and amounts.
and also a description Of property.
l am very respectfully yours,
S. r. COCKRILL.