Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-09-19

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debts, seems to be construed differently, and &C
eording the interpretation Of some bears hardly
upon the mercantile community. With the view to
clearer understanding Of it, some of our mer-
chants address letter, this morning, ID Col. Cock
RIiL the Receiver for Middle Tennessee, asking his
opinion upon very interesting point
The SequestratIOR Act-Ho % viii IL Oper
ate uPOR oHr aEeEchantsE
srERLrSG CocKRIIs Esa-Dsar Sir.-oar object
in addressing you this note is primarily 70 ascertain
what viii be ysur practice under the late Sequestra
ton Law with reference to debts due by our mer-
chants to our alien enemyf Asa class CT debtors,
we viii thank you for careful statement Of it
as your time may permit
What will you consider your duties under the
Law when individuals eve HHome debts7 equal in
amount to their aNorthern debts y and where the
assets of such individraL consisting chiefly of
country claims" have been largely deprecated BY
the effects of this unhOly war, and whose eoIlec-
ton has been wholly suspended by the Laws ofre-
cent Legislatures win you consider it your duty
to force collections to The prejudice of Home Credi
tors If so, we are appfehensive you will force
the great mass Of this class Of our community n'o
the execution Of deeds Of trust for home security
snasthus result in the ruin Of thousands Of limo.
cent men. The Legislature has declared that
Northern debts shah not be paid for the time beings
and az Tennessee merchants are debarred the pow
err to collect their debts due them in Tennessee the
prohibition from paying the Northern debts has SO
far operated for their temporary relief.
The present war has already impaired the value
of our country claims fully one fourth, thus dimin-
shing our ability TO pay our debts ia the pro-
portion and ret il would appear that we are to be
held as strictly to full responsibility to our Gov
eminent as if we possessed our original ability to
pay. Are we not as fully and equitabIy sufferers
By the war as those who lose their property by the
robbery of our enemies IL there any moral obi
cation resting on US TO pay our Abolition creditors
dollar for dollar when they are robbing us Of the
ability to DO so And if there is no such moral OBJ
legation, is it equitable and right that oar oon Gourn-
yasat should assume this dtLitds toward us? We think
not. The Confederate States Government thus be-
comes our oppressors and not our friends. viii you
Ryou please also hswer.i in addition to the princi
pal 1--WE shall likewise be forceiIo pay the intereSt:
Allow us to suggest, that in as much a. we are
losers by the course our Northern creditors have
pursued toward us, and in as much as cur "ooun-
try debts prior to the war, furnished US with the
ability to pay our debts from year to year, even
amidst the trying times Of the last four years. and
as these assets were more materially impaired in
value prior to the present difficulties, we ought to
be allowed to discharge our obligations to our enc
mics, Through the medium of our goyernmsnt,)
by handing over to its agents such assets as were
reported to be rsaty solvent at the beginning Of the
present year. This view Of the question we think,
meets the views of our entres mercantile country.
1t is, we think, based such principles of equity
as will fad ready assent in your mind. If you
can spare the time we viii thank you for your opin-
ions, as fully as may be consistent With yoar sense
of propriey the agent Of the government in this
important Office. MERCHANTS.