Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-10-10
The sequesIruIIon Acs.

between the North and South. Our political and
commercial relations are dissolved, and settles
ment of accounts is one of the necessary conse-
quences of the dissolution. Our commercial rela-
tons will not be restored when the war ends. Our
Gulf and Atlantic cities will be our centres of trade
and of finance. The war waged by the North on
the South, makes the citizens of the one, the
mics of the other. In consequence of this enmity,
they cannot meet or correspond on the subject,
and cannot therefore assert any rights in Court or
out.
The LINCOLN Government is now eonfscating all
the property in the North, owned by citizens of the
Confederacy In retaliation our Government has
seauestrated all theirs in the South. By the act it
self. the property and debts, become the property
of the Confederate States to indemnify her citizens
for all losses sustained by their seizures, and
fiscations, now made and such as may be made
hereafter. The proceedings in Court, become
necessary to ascertain what property and what
debts come within the operation of the Act Of Con-
gress and also to have Record evidence to protect
the debtor hereafter. A payment of the debt, to
the Confederate States, is a discharge anywhere.
The practical operation on corporations is merely
a transfer of the stock, and has more effect upon
the means, business, and affairs of a corporation
than transfer would, after a sale of the stock.
If an alien holds stock in the Nashville and Chatta-
nooga Railroad Company. the &C of Congress trans
fers it to the Confederate States, and the District
Court puts upon the record that he is alien .neny
and owns the stock, and therefore within the
purview of the Sequestration Act. This change
of stock does not interfere with the assets bus
ness of the road.
The stock in banks is transferred by the same
rule. 1t does not diminish the assets of the
bank, nor its capacity for accommodation. Sup
pose it declares q dividend and they set apart
the sum necessary to pay it now what is the
difference, whether it is paid 70 men in Phiadel
phia (slien enemes) to the Treasurer of the Con-
federate States at Richmond
The Act of Congress does not increase or diminish
the stock, and of course does not increase dimin
ish the sum necessary topay the dividend. 1t is
mistake therefore to imagine that our Banks are
effected by the SaqasstrGtiOn Act
By this Act the earnings of the Banks, are kept
at home, and paid into the Confederate Treasury,
TO aid in paying losses sustained by citizens
Suppose the iron toorkS on the Cumberland River
were seized and eoEfscsted destroyed by the en-
envy? Then these stocks transferred by this Act,
to the Confederate States and whatever of divi-
dends may be declared will be in possession of the
Government to reimburse the owners of the prop
erty thus taken. So if Boat, negro horse, crop
b. lost. From the date of the transfer, the
whole Institution becomes the property of the
Confederate States and legal citizens of the South
The whole stock is owned in the Confedaracy, and
the whole profits belong to Southern people. In
stead of impairng the credit of the Banks, the ef
feet will be to enlarge their credit and their use
fulness-beeause they come now to aid the Bank of
Tennessee in sustaining army, and the war
They are absolved from all allegiance to the North
and are owned excluavely in the South, and will
become valuable financial Agents. for all leading
interests of the South the Commercial, the Agri-
cultural, and she Government Treasury itself.
They will receive from Congress, and the State
such Legislative all, as will make them stronger,
and move extended in the means of Accommodations
to merchants and others than they were before
They will make larger dividends, and the stock now
ed by individuals will be improved in value.
w at Brokers or Bankers of NelO NOrE may say
or think in is not the question now. These ara
Southern Banks row, because the Wh1le stock is in
the South.