The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1862-01-27

Their policy forcsd as TO separate nom them.
|. with the laws Of war, forfeited during its
continuance, the right to sue. The entire for
sign debt Of the country was, therefore, in
aeeyance. Tho Government now steps in,
aasuminE the place Of the 4Oreign creditor,
with this most important and Intensely prac-
ticAl distinction, that whereas the Northern
creditor could not sue, the new creditor mus
sue. s. s,sst ssgs e
what new phase this puts npon affairs
What mass OF settlsments, suits. and nti.
gatton! And what must be the effect upon
our debtor class OF precipitating upon the
country this huge mas OF litigation Col.
isctions instead Of being suspended, arc made
closer than usual. A new element of distress
10 imposed upon an already burdened society,
not stopping with debtors to the North only,
for Indulgence denied to one set of debtors ID
indulgence denied to others; enforced pay
msnt from one is enforced payment from
many. This IL drastic, stringent physic To
l to purge the remOteyt rarnihcat1ons OF the
body polite This bail, started by govern
ment. will CT ash through from topic bottom
| Of our social structure The process is this:
Suit by government, representing with en-
larged powers the foreign creditor; suit by
domestic credi tor, lest he be postponed; suit
by merchant, that he may be rssdy to meet
l executions with executions-and these suits
involving nearly all the Indebtedness OF the
country, since our commerce was with the
North, and debts arise mainly by conmerce.
In word, the law precipitasss the country
into q sea Of litigation. Kis siose~s stoppss.
Of the credit systsm Of the COUNTY, suddenly, In
These are plain and common sense views,
which any man of business will appreciate.
Let any one in debt bring the matter home to
himself. Suppose his creditor changed;
anticipated indulgence withdrawn; himself
com pelled in hard times to disclose the
amou mt Of his Indebtedness; his new creditor
bound to sue; hts answer TO be given away
from home; and he obliged in self defence 10
sue others, that he may meet execution with
execut tion, and he will thus soc the opera ton
of the law in particular instance. Let him
suppose this state Of things not confined to
himse elf or his own locality, but made gen.
erai, and he may acquire some faint cOncep-
ton of the general result, and of the sacri-
nces involved in a market glutted with prop
erty and void of money.
The force of these objections seem to have
been appreciated, since the passage of the
act in high places. So soon as the machinery
was put into practical operation, it was telt
to be too stringent. 1he first Instructions
issued as TO the persons to whom interrog-
tories were to be addressed did not include
merchants. This was q significant comment
ary on the felt hardships Of the law.
Not to dwell tedious'y: England has set the
world good example. England pays her
debts to friend and foe, In peace and war;
WHAT'S the consequencesf An unsarnlshed,
lustrOus credit, which enables her to borrow
cheaper than any other power. What would
she gain by refusal A few dividends would
be suspended mere nominal gaiR-in real
ity, mere douceur to spite and national re-
sentiment But, her gains by payment are
large and substantial. She borrows at per
cent. instead Of 6, 8, 7, s, and 10 The whole
difference lies in tie certainty of payment. 1t
grows not out Of patriotism, but ont OF conf.
dsscs. She has established q character that
is worth upon her national debt, say, thirty
millions Of dollars or more annually, upon
each billion of her debt. A glorious tribute
to her good faith, and practical proof that
honesty 10 policy.
In the prosecution Of this war we cannot
follow the North into the crooked paths she
IL treading. We cannot consent to abandon
all obligation and all principle. We cannot
trample upon the bonds Of civilization and
humanity, the laws of God, Of men, and of
nations Self.respect and the respect OF man.
kind, and not the example of the North,
must be our guide. In our straitsst eyner-
gency-in the EXTREMIST exigsncy of g war
for existence, we hope and expect to m ain.
tain our Independence agains: an unprincL
pied and dishonorable foe by honorable
means alone. We cannot and will not be Sc
duesd into those devious ways into which
our enemies, without even the plea Of ex-
tremity, have already turned their footsteps.
Our chief temptation will arise from the
spirit of retaliation-fr0m q sense OF just In :
dignation at their outrages upon law and
propriety. But let US bide our time, do our
duty, and leave venEe2pce to Him to whom
it belongs, and who will in due time repay.
We have thus lar been prospered. Their
force has been repelled by hard lighting
ward honesty. Thus still must we gain the
respect OF mankind and thus retain our own.
The North, with unexampled prodigality,
has wasted her patrimony Of character, trea
liberty. Of constitutional rights, and we'll
checked and balanced machinery Of govern.
ment, has been already squanderei. But we,
for our part, have others to deal with as well
as the North. We two do not constitute the
sum total of humanity. Before God and man
and our own conscience, we would stand
clear. We have character to maintains
future before us-historical tests to abide. We
act not for the present moment only, nor in
the presence only CT our foes, but for all time
and In the presence of God and mankind.
National credit 10 sensitive and delicate
thing, like individual credit. 1t is maintain.
ed by poymsnt-absolute, unconditional, de.
terminsd, reliable poymens, in easy times and
In hard times alike. Individual and national
faith and character act and react powerfully
upon each other. Pride Of country is almos,
knowledge that the national fame is degra-
ded, degrades the whole people. Bitter fruits
has the North to reap Of last years sowing
She seems to have forgotten the future. Pri.
must be content to endure hardsbips, make
sacrifices, live hard, let tAeselres suffer ra thel
than others with whom they have made en-.
gagements. It is q character hard to build
up. easy 20 forfeit, invaluable in Possession
Nations, in like manner, must pay their debt,
at all hazards, impose taxes ample and promp
TO meet their obligations, and let it be seer
that the nation can afford anything rather thar
dlshonor and discredit. Nobly has our infant
Republic opened her career. Let tn 10 nation a.
escutcheon never contract stain or blemieh
Let none OF her sons ever have cause to blush
for her tafnished honor. A noble nation will
then be the home Of noble men, and the worh
we are now doing in blood and tears siH sscns
SBNTINRL.