Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-12-30
Danger of mourning Heavy PeCuniary obi
cations.

The present time is peculiarly inauspcious for incur
ring heavy peCuniary obligations. Custom has fixed the
opening Of the new year as tie period when all con-
tracts in the matter OF housi renting, slave hiring and
oredi generally closed in this country and Of no
time in cur history have these obligations been fraught
With more danger to the parties mourning them han
the present. AL contracts will doubtless be predieated
upon the present standard OF our currency, and
count VIII be takea of the modification which its
present value will be likely to undergo through
.he operation OF the funding scheme which Congress
seems determined to adopt. Presuming that the APP
probation in currency will DO in inverse ratio
With the amount of treasury notes which Congress pro-
poses to withdraw from circulation it is safe to estima
that two dollars six or eight months herce, will be
equal u dollars now. Creditors will reap all the
benefits Of this enhancement to the serious loss and
embarrassment o! Debtors and it would be well that
the latter should arrange the terms of all obligations
Incurred with the opening of the year. to assign
to them the shortest possible limit This will be found
difficult, if not impossible, creditors in adheiUg 10
the annual or semiannual system of contracts will be
sustained by custom and usage, which in matters of
trade, as in al other transactions, is simply moral
sanction little less potent than civil law itself. The
times, however materially changed, and the pros
pective modification in the va.e of currency may
well be regarded overriding consideration to justify
viclAtiOn Of the custom heretofore existing in the
matter Of contracts in the S5uh. 1! the practice has
been to rent houses or hire slaves by the year. why
should not the of this species Of property defer
to the peculiar circumstances OF the mes and modify
ths practice to the extent Of shortening the term for
which obligations are assumed. If they do not
defer to the necessities of the times, and the
pscuiar circun stances which this war has brought
a5ou the second parties to these contracts should, by
every means in their power, enforce deferencs BY q
persistent refua 70 csnlrae! Oblg atoms whose force
canuo reach beyond limit that IS ss.ent with SAFE
y to the party mourning them and just to the party
to whom they are made.
As to the chance Of any concession to the necessities
Of condition, by those having property 10 rent or
hire believe there is very little. The same spirit Of
greed and SVace that has scuated tie accumuatOs of
turs and the parties who are Interested the other
side should resort 10 whatever expedient may most
esc i've to protect them from the unjust and cruel exc
actions which the necessities of this have led to-
We know Of an instance in which house rented at
$500 for the present year has been let for the ensuing
year at IS OOO and the ratio of advance Is found
u exist in respect TO slaves and other descriptions OF
properly. Especially does it BshOoie the borrowers Of
money to guard against incutriDg heavy obhga-
tons II they borrow capital nov. subject to the obi
CATION Of paying back twelve months hence In then
current funds they viii fad tie operation anything but
lucrative. fhe downward tendency of all articles