The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-07-22
There is n Remedy.

South Carolina It matters not, how
ever, how much we may lament over
our own ruins, or how much we may
sympathize with others in like condi-
ton, if we endeavor not to apply
some radical and efficient remedy. I
aIlude particularly to the debts Of the
people. Can a remedy. paramountto
the disease, be applied? answer, it
can be approximated, and only ap-
proximated, and that by a modifica-
tion Of MI the debts existing at the
time Of the surrender. 10 preserve
justice, honor and honesty-to live
and let live-no other equitable rene
dy can be applied, in my opinion. but
to modify tho debts as they now
stand-bcing in existence at the time
of the misunderstanding to the
assets Of the debtors now, compared
with what they We're previous to that
time. Can this be done legally? /
answer, it can-cither by the Legisla-
tnre, or hy the people in convention,
through their agents. All the indi-
vidual OF private debts might he modi-
fed by the parties themselves or by
arbitration; but all those in the hands
OF executors, administrators, guard
Ians or trustees, cannot thus be set
tied; consequently some Legislative
action is absolutely necessary on the
subject
1t is generally known that the Con-
stltntion Of the United States, and
that Of our own State, forbid any law
being made impairing the obligation
Of contracts. This, I admit, is strictly
true, and should be SO in all bona fie
and unassallable contracts; but it is
also equally true, that IL contract vio-
lated On the one part is not binding
on the other part, and that sound
prlco guarantees sound property. &c.
Now, am persuaded, and, therefore.
MAINTAIN, that very large majority
OF the contracts Of our people are
already virtually violated, on the one
part, by the lawgivcr himself dispos-
sesslng the obligors in said contracts
OF at least three-fourths of the consi-
deration embraced therein, and, also,
OF all the rights and titles thercunto
appertaining-Q allude particularly
to the slave property furthermore,
it IS obvious that the obligors in said
contracts have flilel to maintain
good and valid rights or titles to said
considerations; consequently they
have violated the contracts on tho
one part, which, therefore, is and
shall be null and void on the other
part. rs far as the equity of the case
can he attained by modifying the
debts that have either directly or in
directly grown out of them 1t might
be urged against IL general moditica-
ton of debts, that great many were
ior loaned money, land. &c. to which
!! would say, if they were, it is we'll
known that at least three -fourths of
the debts. especially among farmers,
were predicated upon the slave pro-
perty, and to that proportion were
the direct or indirect cause. Of the
debts. and the best means Of giy-
ing faith to the creditors. and the
only reliable means the debtors had
TO make the money to pay the debts
thereof
1t Is also true that large majority
of the money thus loaned was only a
transmutation Of the negro from the
field or house to the pocket. Conse-
quently, equity can be approximatcd,
IN the great confusion of things, more
closely than any other way, for the
people, through their agents, to de-
clare null and void the same proper
ton Of the dues to the creditors as
has already been sustained bv the
debtors, i'll being disposscsseu Of
property guaranteed not only by an
dltors, but by the laws Of their coun-
try, to be theirs, not only by posses
sion. but good and valid in title.
Their rights in the contract are
grave, but if the one was good, the
other was equally good; the Govern
mcnt that protects the one must de-
fcnd the other; if the law annuls .hc
one. 1t must make null and void the
other. The creditors may argue they
are not accountable, not being able
to prevent; they were forced to sub
nit to the violation of the contract
on their part. This is certainly true,
but at the same time does not miti-
gate the evils of the breach in its cf
fects on the debtors; it does not prac-
tlcaliy or equitably alter the case be-
| tween the parties. Neither is If