Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1866-09-20
abolishing the institution of slavery, and

abolishing tho institution of slavery, and
the ratio which the debt bears to such loss
e, compared with the property loft to each.
You may, among creditors now and then,
find "pound-of-Aesh creature" who will
be unwilling to compound upon any terms,
but he will be the exception, unless 1 am
much mistaken in the spirit pervading the
creditor class, as also their intelligence in
understanding their own interest.
Second. Will it be to the interest Of the
oreditor7 Every lien obtained diminisbe,
the sssets Of the debtor to the extent Of
costs, at least, and takes from the creditor
the collecting commissions. Although the
State has no bankrupt law, and may not
have the constitutional power to pass ono
affecting contracts made prior to its enact
mont, it is almost certain that Congress will
very soon pass . general bankrupt law, in
which they may, ao tbey have power to do,
in the distribution Of the assets of the bank.
rupt, put all debts upon the same footing,
in entire disregard of local liens; but if
such law to be passed should give priority
to liens, the expenses Of the proceedings
in bankruptcy must necessarily take prece.
donoe of everything else; and judging from
the experience of those who are familiar
with the operation Of the bankrupt acts
heretofore passed by Congress, there will be
precious little left for distribution among
creditors, leaving the creditor not, by many
degrees, as we'll off as he would have been
by compouuding now, without costs and
without judgments Besides, if the cred
itor compounds now and discharges the
debt, leaving to the debtor not only what is
exempt by our insolvent laws, but sufi.
cheney of property to enable him to live and
hope, my word for it, if he be man i'm.
bued with proper ,eusibilitie,, he will be a
hundred. fold moro anxious to discharge the
moral obligation Of debt from which he
has been released by the voluntary action
of his creditor, than he ever will be if re-
leased by operation Of law. In the one
case, he will foel that be is relieved from
his legal obligation merely-in the other
case, be will feel that he has been relieved
from his moral as well as bis legal obliga-
ton. Such is the nature eof man. So,
that in every aspect of the subject, it seems
to me, it is to the interest of the creditor to
compound now Let the debtor and cred
itor alike, remember the proverb, ga pru-
dent man foreseeth the evil and hideth
himself, but the simple pass on and are
punished"
Third. Will it be for the good Of the
country? 1t is undeuiable that the largest
number of persons, who have not suficicn,
oy of property left to discharge their indebt.
edue,s, belong to the agricultural class Of
our citizens, and have been brought to their
present condition by the action Of the Gov
ernment in abolishing the institution of sla.'
very and uule,s these persons can, in some
way, be relieved from the incubus of indebt.
edness incurred prior to the lst of June,
1865, the country must lose the benefit of
large portion of its agricultural talent and
enterprise. The last Legislature Of the
State, seeing the difficulties in the premises,
attempted remedy in the passage of what
is known as "The Stay Law" but, with
the meagre crops of this year, amounting,
in many districts of the State, almost to
failure, taken in connection with the con-
struction put upon said act by the Chairman
Of the judiciary Committee, who reported
the bill, that failure to pay one-fourth of
a debt by the first day of January OF any
year, makes the whole colectable, it is now
reasonably certain that said &C. will not af
ford the relief intended