Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1866-10-25


this some day after date, }" only fixes the time
between the parties, when the rate of in
terest begins to accrue. True, in the eye
of the civil law, demand may be made,
and suit entered on the debt the next day
after the transaction, but to do so, the
creditor will make breach of good faith
with his debtor. Here now is promise to
pay the next day expressed in the note,
yet the creditor, in morals, may not en-
force it.
Just 20 it is in other promises In cases
where creditor gives credit on the faith
of creditors ability to pay, and this abil-
ity to pay is prcdicated on his legal seizure,
and possession of certain property in lands,
slaves &c., valued thus and so. And
where debtor in this same legal seizure
aud possession makes his promises to pay,
they both intend and understand alike the
nature of their contracts, and they both are
bound in morals to abide by the terms
thereof. The basis must remain unchanged.
Now, since the basis of credit and of
promises to pay between creditor and debt,
or is changed without the agency and
against the wills of both parties, SO surely
the promises to pay of debtors are also
changed in complexion to suit the hue of
the changed basis of credit
What, now, is the conclusion of the
whole matter? I answer: That creditors
do consent to compound with their debtors
who were solvent before the war OF who
have been made iusolvent by the war, at
some per cent (accordiug to ability to pay)
less than their Indebtedness And to this
end, let debtors make fair showings of
their estates, unto their creditors, either by
assignments or otherwise, and haud this
over to their creditors for their benefit, ask
ing ouly some part Of their estates to be
reserved to themselves, or no part, upon
such terms as may be agreed on by the
parties; asking for discharge from all
further liabilities in the premises.
Mr.. Editor, 1 advocate, not as general
principle for action, reputation Of debt;
but sir, l believe that in our present con.
dition of Indebtedness as people, repudi-
alton would be greater public good than
enforced payment Reputation wouldgive
diffused wealth, enforced payment will give
concentrated wealth. Nearly all the masses
of the people poor, whilst few will be
very rich.
York District contains about GIG square
miles, equal to 1912 acres of land.
This land, I assume to be worth, in forced
market on an enforced payment Of debt,
on an average, two dollars per acre, equal
to S68S, ,480, which sum, think, will fail
to pay the liabilities of the people. In
solveucy, therefore, to large amount, l
take it, must and will ensue on enforced
demand of the VII rie Indebtedness of the
people He is wise creditor, | should
say, who receives currency at par for debts,
and who compounds with bis debtors. BY
this last measure especially, we will be
freed from iunumerabe fraudulent trausac
tions on the one hand, and preference
made by debtors among their creditors on the
other All should fare alike.
As to that class among US where property
stands bound as surety, for the issues of
the Banks, only say, I sympathize with
them in their misfortune. We have re-
garded Bankers as public benefactors We
have need of some rich men in order to
conduct the commerce of our country, but
if these men are required to make good
the failures of the Banks, We will be poor
indeed But, Mr.. Editor, it is usual even
now, for Northern merchants to compound
with Southern debtors this is good policy,
it is magnsuimous, it is but moral justice.
Bank issues, | take it, are chiefly held by
persons out of our State. Let these securi
ties propose compouuding too, on the best
terms they may. Legislative interference
is not to be expected 10 the case. The
faith of the holders of Bank notes in the
solvency of the Banks, gave them currency.
They have been robbed of their specie, as
others have been Of slaves, &C. Let US all
stand or fall together. E A. CRENsHAw.