Daily Richmond Whig. [volume] (Richmond, Va.) 1865-1869, 1866-01-16
RICHMOND WING.
TUESDAY MORNING.........JAN. IS, ls66.
Southern indebtedness.

Ifthere ever was an eXigency that Justified
stay laws, that exigency now exists in the
South, where everybody is impoverished. Debt
ors cannot pay, because they have not the
money. If the little property le0 To them
were sold under the hammer, whether To pay a
home OF a Nothern debt, they would be home
less and penniess. This subject is now attract
ing much attention in the North. II is esti-
mated that Southern indebtedness 10 New
York City alone amounts to about one hundred
millions Of dollars, with interest from 1851,
when the war bOke out, and when all means OF
making collections were cut oil. Soon there
after cOnfscatiOn laws were passed by the
Southern Congress, and large amounts were
stopped in the hands of Southern debtors, who
were made TO pay them into the hands OF Con
Gedcrate receivers. The New York Chamber
Of Commerce lately took up this subject, aud
prepared memorial To- Congress, asking It's
protection. There are two sources from which
Northern creditors apprchend trouole->'ay
laws and statutes of limitation.
The memorial to Congress was referred to
the Judiciary Committee. On Tuesday, in the
House of Representatives, Mr.. WILSON, (chair-
man otthe committce), reported back the me
mortal, aud asked that the committee DC dis
charged from IT'S further consideration, stating
that an act ofthc thirty-eighth Congress covers
the case, which act is as follows
That whenever during the existence Of thc.prcs-
eut rebellion any action, civil or criminal shall ac-
cue against any person who, by reason OF resistance
90 the yXecut OF the laws D the United States,
tie interruption Of the ordinary course OF Judicial
proceedings, cannot be served with process lor fhe
commencement OF such action or thf arrest OF su'A
p-isOn or whenever alter sHch actoh CIV" OF CIi'N'
nal snail have accrued such person cannot by reI-
son OF such resistance Of the laws or such Interrupt
ton Of judicial proceedings be arrested OF served
with process for the commencement OF the acton,
the time during which such person shall so be Oe-
yOnd the reach OF legal process shall not be deemed
or taken As any part OF the time limited 10y law Tor
the commencement Of such action
In reply TO question OF Mr. CoNELING, OF
New York, Mr. WILSON, said
1--WE did not specially consider the question As to
the mower OF Congress % suspend the statutes OF m
tati0n of the particular States, and prevent their
operation upon actions brought in the state courts
as distinguished from the courts OF the United states
held within those States. ] think, however and IN
this the committee concur that where the action was
brought in United States court this statute Is broad
enough 10 save the remedy and reaches as tar as We
may safely 60
The Interpretation placed upon this action of
Congress seems to be, that the questions are
virtually left to the States themselves. An in
telligent Washington correspondent says:
As the act passed during the war with reference
to this subject that the States cannot be CONF
PEELED to recognize, the presumption appears 10 he
that the stay laws will hold good until such time
the Legislatures Of the States shall see ht TO set them
aside"
In our opinion there is no ground for apprc-
hension on this subject. \ stay law would ap-
ply to home as well as to Northern debts. The
object oCsuch a law is not reputation, or re
lease from an existing liability. II is simply TO
relieve againSs Immediate pressure by the
creditor upon the debtor, and to give the latter
time and opportunity to prepare for the pay
ment of the debt. 1t is a fact patent 10 all the
world, that Southern debtors cannot pay their
debts at present without being utterly ruined.
They desire time TO put their affairs in order,
to engage in business, and to turn the little
they have to account, 50 as To he enabled to
pay their debts without sacrifice Of every
thing they own. They have heretofore been
good customers and puuctuI puymlStcrS.-
They have as much integrity and the same res
pect for their obligations that they had before
the war Already many Southern merchants
have cheerully paid up old scores, and re-
sumed their former relations with Northern
business houses. 1t any circumstances can /
make clemency to debtors the duty of crcdi- F..
tors, those circumstances exist in the case of
Southern debtors. In addition TO all their
other losses, they lost two thousand millions Of
dollars by the abolition of slavery. That they
will pay when they can, we have no doubt -
Some of these debts, doubtless, are irrcvocaOlN
lost bv reason of the death, disappearance or
hopeless insolvency the parties. But none,
we believe. will be lost by reason OF stay law
1t is to the interest of Northern credI-
tors to indulge Their Southern debtors 10
a reasonable extent, 50 as TO enable them to
engage in business, aud put them in the way OF
ultimately paying old scores aud OF be
ginning new dealings. This would be the only
effect as it is the only aim, of stay laws. IL
the business men Of the North were To unite in
an effort TO crush the business men of the
South under the weight of old dcb,, they would
destroy the great source OF their own future
prosperity There are some questions arising
out ot thus subject Of Southern indebtedness,
upon which We are not at present prepared To
prououuce-tho>e questions touching the oper-
alton %. statutes @. limitations, and those that
relate 10 the continued responsibility of South
crn debtors ;or debts paid to the late Conteder-
ate Receivers, under late Confederate laws,
which they lad no means OF resisting. These
questions. and all otherSthat may arise, can be
readily decided by the United States Courts
without the intervention of Congress.
The New York Herald makes the following
sensible remarks ON this subject:
I've do not think that Congress will be required
10 take action in this matter; bat 70 t viii, We Trust
zee. utmost lenency will be extended % southern
,..,p,. indebted 10 Northern merchants. II is we'll
KNOW shat most of the SOuthernerS, especially the
planters. have been absolutely ruined by the war
and however straightforward bc their luchnatious
and Intentions hqudate their debts they are uL-
teriv pOwereSs 10 do 50 az the present TIME ioF '"e
want OF the wherewIthal. That the New Orh nyi-
chant, ought 10 De paid their debts there eau oc no
question. Every mdu Who Is able 10 pay MS Na"','-
ties and does not should be compelled hy law % do
so. and Is in some manner. by the laws OF every
State. But when a party j. bankrupt, hte many OF
the SOutherners IL is like rcviving the obsolete a"
sury OF the Old law OF Imprisonment TOT dcOt 10 ~
tempt 70 compel q man 10 pap " N''' az
have heard OF several instances in which Southerner-
have come forward and without clubbing paid Their
Northern debts No doubt there are mauy Others
willing 10 do 50, and will when they are able The
time Is only procyastnated by the unireudy eouise
of Northern radicals in regard % the restoration OF
the south ln's Is the true statute of limitations
TO which our New York merchants should now direct
their earnest attention
Sending for Persons and PAPERS.