The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-09-28

MEssRS. EDITORS: I noticed, in the
PhGnir, of the 18th inst, some very sonsi-
BILE, and. think, at the Same time, very
reasonable remarks, made by Judge Reese,
in a recent address to the Grand Jury Of
Baldwin County, Georgia, in which he uses
the following language: 'Iproposc, briefly,
to establish Tie proposition that, in ell
cases of debts contracted prior to the 1st
day OF June, 1866, where the debtor has
not a sufliciency Of property to discharge
oil his liabilities, without leaving his family
comparatively destitute, it will be to the
interest OF the debtor, to the interest of
the creditor, and for the good OF the coun-
try, that there should be cornpounding
between the parties at once, they taking
for their guide the rule of conduct pre-
| scribcd by Him who spake az never man
spake, viz: AS ye would that men should
do unto You, do you also unto them like
WISE"
Now, it seems to me, that some mode OF
this sort, Ii possible, should be adopted,
and made indirectly, if not directly, tho
law, or at least the custom, of the country.
But, one will inquire, how can law be in
directly applied, where all laws must be
direct and positive in their nature and ap-
plicstion?
Now, am no lawyer nor legislator, nor
even the son Of either, but simply ask
the question, for the sake of information
aud by way Of suggestion. Could not the
Legislature Of South Carolina levy a tax on
all moneys collected bv the Sheriff, saw to
an amount that would prohibit tho colcc-
ion of any, thereby forcing creditors, in
d,rectty, to proper system Of sealing or
compromising all debts contracted previous,
at least. to the Act of emancipa tion?
Whether the Legislature has this right
or not, l 90 not pretend to say. but leave
that matter for them, i'll their wisdom, to
determine. 1t seems to me, however, that
they have tEis privilege, and as good
right TO tax an execution as q bale of cot
ton or IL pack OF cards. There is certainly
II" interference between the debtor and the
creditor, so tar as the obligation of the
conti act and the collection of the money
| Is concerned
| The State simply comes in, as a third
party, and says to the creditor: s'Now,
when YOU collect this money by law, and
| suffer it paid into the hands OF the Sheriff.
| you pay mo sovcnty-tive per cent. thereof,
| IA your tax due me (thc State) thereon"
| The creditor may refrain from the collec-
| tlOn OF such execution. it lac sees proDer
and make any Compromise with his debtor
that he may choose. Tho debtor is by no
| means released from his oblig gation, but is
still Ill the complete power of the creditor
But sclf-lnterest, the controlling lever that
governs all mankind, i'll nine cases cut of
ten, will force the creditor to proper
and equitable adjustment. A course of this
sort. under existing circumstances. could
not be anything but fair and just to both
debtor and creditor, and Inevitably must
be the result i'll the end, whether done by
law or otherwise. For, l thinh it Il fair and
safe calculations, to assert that the slaves
OF South. Carolina constituted two-thirds
of her real wealth, and their emancipation
ltsS .fAt Va Iva IFh h,v
at least onc-half; consequently diminish
ing the true wealth of hcr land and former
slave holders at least scven-eightlls of its
Legitimate value in 1860. Now, it is a we'll
established fact, that all law is founded on
Justice and equity, and where Justice is not
Meted out with impartial hand to all
parties concerned. then law has faile.l to
| accomplish the end for which it was oriyi-
nally and virtuailv designed
1t IL also clear that the land and negroes
OF the whole Southern country constituted
| the basis of, and, beyond Il doubt, entered
largely into, the obligation of almost all
contracts; for why were large land and slave
holders always sought after as securities.
and universally acknowledged the best pro-
lection on all bonds? Now, admitting
negroes have all been totally, and the
lands thereby partially, obliterated as
| property, through constitutional enact
ment on the part Of the State, is it not
| falr and Just, between man and man that
| some allowance shOull Lc made, and the
creditor forced, either directly or iudi-
| rectiy. and whether willing or not, to re-
due hls caiM in proportion to the general
losses Of his unfortunate debtor?
| For illustration: | propose to take a
| plaln and common sense case. In January,
1860, owned thirty negroes, worth, at Il
reasonable calculation, $50 900, and 400
acres OF land, richly worth $1,000. He bnvs
from Il q family of negroes. say ut 81 ,O0O,
for which he gives his note, payable in
| three ycars>with interest, annually, fror,
date: He now justly ID very Reasonably
concludes that he hold-, including the ,c-
Srocs he bought from L, at least S2S COO
worth OF property as bonus agains. his
outstanding note of S3, ,00O due b. This, at
the time, seems to be perfectly safe.
Ialr and honest transaction on the part OF
both parties a, according to all the sur
rounding circumstances, feels that he is
worth, including his stock and other prtA
pcrty besides land and negroes, at least ten
times as much as he owes b; while Il, know
ing this fact, feels perfectly secure, and
has not the least doubt but that A will nav
his note promptly at maturity But time
rolls on, and the note falls due. Ia Janua-
~, 1863 goes to B, ana proposes to take
up his note. very naturally inuuircs.
with what kind Of money do you propose.
to pay it?' as naturally replies, Con
| 1ederate money, OF course" Il consc-
quentiy shakes his head, and Saw II
must have specie or none: this Confe-
derate trash will soon play out and I
could have realized the gold for my ne
Sroes at the time l sold them t, you.' or
coilrsc, this ends the matter for the time
be!hg, and still holds AS note, worth /
Nv, p