Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1866-07-04
For the Advertiser.

different overseer almost every year.
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For the Advertiser.
Mn. EDIroR-Thc proposition for relieving the
present Indebtedness of the country, made in
your last Issue, signed W. W. AnAMs, Esq, though
genious and plausible, is, in orr opinion, imper-
feet.
The scheme; as we understand it, is simply
that South Carolina should borrow five millions
of dollars, with tho avowed intention of lending
the same to her citizens, upon certain conditions,
viz That those seeking the benefit of such loan
should receive it by first mortgnging their lard
to the State at oue-thrd less than its real value
Fir::.--Thc scheme is impractcable. The
State has no credit, aad besides, is in debt,-in-
so,nuch that it was only after continued and in
dcfatigable cxertion, that she was enabled iu the
winter of 1865, to borrow the ptiful sum Of SlOO-
600, with which to meet the current expenses OF
the Public Departments In order to borrow
money, the State must issue her Bonds, and those
Bonds must be based upon some unqucstionable
and tangible security. When &brown upon the
MARKET capitalists will naturally Inquire as to the
policy of investment therein, and just as natural
" shrink thercfrom when the real condition Of
the State is exposed to their experienced eyes
The City of Charleston, as we understand, has
offered to pay FIVE per cent. per month upon all
sums loaned it by capitalists,-and even that
ruinors per centage hss been refused ut the North
Cor the sake of argument, however, we admit
the practicabilty Of the scheme, and state few
objections thereto
Frst.-Thc passage of such an Act by the
Legislature would be subject to the odious cry of
Class Legislation. There would be at least two
classes Of our citizens excluded from its proposed
benefits Those who are not seized Of real estate,
and those upon whose property (real and perso-
nal) certain liens exist by of executions in
the Sheriff S Office and mortgages regularly re-
corded in the Office Of the Register Of Mesne
Conveyance, or any lien whatsoever. Tho former
cannot borrow dollar Of the S., 600 900, because
they own no land to mortgage to the State by
way Of collateral security; and The latter would
fad themselves in the same category, because CT
sarily take precedence of any mortgage given to
the State These two classes compose at least
one-iith of the citizens of the District,-and that
very portion who need relief at tho present mo-
ment,-and yet undoubtedly they would be OK
cludcd, by the very nature of circumstances,
from any benefit of the proposed loan on the
part Of tho State.
Sccond.-Thc scheme proposes only change of
creditors. The State would become the mortgage
creditor of its citizens and the citizen, instead Of
being in the power of indvdual:, who are gene
rally supposed to possess soll, would have
placed himself, hound hand and foot, at the tender
mercy of q souiless Corporation, md that too at
the clear loss Of one third Of his real estate.
Thirl.-Thc proposed scheme opens the door to
fraud Of gigantic proportions.
It's entro validity depends upon the fact that
those who borrow the money, would, so soon rs it
had been received, seek their creditors and l;1ui-
da.e their debts. The borrower, t" great cxtei T.
wamld he largely indebted to individual ereditorf,
perhaps to double the amount Of his visible estate
Is it natural to suppose that lie would pay ihi'
Indebtedness? On the contrary, is it not evident
to any Judge of human nature that such debtor.
after having mortgaged his land &c the State, and
received the money into his hands. would reason
thus ,-"Well, owe twice as much as can pay.
1 have mortsaged my oil to the State from whom
have received $1,000, or $40 900, rs the case may
be. cannot pay my debts; it is doubtful even
whether can cvon raise the mortgage from my
lanl lit is q good opportunity for ME to 50 into
parts unknown, or to enter into large spccula-
ton. Let the State forccose her mortgage =
and as for tic creditors, to whom was indebted,
before the Mortgage was executed, the devil take
the hindmost." This would be exposing human
natlrc to temptation 20 fraud unparalleled in
Legislation Such or Act would enable every
dishonest dcbtar to jecr his creditors with the
taun," scaIies oeenpe:ertremum, and to "whistle
them down the tide to prey on garhage."
Fourth.--Thc proposition does not prevent the
sueing to judgment, and the enforcement Of exc
cution. It's truo the State would be the Mort
gage Creditor, but the execution creditor would
have nothing to do but order the Sheriff to sell
the land subject to the mortgage, and tho pur-
chaser thereof could Immediately enforce writ
of haJere facias possessionem, m,-and thus even the
man, who was disposed to undertake the loan
honestly, would net bepltimatoly protected in the
possession OF his freehold.
Other and equally conclusive objections to
this scheme suggest themselves to our mind, but
we forbear 70 make such objections cumulative
and prolix.
we have high regard for the l'onesi intention
Of "W w. A." We arc satisfied of the sincerity
Of his motives, and do not question the purity of
his impulses. But tho question is one of vital
importance, and ought to be freely ventilated. Tho
people really need assistance, and If, from their
primary meetings in the different Districts, they
forward to the Governor petitions fer relief void
of personal abuse and scurrilous asscrtion,-poti-
tions comporting with their own dignity and self
respect, and in conformity with the civilization of
the ags,-such relief will ultimately be granted,
In our next article We propose to discpss this
subject more minutely and opdeayOur to suggest
come scheme looking to the relief of our citizens
PERsoNNE.
9a~ Several young men in Boston have been
poisoned By wearing paper collars. The arscuic