The day book. [volume] (Norfolk, Va.) 1857-1867, 1866-01-16
LEAVE YOUR NAMES.
OUR NORTHERN CREDITORS.

citizens of the South, who were so unfortunate
as to be indebted to Northern creditors when
the late unhappy strife commenced, have very
little to hope or expect from their liberality
or magnanimity. Notwithstanding all the
untold disasters which have befallenus within
the last four years: notwithstanding our
fields have been desolated by the red fiery
hoof Of war, our pecuniary resources in a great
measure destroyed, and our people almost en-
tirely impoverished, our ears are daily saluted
with the cry Of these creditors demanding the
payment Of their claims They must know
that our people are in no condition to pay at
present; that their pecuniary means have
been to great extent crippled and exhausted
by the war, and that the collection of their
claims now would result necessarily in great
distress and sacrifice Of property; but they dis
regard all these considerations, and seem to be
actuated by the spirit of the law of the Twelve
Tables which, when debtor was insolvent,
permitted bis creditors to cut him bodily into
pieces in proportion to the magnitude of their
respective claims against him.
We do not, of course, desire to be under
stood as applying these remarks to all North
ern creditors without exception. There are
some Of them who have shown they have the
sagacity to understand and appreciate the
true condition of their Southern debtors, and
the disposition to indulge them until time and
opportunity are afforded to enable them to
rally from their recent heavy reverses. 1t is
our purpose to comment upon the spirit which
seems to pervade generally the mass of North
ern creditors
We have a striking illustration of this spirit
in the proceedings of recent meeting of the
New York Chamber of Commerce, which was
called to consider the propriety Of enforcing,
by every means afforded by the law, the COL
lection of Northern claims against Southern
debtors. After an animated discussion they
adopted, with great unanimity, memorial to
Congress, in which they set forth that, at the
commencement of the late war, citizens of the
Southern States were indebted to the North
ern creditors for money loaned and goods sold
to the amount of $3.50 900, 900, and that only
q small portion of this sum has since been
liquidated, while a large proportion of the
residue has been or soon will be barred by the
State statutes of limitation. In order that
these claims may be adjusted, therefore,
the memorialists pray for the passage of a
law by Congress exempting suitors in the
Federal courts of the Southern States from the
operation of the statutes of limitation passed
by State legislatures, for period long enough
to afford creditors an opportunity to enforce
their demands. If these gentlemen had taken
the trouble to examine the stay laws" of the
Southern States, they would have foundthat
their fears are altogether groundless and that
they have committed a gross error in their state
ment of facts. The prayer of the memorial
to Congress is based upon the assumption that
their claims will soon be barred by the State
statutes of limitation, unless Congress shall
como speedily to their relief; whereas, the
fact Is, that all the stay laws passed during
the war and since the war, contain q provision
that the time during ,0hich those laps remain
in force shall not be computed IN any case in
schich the statutes Of limitations may some in
question 1t will thus be seen that the very
laws which have excited the apprehensions of
Northern creditors and caused them to invoke
the strong arm of Federal power, provide
against the evils Of which they complain, and
declares expressly that they shall be saved
harmless on account of the lapse o. time.
The object of a :" Stay Law" is not to ena-
BILE our people to evade the payment of their
Just debts, but to give them time and oppor-
tunity to rally somewhat from the staggering
blow which they have received, to recuperate
their wasted fortunes, and to summon all their
energies for the new race upon which they
have entered. They have lost all in their re-
cent memorable struggle, but honor. They
are still actuated by the principles of honesty,
and intend to pay their debts if their inexora-
bic creditors will allow them to do so-but if
Congress, in its wisdom, shall think proper to
listen to the prayers Of these memoralsts and
turn loose this avalanche Of creditors without
regard to our own laws and our peculiar con-
dition, it will require no prophet or son Of
a prophet, to predict the result. The little
remnant of property left will be sacrificed
great pecuniary distress will follow, and many
an honest debtor who desires to pay his debts,
and who will pay them if a little respite is
granted 10 him, will be reduced to bankruptcy,
beggary and ruin.
ma The Fenians are experiencing rough
times Besides being obliged to stand large