The Camden journal. [volume] (Camden, S.C.) 1866-1891, 1866-10-05

WILL Uc luC eACCptloi, uliASS" ohA
much mistaken in the spirit pervading
the creditor class, as also their intelli-
gence in understanding their own in
terest.
Cd. Will it be to the interest of the
creditor? Every lien obtained dimin-
ishes the assets of the debtor to the ex-
tent of costs, at least, and takes from
the creditor the collecting commissions.
Although the State has no bankrupt
law, and may not have constitutional
power to pass one affecting contracts
made prior to it's enactment, it is al
most certain that Congress will very
soon pass general bankrupt law, in
which they may, as they have the pow
er to do, in the distribution of the as
sets of,the bankrupt, put all debts on
the same footing, in entire disregard
of local liens; but if such law to be
passed should give priority to liens,
the expenses of the proceedings in
bankruptcy must necessarily take pre-
cedence Of everything else, and judg-
ing from the experience of those who
are familiar with the operation of the
bankrupt acts heretofore passed by
Congress, there will be precious little
left for distribution among creditors,
leaving the creditor not by many de-
grees as well off as he would have been
by compounding now, without costs
and without judgment. Besides, if
the creditor compounds now and dis:
charges the debt, leaving to the debt
or not, only what is exempt by our in
solvent laws, but a suficiency of prop
erty to enable him to live and hope,
my word for it, if he be man imbued
with proper sensibilities, he will be a
hundred fold more anxious to discharge
the moral obligation of a debt from
which he has been released by the vol
untary action Of his creditor, than he
ever will be if released by operation Of
the law. In the one case he will feel
that he is relieved from his legal obi
cation merely-in the other case he
will feel that he has been relieved from
his moral as well as legal obligation.
Such is the nature of man. So, that
in every respect of the subject, it seems
to me, it is to the interest of the credi-
tor to compound now. Let the debtor
and creditor alike, remember the pro-
verb, GA prudent man foreseeth the
evil and hideth himself, but the simple
pass on and are punished.
Sd. Wilt be for the good of the
country? It is undeniable that the
largest number Of persons who have
! not suficiency of property left to dis
! charge their Indebtedness, belong to
the agricultural class of our citizens,
and have been brought to their pres
e mt condition by the action of govern,
5 rent in aboishing the institution of
f savery; and, unless these persons can,
ilsomc way, berelieved FROM the i'acas-
9 bas of Indebtedness incurred prior to-
$ TIN lst Of June, 1865. the, country
NUT lose the benefit of u large portion
g Of Is agricultural talent and enter
The last Legislature of the
Stac, seeing the difficulties in the
prelises, attempted a remedy'in the
, passage Of what is called "Fhe Stay
Law but with the meagre crops of
this ear, amounting inmany districts
of th'State, almost to failure, taken
; in connection with the construction
put upn said act by the Chairman Of
: the Juiciary Committee who reported
Y the biAthat a failure to pay one-fourth
: Of det by the first of January of any
: year, mixes the whole collcctable, it
: is now reasonably certain that said act
y will not ford the relief intended.
j. What henis to be donein the prem
/ ises? I an think of no better plan
S than aepne suggested in these re-
r marks. # is worse than idle to look
: for energy industry or high stand
= ard OF norility in citizen, without a
e failure. % make him good citizen,
+ a blessing + his family and society,
e man must le able in his devotions,
t. truthfu'ly tosay in reference to tenn
o poral as veil IS spiritual "We
1t thank the, G! Lord, that we are still
IS prisoners of hoe" Without this he
d sinks below thtrank of drone in the
d hive Of soiety-with it he may be-
IS come wealthy aid useful.
y Having thus, as we think, shown
" that it will be + the interest of the
d creditor, arg for he good of the coun-
d try, that al debe contracted before
), the first day Of Jule, 1865, in case the
b. debtor had not suficiency of prop