The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-09-12

ct the creditor? Every lien obtained
dimlnlshes the assets of the debtor to
the extent OF costs, at least, and takes
from the creditor the collecting com
missions, Although the State has no
bankrupt law, and may not have the
constitutional power to pass one
affecting contracts made prior to it's
enactment, it is almost certain that
Congress viii very soon pass q gene
raj bankrupt law, in which they may,
as they have power to do, in the dis
tr1butaon of the assets of the bank
rupt, put all debts upon the same
footing, in entire disregard of local
Liens; but if such law to be passed
shonld give priority to liens, the ex-
penses of the proceedings in bank
ruptcy nnst necessarily take Drece-
dence OF everything else; and Judging
from the experience of those who are
familiar with the operation of the
bankrupt acts heretofore passed by
Congress, there viii be precious little
lett Tor distribution among creditors,
leaving the creditor not, by many
degrees, as well off as he would have
been by compounding now, without
costs and without judgments. Be-
sides, if the creditor compounds now
and discharges the debt, leaving to
the debtor not only what is exempt
by our insulvent laws, but s,ffi-
c1ency of property to enable him to
live and hope, my word for it, if he
be q man imbued with proper sensi-
blhtles, he will be hundred fold
more anxious to discharge the moral
obligation of u debt from which he
has been released by the voluntary
action of his creditor, than he ever
Will be If released by operation of
law. In the one case, he will feel
that he is relieved from his legal
Obligation mcrely-in the other case.
he will feel that he has been relieved
from his moral lis we'll as his legal
obligation. Such is the nature of
man. So, that in every aspect OF
the subject, 1t seems to me, it is to
the interest of the creditor to com
pound now. Let the debtor and
creditor alike, remember tho prover!b,
"A prudent man foreseeth the evil
and hideth himself, but the simple
pass on and are punished.
Third. Will it be for the good of
the country? It is undeniable that
the largest number OF persons, who
have not sutficiency Of property left
to discharge their Indebtedness. be-
iong 70 es'cultural class OF our
citizens, and have been bruaht to
their present condition by the actlo.
OF the Government in abolishinc tn
institution of slavery; and unles
these persons can, in some way. b.
relieved from the incubus of indebt
edness incurred prior to the lst O
June, 1865. the country must los
the benefit of large portion of its ag
ricultural talent and enterprise. Tn
last Legislature of the State, seein.
the difficulties in the premises, at
tempted remedy in the passage O
what is known us 1.-The Say Law
but, with the meagre crops of thi
year, amounting. in many districts O
the State, almost to ~ failure, takel
III connection with the constructio, o,
put upon said act by the Charm al
OF the Judiciary Committee, VIII.
reported the bill. that a failure t,
pay one-fourth of debt by first da,
OF January of any year, makes the
whole collectable, it is now rcasonabl,
certain that said act VIII not affort
the relief intended.