Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1867-01-15
Communicated.
For the Spectator. |

| Mr.. EDITOR.-Below are the views of a
| prominent gentleman of Eastern Virginia on a
subject Of deep interest to our people. | may
be transcending my right to make use of a pri-
vate letter, but the writer am sure would ap-
preciate the motive. K.
II agree with you that the prospect ahead is
gloomy. We feel the CALLING yoke which sub
| jugation imposes. l recognize, however, the
| manly and wise efforts of the Northern Conser-
| vatives to arrest the mad folly Of the Radical
| Congressman, and have some faint hopes that
| change may be effected. It would be certain,
| but for the efforts of those who live among us,
and are more vindictive than the Northern Rad
icals. The worst oppression upon us is to. be
done in the name of Justice to Southern 10y
alists
| have no hesitation in concurring in your
views about the old debts. Is there any justice
in the claims of creditors for full guaranty of
their property, when all other property is de-
stroyed or impoverished. When the creditor
trusted the debtor, it was not because he was a
citizen, but because he was a property owner.
He invested in his debtors property. The
Government sweeps off the property in which
both are interested, and is now to impose the
whole loss on one party A long stay-law and
a reduction of interest would enable the debtor
to pay off, and would apportion the loss fairly.
Suppose for instance old debts bear per cent.
interest, and the debtor be required to pay up
5 per cent. of the principal each year for five
years, and then about II per cent. until the
whole is paid off. All that the creditors would
lose, would be the difference between and 3
per cent. interest for some years. Yet the deb
tor assured of his property for 10 or 12 years,
would go earnestly to work to save himself and
creditors both. l think that the old debts ought
to be allowed to bear only 2 or per cent inte-
rest, and the collector of the principal, except
in moderate instalments, ought to be stayed for
long term. Eight per cent. on account OF
principal and interest both is full as much as
the debtor could safely bear for the first five
years. If the creditor would not accept such a
proposition, | would withhold all process OF
law to collect his debt. Repeal all laws making
judgment liens on real estate and stay all execu-
tions, and the creditor may hold his paper if he
refuses just settlement. If the debtor, on the
other hand, will not secure the payment requlr-
ed Of him, turn the sheriff loose upon him.
If a permanent system were adopted, the two
classes would now come to an adjustment and
thus great burthens will be lifted from the prop
erty and enterprise of an oppressed country.
am amazed that the sense Of the country
holds off from action The creditor class ought
to come forward and get legislation at once on
liberal basis which will secure them. If the
issue were made to-day, between early payment
and entire reputation, l am told by men con-
versant with public opinion in this part of the
State, that the majority for reputation would
be overwhelming. If the subject is not system
atized at once, this issue will come and an agta-
ton will ensue which will cost the creditor every
dollar of debt that he holds. and at the same
time do mischief in various ways. A subversion
of the present property-owners OF Virginia, l
regard as great social and political calamity.
An enforcement of debts will operate this effect
as completely as any coniscation law which
Thad Stevens could devise.
I entertain these views from regard to others
and to the general interest. [ do not owe any
money which [ could not easily discharge by a
sale Of property, and what owe is to my fami-
ly connexions or personal friends. Butif were
different and there was no stay-law, am [ sure
that my real estate, which would command
1000 to-day, would sell for $4,000 if forced
to sale along with that of nearly all my neigh
bors at the same time, who would be left to
buy? Can any one say that justice would be
promoted by such condition of law? Would
the iniquity of Reputation be half as bad as the
iniquity of this rapine of property? If the
property Of the country is to be destroyed, or
debts destroyed, which class ought to be re-
rardad 2'