Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-05-16
I,scI.rr oeNI

Eearc hope behind, ike those lb0t cata he'll.
CESAR, MONTAGUE says, took a
noble resolution to await, without solicit
tude OF fear, whatever might be the
event, wholly Tesigning himself up to
the protection Of the Gods and Fortune %
We rejoice to find it stated, and to be
able to believe, that the people Of the
State Of Mississippi, Notwithstanding the
persaasions Of some Of lis politicians,
and the perhaps more influential letters
OF some Generals, 10 whom the South
owes 8 debt OF gratitude that it does not
" to those who have arrogated to
themselves the dignity of being its
statesman, will vote against 8 conven-
ton TO adopt the indentures Of bondage,
70 be called in mockery a Constitution,
dictated 70 them by a Congress as
drunken with power as CALIGULA was
vhen be made bis horse a consul.
The plans Of the Jacobins are rapidly
developing themselves, and we can be-
gin to see by glimpses into the obscure
ties Of the future. Their first great coup
Is 10 De hhlE III 2 lev "ENh2f ~ ~ hAN
ting into vigorous action that villainous
enactment, the Bankrupt act, intended
70 be in the Southern States auxiliary
and the preface toa general c~onfscation,
and, indeed, itself to operate, to a very
great extent, as itself 3 measur Of par
tial confscatiOn.
One object Of that act, if we are to
Judge Of its intention by its provisions, is
10 prevent the possible avoidance OF con-
fscation by prohibiting and snnUlling all
preferences and payments and s~ecurings,
by those at present unable to pay al
creditors. Of those who are entitled in
equity and good conscience to be paid or
secured in preference to Others. They
must hold their property until the time
comes to reward the negro and merce-
nary by that cOnfiscatiOn which is being
promised to the Degros, demanded By the
anti-slavery society, and threatened by
b Stevens bill and those peripatetic
pedlars Of Jacobinism who traverse the
South to concentrate the negro vote, and
make the oppressed States a region &C.
cursed, in which 1t viii be lntolersble for
q white man to live.
As q debtor can low DO longer pay or
secure a creditor having higher claims
upon him than Others, if be be himself
in such a condition as not 10 be able
presently to pay all his debts, the plan
ter who owes for advances obtained last
year, and cannot plant without addi-
tioual advances for this, is unable to Sc
cure what he already owes, and therefore
can get no new advances. Where many
such may owe a single house or individ-
usl merchant, be is himself crippled, be-
cause he cannot obtain and use the secU-
rites, which, but for the bankrupt law,
his debtors would have given him and
thus the evil extends throughout q wide
circle.
A multitude OF planters will thus be
forced into bankruptcy, and this will
bring the same disaster upon a multitude
OF merchants. Already, Southern men
cannot obtain money, on the security Of
their estates or expected crops, except at
most exhsrbitant rates. Money In
Memphis Is worth five per cent. a month,
or sixty per cent. per annum. A second
purpose Of the bill is to force as many
persons rs possible into bankruptcy, and
50 20 throw immense bodies OF land on
the market, to be sold at forced sales, and
Of course to bring low prices, to crafty
4ho ranacity of Northern Spectators. and
make tees for those publicans, the on
GERS and agents Of the Bankrupt Court.
OF course, in a cott0n-grOwing coun-
try. the interests Of the merchants and
planters are inter-dependent. The Bank
rupt Act avoids all payments and
preferences and securities, given in con-
temptation, not Of bankruptcy, but Of in-
solvency. A man is tnso,pent, il the {
legal meaning Of the word, when be can {
pot pay his debts IN the ordinary course (
Of hls business. We cannot cay how 4
many Of the merchants Of this city NAV {
now be in that condition but nearly q
avery planter is SO. Il
The banks Of the South are powerless Q
= "a the commercial and planting Gem.
~-n;ty and must continue 30. In New b
80 The National banks realize profits y
!. ~ average amount OF twenty-five :
s.nt Ter Annum. Here, a bank /
u