Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1867-07-03
An Able Article ON the Debt Question
From the Sumter Watchman.

An Able Article ON the Debt tEucstlcn'
From the Sumter Watchman.
Mr. EdRor:-In your issue OF the 22nd
may, of your always welcome journal, OBJ
serve an editorial upon the subject OF the
forthcoming Convention, its probable policy
in relation to the adjustment Of tn, question
of debt, &c.
must beg leave to offer you my congratu-
lations upon the bold, manly and indepen-
dent position you have assumed in the article
alluded to. ] believe you are il advance OF
any ether journal in the State upon this ques-
ton, but you need not fear; your position is
one which will stand the test ofinvestigation, of
criticism and experience. 1t has b,en taken,
no doubt, deliberately, and after soocr retlec-
ton upon the grave difficulties Of Our peculiar
and embarrassing situation.
The declaration you have made chat, with
the death of sayery-the destruction Of slave
property, the representations ofits value were
also destroyed, is at once true, Just and ne
coSsary-a result Of the times-the cnuncia.
tion of the result OF the great and RADICAL
revolution through which we have been and
are still passing.
The policy you have indicated OF adjusting
tEo debt Of the country must surely engage
the attention of the Convention now to be
called. Ii is one of tho most vital questions
to the well-heing and prosperity of ghe COM
munity. Nothing is 80 haIrasspg and de-
struc.ive to Cur industrial interests as the
present uncertain condition in which the
question of dent remains. The debts Con-
tractcd Ior negro property are mainly owed
by planters aid farmers. These debts re-
main, in c,ost Instances, pretty much in origi-
nal figures, with interest from dale, and in
many cases cost added. Those figures, as
7ou know, before the war, were for many
years very high, and wthintercst alone, with
out cost, creates n load Of debt which will
Completely crush he energies Of our working
rn4a. Thcy zee las Gil OF t1sic slave prep
e7ty is row gone, and yet they are called on
t. pay for tie ycry slaves who have been lib.
era ed Warlc eSla.cs are much inyolyed il
this respect. these Old debts nil swallow up
not only tic ca:aing5 Of planters aud farmers
urd-r The ne" sJ>,e,n ci labor. but he entire
real tate with item. and then Leave TIC
deb; uuliquida;ed. Unter these cir:unl-
stances, wuere is tie inducemcat to work :?
Industry aaa enterprise mus; angr:sh, des-
pair sc.za upon our people and waat and star
yal!pn hast their hopes icre;e..
We :.cac much pleasant talk abou. the
staIc Of the country, aad various piacs and
s,ecii aiioas arc prt:jac.sd as 10 the future,
but there agc vcry lev Of Us who fully appre-
cia;r lie great and overwhelming change
which las and mus. lake place in our circun
s,anccs. O.d things kave indeed passed away:
;:l all thpgs Lave become new. We hare
sel tp real re the great fact that slavery, the
yerv su5.tratutn ul the wealth and prosperi.
ty 6i the South, has been swept away, and
wi,l. It's loss all securities of Whatever characs
ter, ARE a.ors or less ;npaired, If not entirely
destroyed. This truth cur people are SLOW tc
understand. This Justice oat Legislators.
our Lawyers, our Cnnr,s are siowto meet out
10 tie honest working men Of the land, but
they now sec this fact as it resily exists for
themselves, and will take Care OF their own
interests, and those who would hinder the
Course .! justice, had better stand aside and
take the best care they can of their own.
10 prove The trutl OF the proposition that
ali securities ara more OF less Impaired il 10!
dc t,oyei by the :.ho;ition Cf siavrry look AZ
Tie Current f.iice oii l.nd--tat :.l.c Ct Real
Estate is mere ! nominal. What are Bank
notes worth, which ara cnniiacts promises
to paT Goii;!t l..r l"'!at? T:ca3 bis can BE-
boueL. fer 10 10 10 PC. CO.. ol iAc facc--so
Of the stosH market: so OF ere.y thing except
provisions. let when We ca;a: II lie qucs-
ton o ;.ldiY;dua! i;s5.iity--rcra ,,at thonu .at
secnyity, W. are told, to.Soo.i kat these are
,cry sacred instruments, tha ttey ere coai
tracts, .!:at til.y are protected by the G5nsit.
iai;oa. &c, l;c We have tie opinion eli our
Court or tslers, which is irreyokabc--;ntcr-
ference is practicable aud hopeless. nothing
can BE done, and settlement n!ast BE- nlatic
through the Courts, according to face and fis
urts ni tie orgina! papers. Woader If Or
der No. lG affects contracts? Oh there con-
tvacts--.hcse YeTiiab!e inlividua! Contracts !!
What wonderful things they are. While ali
things arouad Us, moral, political and physi-
Cal. arr undergoing change, these copractS
are mmn;ahls Wars may come aid sweep
away ever, thing valuable as with Tie 5esom
o. destruction, bu. contracts stand in "Statn
qaon (y,'nLe: il any OF them survival the
flood. or ii in these latter days ot invention
aid discovery, by Insurance. or Eife.prooi safes
some may not TIC preserved ftom the final
catastrophe. and transferred FOR GaaI adjadi-
cation AID settlement, don't know where?
But vii: not iadalgo in this vein ary
lonccr | ali il earnest. and | suppose tt0sa
who hcid opposite views are also. an an
advocate Of conservatism in general ard the
objections urged TO the reduction or rcicind,
ing Of ,ieaJs ere applicable in a genera way.
Il inc great industrial interests OF our cointry
were se,tled--if there cTas any established
state of th!!lgs-;f our people had property
and would not pay their just debts-il they
had value received and were in the enjoy
ment of the same, these arguments against
Interference by legislation or otherwise with
contracts would be entirely right, and the
NAV who, under such circumstances, would
disturb them would be al unwise and iulpru-
dent agilatlr, but under present circum-
sia.crs that view is oac.sidcd, narrow-mihdcl
u.jast and oppressive.
Contracts are already impaired, not b. the
act Of Tic debtor or creditor, but BY war
pubic war, which involved every interest Of
the whole couptry during its progress. Every
thin. was o;aked upon the issue CT 1t, and all
or ycrv nearly al! has beca lost. Not enough
renlains of the wreck to re ccstabii,h the in
tegests OF society-to feed and clothc our
population and furnish capital to employ la
Dor and build up tho necessary and important
enterprises Tor the resusc'ai;on Of ouT fallen
fortunes. All our estates are hopeleSsly broken
down Tor geneG;ion to cone-our energies
paralyzed for want of means-all our inter
e:ts completely uprooted-our labor system
changcd-eyerything is in uncertainty, con-
fusion ard distrust, ard above all, We are in
the midst o! starvation ard want.
In tuis tissue of unfortunate circumstances
then, | asi, if it is possible TO settle the debts
OF the country through the medium of the
courts? answer unhes;ta'ingly it cannot