The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1868-01-15
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THE DISTRESS In THE COUNTRY.

81 ~
It is evident that the situation of our
country is dcplorable, and the condition of
our agricultural community is so embaIass-
ed that the wisest mead may well hesitate in
venturing a suggestion as to the most pru-
dent course to he pursued by our people in
this our day of trial and gloom.
The close of the war found a large por-
tion of the most entefprising of our citizens
deeply involved in Delft, but the hope was
inspired that a few years of energetic effort
would relieve them, if they could realize re-
munerating prices for the productions of
our genial soil; aud although emancipation
of the slaves did greatly disarrange our sys-
tenn OF labor, and diminish supplies, yet re-
1lleved. as our people would be, from the
support OF non-producers, the profits of la
Dor, it was believed, would he sufficient to
disembarrass them, with prospect of pros
perity for the future
The prices of our staple productions were
SO large last winter that extravagant caIcu-
lations were made, upon the crop of 1867,
and. painful as the admission is, too many,
Notwithstanding TREY were deeply in debt,
INDUCED in great extravaganza. and heed
lessly contracted new liabilities beyond their
means. The honest ard laudable intention
however of our people was, if possible. to
make large crops the past year. with the
hore that this winter they would be able to
liquidate tlieir'ofd debts by compromises I;
and therefore the most enterprisilig arrange
ments were made last winter for Il heavy
crop.y Debts were contracted for fertilizers
! and supplies, and obligations were thereby
] increased. Whatever may he said of the
motive. it must be conceded that Il praise
| worthy effort was made to insure the largest
| production. We may now regret that we
| devoted too much to the production of cot
| ton, but when these arrangements were pro-
jected, the opinion was confidently enter
| tanned that by raising cotton we could GER
| tainIy realize more than in any other way
1t may he to us Il painful lesson of the i'm
| prudence of negecting the staff of life in a
| too eager pursuit after money. 1900.
Our fond expectations however are blast
ed ! Our cfnp has anticipates have di-
| minished more than one-half and the great
| agricultural interest of this community is
more deeply involved and embarrassed than
it was neayear ago. New debts are press
ing-old debts are just in advance-proper-
ty has rapidly diminished in value there is
comparatively no money in the country
many of our farmers have not the necessary
provisions and provender for another years
operations, and no credit to purchase
Bankruptcy and widespread diminution
of farming operations tor 1868 are the prob
able consequences. s.,. ...,-l
| What is to be done? The country is vi
| tally interested in the success and prosperi-
| ty of this great interest upon which all 9th
er avocations, professions and empIoyments
depend. 1t is the great wheel that sets in
motion, acceerates and fructifies every other
pursuit. Every plantation dismantled and
unworked the coming year is a serious pub
lie calamity, and Of course produces a vast
amount of personal suffering and distress =
We are evidently slipwrecked, but is there
no hope of safety to the mariners9
We venture to suggest that generous,
sympathetic and liberal concert of action,
forbearance and mutual assistance, would be
productive of great good and suhdue the
panic and dependency now painfully pre-
valent. 1t is underiably true that, in nu-
merous instances, the debtors are hopelessly
bankrupt, and it is neither dishonorabe OF
disgraceful to admit 1T. Bankruptcy in
most cases has been produced bv forced
emlncipations without compensation, and
many are rninedfby our heretofore unwise
custom of personal security. Let US then
look the thing squarely in the face.
Am hopelessly bankrupt9 Can see nc
hope in the future to pay my dehts2 I'll
could compromise and arrange, my individ
ual debts, is there the slightest prospect %
being relieved from my security debts? II
| you are forced to answer the first in the affir
native and the Others in the negative, ther
we counsel you to 20 into bankruptcy Al
once. and unfettcryohrself. that your energies
may be employed in making crop for th,
coi"ing year. '''' ''
We are well aware that general adoption
ofthis ci'urse would bring into market ,
large amount Of property which would b
almost entirely sacrificed, and thereby til,
creditors would lie seriously injured, but j
is choice of evils and the creditors mus
see that the property brings a fair price w
are also well aware that the Jesuit of thes
4 suggestions, if adopted, would give grea
advantage to monied men to accumulate for
tunes by purchasing property at a ruinou
sacrifice, but how is the debtor to be relieve,
and the country once more obtain the bene
fit of his honest enterprise and industry, un
lcso Ho 10 NisCuai SCbiiVm thS HCiSbt III ''S''
from which he can never extricate himself
1 If he does not act nOw.lyet ultimately hi
property has to change hands. There
nothing wrong or improper, but deservin
commentator. when one is unable to pa
his debts and no prospect of ever being abl,
2 to surrender mis- property, and thereafter t
be discharged from all liability.
We know also that the general Bankrupt
cy. which would probably arise from thes'
suggestions, would incur heavy expenses an
infict upon large number OF our peopl
great distress. hut we are threatened with
greater evil In the prostitution OF arg
part of our agricultural operations. &
:. We wish some mode could be devised, h
which the creditor and debtor could lice
and by mutual arrangement the pending ii
deltedness could lie compromised and az
iusted, without expense and to the satisfat
d ton of all concerned, but it is well know
that every effort at general arrangements
this kind is broFen up by the ohstinacy ,
some relentless creditor; so it seems n
mode can he. devised to nicer the difficult
hut hy "A uniform system IF Bankruptcy VI
der the Constitution of the United States.
We would venture another reflection.
d