The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1868-01-11
THE DISTRESS N TuE COUNTRY. :

AfNSuheiy 10 NSPloioOiCs uuo VIC SOu>tiSioh VI
our agricultural community is so embarass-
led that the wisest head may we'll hesitate in
venturing suggestion as to the most pru
lent course to be pursued by our people in
this our day of trial and gloom.
The close of the war found large por-
ton of the most enterprising of our citizens
deeply involved in debt. 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 !; and although emancipation
of the slaves did greatly disarrange our sys-
TEN of labor and diminish supplies, yet re-
lieved, as our people would be, from the
support OF non-producers, the profits OF Ia
Dor, it was believed, would be sufficient to
disembarrass them, with a prospect Of pros
perity for the future.
The prices of our staple productions were
so large last winter that extravagant calcu-
lations were made upon the crop of 1867,
and, painful as the admission is, too many,
notwithstanding they were deeply in debt,
INDUCED in great extravaganza, and heed
lessly contracted new liabilities beyond their
means. The honest and 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
liquitlate their old debts by compromises;
and therefore the most enterprising arrange
ments were made last winter for heavy
crop. Debts were contracted for fertilizers
and supplies, and obligations were thereby
| increased. Whatever may be said OF the
motive, it must be conceded that 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-
iootaA tho nnJnlnn confidently enter
tanned that by raising cotton we could GER
tainly realize more than in any other way
1t may be to us a painful lesson OF the i'm
prudence of neglecting the staff of life in a
too eager pursuit after money.
Our fond expectations however are blast
ed . Our crop has failed-prices have di-
minished more than one-half and the great
agricultural interest of this community is
more deeply involved and embarrassed than
it was one year ago. New debts are press
ing-old debts are just in advance-proper-
ty has rapidly diminished in vauc-therc 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 for 1868 are the prob
able consequences! ..-
What is to be done? The country is vi
tally interested in the success and prosperi-
" of this great interest upon which all 9th
er avocations, professions and employments
depend. 1t is the great wheel that sets in
motion, accelerates and fructifes every other
pursuit Every plantation dismantled and
unworked the coming year is serious pub
lie calamity, and of course produces vast
amount of personal suffering and distress
We are evidently shipwrecked, but is there
no hope of safety to the mariners9
We venture to suggest that a generous,
and liberal concert of action,
forbearance and mutual assistance, would be
productive OF great good and subdue the
panic and dependency now painfully pre-
valent. 1t is undeniably true that, in nu-
merOus instances, the debtors are hopelessly
bankrupt, and it is neither dishonorable or
disgraceful to admit 1t. Bankruptcy in
most cases has been produced by forced
without compensation, and
many are ruined by our heretofore unwise
custom of personal security. Let us then
look the thing squarely in the face.
Am hopelessly bankrupt? Can see no
hope in the future to pay my debts fl
could compromise and arrange my individ-
lal debts, is there the slightest prospect of
being relieved from my security debts2 IF
you are forced to answer the first in the affir-
native and the others in the negative, then
We counsel you to go into bankruptcy at
,nce; and unfetter yourself. that your energies
nay be employed in making crop for the
coming year.
We are we'll aware that a general adoption
If this course would bring into market II
arge amount of property which would be
almost entirely sacrificed, and thereby the
creditors would he seriously injured, but it
s choice of evils and the creditors must
zee that the property brings fair price We
ire also well aware that the result of these
if adopted, would give great
to monied men to accumulate for
unes by purchasing property at a ruinous
acrlhce, but how is the debtor to be relieved
md the country once more obtain the bene-
il of his honest enterprise and industry, I'M
ess he is discharged from the weight of debt
rom which he can never extricate himself?
+ he docs not act now, yet ultimately his
property has to change hands. There is
lothing wrong or improper, but deserving
when one is unable to nav
lis debts and no prospect of ever being able,
o surrender his property, and thereafter to
)e discharged from all liability.
We know also that the general Bankrupt
y, which would probably arise from these
suggestions, would incur heavy expenses and
nfict upon large number of our people
greater evil 10 the prastraton of a large
part of our agricultural operations.
We wish some mode could be devised, by
which the creditor and debtor could meet
md by mutual arrangement the pending in
could he compromised and ad-
listed, without expense and to the satisfac-
ion OF all concerned, but it is well known
hat every effort at general arrangements of
his kind is broFen up by the obstinacy of
some relentless creditor; so it seems no
node can be devised to meet the difficulty,
put by uniform system IF Bankruptcy un-
Ter the Constitution of the United States.
We would venture another reflection. It
s clear to us that the South has lost the mo.
lopoy of cotton; our mode of agriculture
must be changed to conform to our present
ystem of labor; our crops must I've more va
led and require less steady labor. We may
therefore derive some great benefit from this
great calamity. When the larger proper
ion of our agriculturalists are from necessity
anew, the time is propitious to
,egin the new system of culture which the
necessities of our situation require. Let US
lever neglect in the future to make full
upply of bread stuffs.
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