The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-02-11
CHI A r L E S T ON .
MORNING, FEBRUARY II, 1869.
A New Way to Pay Old rebts.

| AsS
been a chief agent in freeing unfortu-
nate debtors from the incubus which par
alyzed their labors and prevented them
from resuming business. But there is
large and important class of persons
who have some property, although not
enough to satisfy all the demands upon it,
and who are unwilling to take the benefit of
the act while there is the remotest hope that
they will ultimately be able to clear off all
their old incumbrsnces. 1t is in the inter-
est of this large and deserving class, as
well as of all others who, by reason Of
emancipation, find it impossible to pay
their creditors in full, that an effort is
being made to compromise all old liabilities
by mutual consent, without going to the
| courts.
I Slavery doubtless encouraged the accu-
mutation of one certain kind of indebted
ness. The slaves steadily increased in
value, they were valuable by their natural
multiplication as well as by their labor,
and no description of property yielded a
more certain profit. There was, then,
every iraucement to the planter and far
mer to buy more servants, even if money
was borrowed to pay for them, or funds
were applied to their purchase which
should have gone to the satisfa jtion of other
obligations This was ali very we'll while
slavery lived and fourished. When the
slaves were made free, however, the situa-
tion changed The bare land and buildings
was all that remained, and the load of debt
which could be easily carried while negroes
were marketable property, became ruin
ously oppressive when the war had made
them free. There was imprudence in the
conduct Of the debtors; but none are as
wise for themselves as they are for others,
and it is far better to search out an equit-
able mesas of cancelling the debt than to
waste time aud temper in arguing that the
liability should never have been incurred
AS the law stands, the small creditors
have great advantage over the large cred
itors. The man to whom a hundred dol
lars is due may bring suit before magis-
trate, obtain lien at once and make him
self secure. The man to whom thousand
dollars is due must wait for the term of the
circuit court, and is lucky if he obtains
judgment at the second term Of the court
In the meanwhile, the one hundred dollar
creditors have consumed the property of
the debtor, and the larger creditor may
then whistle for his money. Nor is there
any inducement to the honest debtor to pay
off one or more of his debts. Whea he ap-
pears to have money the whole horde of
creditors will swoop down upon him, and
if he cannot content them will force him
into bankruptcy. All these old debts are
largely made up of interest. This interest
is still running on, aad when the parties
60 to law the attorneys and solicitors swal-
low the oystes and leave but the shell to
their clients
Now, it seems to us that itwould be far
wiser, far better and far cheaper for the
debtor ard his creditors to meet face to face
aud agree upon compromise. Fifty cents
on tue dollar in cash is better than hun
dred dollars Of over duo debts. If fifty
ceuts cannot be had, it is better to take TWEEN
ty FIVE cents than 60 to law; for it stands
to reason that the parson who cannot pay
twenty-five per cent. all round when he is di-
viiing his whole available property among
his creditors, will not be able to pay more
than half as much when he has claimed the
homestead exemption and paid the fees and
costs of attorneys, sherifs, registrars and
score of other officials Moreover, when
the law is invoked, and the twenty fve
cents or fifty cents on the dollar are
squeezed out of the debtor, there is no
hope of obtaining another sixpenee; while,
if reasonable compromise is agreed upon,
the debtor may pay part at once, and will
have some reason to work manfully to pay
off the remainder.
We believe that liberal and generous
spirit in settling old claims will be the best
policy for the creditor. 1t will give conf
dence to the debtor, encourage him to i'm
prove his properly, and stimulate him TO
use every endesvor to maintain and strength
en- his position. 1t will be of benefit to the
creditor; for he will have money down in
stead of suits interminable, and will also
share in the renewed commercial activity
arising from more general feeling of &C.
curity and trust.
In nearly every district of the up coun-
try meetings have been held to urge CORR
promise of all old debts. The lawyers have
urscl6shly advocated the movement, and il
grows stronger every day. We believe that
it is the wisest policy to pursue, and hope
that this new and honorable way to pay old
debts will soon be followed in every dig
| trict in the State.