The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-02-11

| n Nevy Way to Pay Old Debts.
Inc Bankrupt law has gone far toward
lifting the burden of old debts, and ha
been chief agent in freeing unfortu
nate debtors from the incubus which par
alyzed their labors and prevented then
from resuming business. But there il
large and Important class of person.
VINO nave some property, although no
enough to satisfy all the demands upon it
ana VINO are unwilling to take the benefit o1
the act while there is the remotest hope tha,
they will ultimately be able to clear off al
their cid membranes. 1t is in the inter.
est OF this large and deserving class, as
wen Us OF all others who, by reason Of
emancipation, find it impossible to paw
their creditors in full, that an effort is
being made to compromise all old liabilities
by mutual consent, without going to the
courts.
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 O
more certain profit. There was then.
every inducement to the planter and far
ner 10 ouy more servants, even if money
was borrowed to pay for them, or funds
were applied to their purchase which
snould have gone to the satisfaction Of other
obligations This was all very well while
slavery lived and fourished. When the
slaves were made free, however, the situa-
ton changed. The bare land and BUILDINGS
was all that remained, and tho load Of debt
which could be easily carried while negroes
were marketable property, became ruin
ously oppressive when the war had mad e
them free. There wss 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 eonit-
able means Of cancellng the debt than to
waste time and 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
ltors. The man to whom q hundred dol
lars is due may bring suit before ma gis-
trate, obtain lien at onco and make him
self secure. The man to whom o 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 1nducement to the honest debtor to pay
OFT one or more of his debts. When he an
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, and when the parties
60 to law the attorneys and solicitors swal-
low the oyster and leave but the shell TO
their clients.
Now, it seems to us that it would be far
wiser, far better and far cheaper for the
debtor and his creditors to meet face 10 face
and agree upon compromise. Fifty cents
on the dollar in cash is better than O. hun
dred dollars OF over due debts If fifty
cents cannot be had, it is better to take TWEEN
ty five cents than go to law; for it stands
to reason that the person who cannot paw
twenty-f per cent. all round when he is di-
vlding his whole available property among
his creditors, will not be able to paw more
than half as much when he has claim ed the
homestead exemption and paid the fees and
costs OF attorneys, sher,ffs, registrars and
score Of other officials. Moreover. when
the low is invoked, and the twenty Eve
cents or fifty cents on the dollar are
squeezed out of the debtor, there is no
nope of obtaining another sixpenee; while.
VI reasonable compromise is agreed upon.
the debtor may pay part at once, and will
have some reason to work manfully to nav
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 inn
prove his property, and stimulate him TO
use every endeavor to maintain and strength
en- his position. It will be Of benefit to the
creditor; for heawill have money down in
stead Of suits interminable, and will also
share In inc renewed commercial activity
arising from . more general feeling Of Sc
curity and trust.
In nearly every district Of the mp. ooun-
try meetings have been held to urge com.
promise Of all olddebts. The lawyers have
unselhshiy advocated the movement, and it
grows stronger every day. We believe that
It is the wisest policy 70 pursue. and hope
that this new and honorable way to pay old
debts will soon be followed in every dis
triot In the State. aMAH az