The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-03-03
For the Dispatch.

Old Debts.
The violent agitation of the subject of
non-payment of debts I have always re-
sarded as the work of com paratively few,
who, from ignorance or with view TO save
themselves from an honest account with
their creditors, have most zealously ar
piled themselves to the work of trying TO
convince the public mind that nearly all of
our people (and the State besides were
bankrupt, and that there was not property
enough in Virginia to pay off our indebted
ness. AS little confidence as had in these
stories, I was utterly astonished at their
entire want of foundation in fact. The
ENQUIRER tells US that from facts obtained
from the clerks of courts throughout the
State by General Candy, and furnished by
him to the Speaker of the House of Dele
gates, that sshe estimates the amount of
executions issued OF 81, ,249, ,622.62; judg-
ments and executions not issued, Sll .l06,-
694.75-total amount, 915, ,557 1861"
] have long desired some reliable evl-
dence before which this pitiful humbug
would disappear, which we now have in an
authentic shape; though not all the docu-
mentary testimony to secure entire exact
ness, we have yet enough for practicable
purposes. When n man is regarded as
bankrupt, the first thing is to have an in
ventory of oil his assets for the purpose Of
ascertaining his true condition, which rule
will apply equally to States and communi-
ties. Let US now apply this rule to our
dear old mother, Virginia, against whose
past honor no true son will ever Wag his
tongue or raise his hand.
1t is reasonable to suppose that under the
benign influence OF the stay law all persons
we're sued, except those who were regarded
as being able to pay two or three times the
amount of their debts; hence we may not
expect many more suits on old debts. The
proofs of private Indebtedness exhibited by
General Candy show the amount to be
1851 ,396.37. l have not the statistical
records to show the exact population, but it
is probably more than 100000, of which
there must be more than 100000 adult
white males and if each of them were as
sessed with S110 of this debt it would raise
5l5, ,40O,0 900; and by assessing the whole
100000 with $l3 per capita the assess
ment would raise S15,600,O00. 1t is rea-
sonable to suppose that of these fifteen and
a half millions dollars of executions and
judgments one-haf are against bankrupts
and insolYent debtors, and that one-tourth
has been paid on all the solvent executions
and judgments, which would reduce the
amount of solvent judgments and execu-
tions now to be paid off to less than SIS $3.50,
900, or about s4.87 per capita. Three mil
lions would be on ample amount to liqui-
date six Of debt; for when 4 pays B he
pays c, and so on. Now, if there is mem
Der of the Legislature who will get up and
say that the payment of s4.S7 will bank
rupt his constituents and ruin his society
we shall not only think him o scalawag, but
the father of carpet-bageers, and that he
and they ought not only to be sold out, but
to be sold.
think there are one hundred and five
counties and six cities in the State QlD,
which, if assessed to the amount OF one
hundred and forty thousand each, would
raise the sum of Sl5,540,000. Again, if
we estimate the value of the real and per-
sonal property of these III counties and
cities at s4,000,0O0 each we have 9i1+,-
900, 900, and if our public debt amounts to
345, 100000 and private debt to @25, 900, 900
the aggregate of both public and private will
be $4,000, 900, which is ours nevertheless.
but if deducted from 2i44, 900, 900 leaves u
balance to the credit of Virginia and her
people of 3T4,OO0,00O.
In the face of all these figures and facts
| We hear the cry Of reputation and the ad-
visement of measures that would probably
| lead to the destruction of lunl titles, mar
| riage deeds, wills, 6duciary accounts, and
n general state of anarchy. Since the laying
of violent hands by the Legislature and the
military authorities upon the private bust
ness Of creditors they have not been able to
do anything for themselves nor the debtors,
| nor can they while their matters are inter-
fered with by illegal legislation. If they
| we're left alone, while they could pass nc
binding ordinance, they could hold con-
| vention and advise moderation and leniency
in the settlement of. their transactions BY
giving such indulgences as they can, ant
such other aid in various ways as might b.
admissible. In this way much good might be
the result of such action. The creditors d.
not want all of their money at this time, no
the half of it, but they are as anxious t
manage and direct it as landowner is t
control and direct his farm. The Cod
provides for loaning, borrowing, and col
lecting, money, and the Legislature has n
more right to interfere with such contract
than they have with land titles. 1t is beau
tiful legislation, indeed, to pass law t
enable one set of men to borTOao the pro
perty of another class, and then pass LAY
to preventive creditors from collecting thei
debts.
Some of the ablest newspaper editor
have been deceived and allowed themselve
to be imposed on by one-sided statements 0
persons whose pecuniary interest disquali
fed them, to say the least, from bcin
impartial in their representations o
facts. Ny location is such that I canno
make exact statements from records, bu
anv Industrious member of the Legislator
can in twenty-tour hours consult the docu
ments and correct my calculations and esti
mates if erroneous. am in quest Of truth
and he who assists me to reach it will no
only receive my thanks, but will confer OF
the public benefit. soUTHslDE.