The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-02-23
Relief for Debtors.
MAxNAEIN, February II, 1870

Relief for Debtors.
MAxNAKIH, February II, 1870.
To the Editors Of the Richmond Dispatch:
There never was time in the history Of
Virginia when legislative Intervention was
20 much needed Us nowto relieve the doctor
class. Unless something can be done by the
present General Assembly to relieve to some
extent this large class Of Virginia citlzens
from their present pccuniary embarrass,
ment utter ruin and bankruptcy will spread
their sable and gloomy msntlcs over the
entire State.
is there no remedy? Is there no power in
the Legislature to save nineteen-twentleths
of the population of the State from such
an awful and fearful fate? ! must confess
that was very much surprised at an ar
ticle which I saw in the Dispatch OF the
9th instant over the signature OF Justice"
II what Mr.. Justice writes is his idea OF
Justice, respectfully beg leave to differ
with him just about as far as the East Ii
from the West. He says: Why should
not new debts as we'll as old be scaled, or,
in other words, repudiated." did not
suppose that there was a man on this con-
tinent so destitute of the powers of die
elimination. There is not reason on the
top of Gods beautiful green earth why
new debts should be scaled. Since the fall
of Richmond no property has been lost or
destroyed by the cruel ravages OF war.
Debtor and creditor knew perfectly we'll
their situation. They went to work
bought and sold with their eyes open.
Some friends of humanity came out
from the great shipwreck Of State
bringing with them the meagrc remains OF
their substance; and being actuatcd by a
spirit of kindness and sympathy, they
again, after the fall of Richmond, intro
duced the credit system. Merchants have
extended leniency to farmers and cltl-
zens almost without parallel in the his
tory of the American people; and he vino
would take advantage Of the law to shut
out new creditors, as We may term them,
would be ungrateful to his kindest bene-
factor. Not 80 with old debts they were
made upon the faith of property which has
since been swept away by the action OF the
Government which action Of the Govern
mcnt the poor debtor could neither foresee
nor prevent.
But Mr.. Justice says that the creditor
class lost ae much property, and perhaps
more, than the debtor class. Mr.. Justice,
| presume, has taken very little pains to in
form himself on this question. Nineteen
twentieths of the population of Virginia
who are capable of making legal contracts
compose the debtor class. 4 large portion
of the creditor class are themselves indebted
to others. There is very small number OF
the citizens in any county in the State who
have debts owing to them and owe none
themselves. ! am thoroughly convinced
that | could not find thirty such persons
within the limits Of the county of Gooch-
land. When q man is both debtor and
creditor he can be deprived of no equitable
rights by scaling old debts.
the public what are his reasons for believ-
ing that ones money should be so much
safer in the hands of his neighbor during
perilous times than in his own; or, why
ones money should be safer in the hands
of an individual man like himself than
when invested in State stocks, or when de-
posted for safe-keeping in the banks OF the
Commonwealth
Did not the largest capitalists and the
best business men of the State and of the
country invest their surplus funds in State
stocks. railroad stocks, bank stocks, and so
on? And were they not considered the
best and safest investments Yet Mr.. JUS
tice will find, if he Investigates the subject,
that since " grim-risaged war hath" marred
our borders, mildewed and blasted our
goodly heritage, these stocks are not worth
more than from thirty to fifty cents in the
Jol,.. ,,d ho Mill h,,{ fhsDl ba
will clearly perceive that they rest upon
State improvements, and that State I'M
provements rest upon human industry
Nevertheless, Mr.. Justice would have the
poor Confederate soldier, after struggling
through the late war, risking his life for
the property and the liberties of his coun-
try, to sell the last acre of ground from
wife and children ut sacrifice to pay the
full amount of his indebtedness. And this
he calls equity.
Ibelieve that if the Legislature of Vir-
ginia could reduce all the debts contracted
prior to the first day of April, 1865, down
to the value of State stock, it would be
wise legislation; that it would not only re-
lleve the debtor class of a weight now too
ponderous to be borne, but that it would be
of untold benefit to the small number who
compose the creditor class.
Turn loose to-day the officers OF the law
upon the real and personal property of the
citizens of the State, and say to creditors do
what you can in less time than sixty DAYS
property in the State of Virginia would be
worth comparatively nothing, and those
creditors who are not debtors will lose more
by the depreciation of their own property
than they would make out of the property of
their debtors e.; not only SO, but the industry,
energy, and enterprise, of the people will
be weakened and paralyzed, if not utterly
destroyed.
II We desire to develope the agricultural
and mineral resources of our beloved old
State we must stir up and arouse the sleep
ing energies and revive the dropping spi-
rits of her people. They need greater in
centiyes to-day to industry and enterprise
than Virginians ever needed before. Sister
southern States have seen and felt the ne
cessity Of legislative Intervention upon this
question, and why should not Virginia,
whose pecuniary embarrassments are four
fold greater9 GOOCHLASD.
a vEnr<p