Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1880-03-24

ond its memories, but he VINO canno
90 back to that period with me canno
re- nresent many people IN Virginia.
We should 90 back to the battle-1elds
and. if necessary, open the very
GRAVES OF OUR SLAIN HEROES,
to educe the equities of this matter.
But it is asserted confidently that We
have no authority for the rejection o.
war interest, and that our govern mem
will he the only one that has ever done
so. In Vol. /. American State Papers'
I find a documen written by JEFFERSON
| to Mr.. H ammond, British Minister, 10
which he treats Of the claim OF Brltisn
creditors for war interest on deOts due
from American citizens. He says: ~
is laid down in Vim. Abr. Interest Z.
and 2. Abr. eq. 529S, and elsewhere III
these words" Where. BY a general ana
National calamity, nothing is made eu'
of lands, which are assigned for pay
ment of interest. it ought not to run on
dnyinq the time of such ealamity.' This
is exactly the case in question. Can
more
GENERAL NATIONAL CALAMITY
he conceived than that universal dev'
astaion which took place in many ol
these States during the war? Was 1t
ever more exactly the case anywhere
Haf nohinq icas made offhe lands ichich
,rere 10 pqy the interest ? The produce
Of those lands. for want OF the opportu-
nity Of exporting It safely, was down to
almost nothing in real money-e. g.,
tobacco was less than a dollar the hun
drol weight. Imported articles OF cloth
ing or consumption were from four to
cieht times their usual price. A bushel
of salt was usually sold for one hum
drcd pounds of tobacco. at the same
time these lands and other property, ID
which the money Of the British creditors
was vested, were paying high taxes Tor
their own protection. and the debtor as
nomial holder. stood ultimate insurer OF
their value to the creditor, who was the
real proprietor, because they were
bought with his money. And who Will
estimate the value of this insurance, or
saw what would have been the forfeit
ina contrary event Of the war? Who
will say that the risk of the property
was not worth the interest of its price !
General calamity then prevent profit, and
consequently
STOPPED INTEREST,
which is IN lien OF profit. The creditor
savs indeed he has laid out his money {;
he has therefore lost the use Of it. The
debtor replies that if the creditor has
lost. he has not gained it; that this
may be a question between two parties,
both OF whom have lost. In that case
the courts sill not double the loss OF
the one to save all loss from the other.
That it is a rule of natural, as well as
OF municipal law, that IN questions de
dunno eri.ando melior est c0ndtio pos"
silenfis. If this maxln be just, where
each party is equally innocent. how
much more so where the loss has been
produced By the act ofthe creditor? For
n nation as a society forms moral per-
son. and every member of it is person
ollr responsible for his society. 1t was
the act Of The leader, or Of his nation.
which
ANNIHILATED THE PROFITS
of the money lent he cannot then de-
mand profits which he either prevented
from coming into existence, or burnt or
o,bcrwlse destroyed after they were
PRODUCED. If, then, there be no instru =
meut or title ofdebt so formal and sa-
cred as 10 give right to interest under
all possible circumstances and If circum-
stances ofexemption stronger than in
the present case cannot possibly be
found. then no instrument or title OF
debt. however formal or sacred, can
Owe rjsht to interest under the circum-
stances Of our case. Let US present
the question in another point Of view.
Your own law forbade the payment OF
;nters ST when it forbade the receipt OF
American produce into Great Britain,
and made ihat produce
FAIR PRIZE
o., i,s way from the debtor TO the credi-
,o~ nr 10 any other foi his use and re-
'1,5ursoiaeut. All personal access be-
f..,on creditor and debtor was made H.
le,,l aud ,ho debtor who endcayored
to make a romitment OF lis debt or in
faro.. must have done 1t three times
20 answer il getting once TO hand for
Gao ont og three vessels were generally
taken by tie creditor nation and some-
times tic creditor himself. as many Of
thom turn.l their trading vessels into
p.iyatcers."
Just tliinN Of the parallel here in the
case Of Virginia aud her creditors !!
What greater calamity has befallen any
State and people than has be!allen Vir-
ainia and her citizens?
TWO COUNTIES.
in the Valley of Virginia suffered more
from 1851 TO 1865 than the whole thlr-
teen colonies in the Revolutionary
struggle for independence The block
ade prevented the export of products,
and our money staples were valueless.
In 177G the blockade was chiefly pa
per one in 1851 our blockage was
real and stringent. Yet Jefferson urg-
ed the former blockade as an estoppel
of interest andlf it had force then aud
there. the blockade in our case is
much stronger plea.If we can rise tothe
measure OF Jellerson's standard Of hon.
or and honesty, that Is enough for me,
and il is enough for the people who
have imblbed his principles and rele
his memory !
Bat. sir now come to the decisions Of
courts in this matter. l might pile State
Papers TO the ceiling OF this chamber,
and they would avail nothing with gen.
tlemen whose Jurisprudence and States
manship are founded lmpfegnably upon
case-law. have here the lst vol. ot
Calls reports Of our Court of Appeals
in which appears the opinion of the up
right and able
JUDGE PBNDLETON,
President, Of the Court, in the case OF
Mccall Us. Turner. He says: "As to
the question on the merits relative to
interest, we are told that the juries
through Tie State are branded with in
fanny by all impartial observers as hav-
Ing, in their verdicts striking of inter-
est during the war, violated the princi-
pies of justice. of law, of treaty, Of the
Federal Coustition, and, finally, OF re-
ligion." >,
All. pause one instant 10 consider
how like the outcry then was to the
,rosanf ontcrv of tho Fnnders against