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Debs

debt, obligation, sense, word, money, legal, person, contract and term

DEBS, Eugene Victor, American socialist: b. Terre Haute, Ind., 5 Nov. 1855. He received a common school education and became a loco motive fireman. He was elected to the Indiana legislature in 1884 and was later an official of the Brotherhood of Locomotive Firemen, and, from 1893 to 1897, president of the American Railway Union. He conducted the strike of 1894 in Chicago and was later sent to jail for contempt, because of his management of the same, though he pleaded innocence of any crime and requested to be tried by a jury and be allowed to summon witnesses in his defense. Since 1897 he has been prominent in the Social ist movement, and in 1900, 1904, 1908 and 1912 was the candidate of the Socialist party for President of the United States. In 1907 he joined the editorial staff of the Appeal to Reason, re maining in its service six years, during which time he made a nation-wide speaking and or ganizing campaign in the interest of the So cialist party. Since 1914 he has been the edi tor-in-chief of the National Rip-Saw published at Saint Louis and while serving in this ca pacity he is continuing his speaking tours in the interest of the Socialist movement. In 1915 he was elected chancellor of the People's Col lege, a working-class educational institution or ganized upon a co-operative basis for the edu cation of working people. through correspond ence courses, as well as the regular course in the parent school, located at Fort Scott, Kans. In 1916 he declined the nomination of the So cialist party for President of the United States.

DEBT (Lat. debitum, owed) in legal ac ceptance is a stipulated amount of money that one person owes to another under contract or agreement. In popular usage it implies the idea of a certain and definite sum due by book. note or bond, whether money, goods or services, that can be verified by data arising out of the transactions. While denoting any kind of a just demand—in its broadest sense meaning duty, or what one owes to another — an obli gation of a debtor—debt has different shad ings of definition, owing to the subject matter of the various statutes in which it is used; but legally and generally, its significance is em bodied in the above definitions. It denotes not only the obligation of the debtor to pay, but also the right of the creditor to receive and en 'force payment. In its common significance it implies the moneyed obligation of a person in curred in his private capacity, or from his in dividual acts, and not such obligations as are imposed upon him by law in his public rela tions, or in common with all other citizens. It is the correlative of Credit (q.v). As gener ally defined by statute the word includes any claim or demand upon which a judgment for a sum of money or directing the payment of money could be recovered by an action. As

used in the statutes relating to the estates of deceased persons, the term is not limited to such as are strictly legal debts but includes every claim and demand by a creditor, whether recoverable at law or in equity. °Debt° is a common-law word and also a technical term. The legal definition of the word is opposed to unliquidated damages or a liability in the sense of an undetermined or contingent debt not en forceable by ordinary process. A debt exists when a certain sum of money is owing from one person (the debtor) to another (the cred itor). A debt is not the less owing because it is not yet due. Everything is a debt which is of absolute obligation, but, in its more limited it implies only a particular kind of duty, and in this sense is substantially synonymous with contract. The word debt, however, is of large import, including not only debts of rec ord or )udgment, and debts by specialty, but also obligations arising under simple contract, to a very wide extent, and in its popular sense includes all that is due to a person under any form of obligation, or promise. Even in its broadest significance it implies that the con .sideration of the obligation of the debtor has been executed on the part of the creditor and the payment of the debt discharges the obliga tion. In common law, the words debt and de mand are of allied meaning, but the latter word is a term of much more comprehensive signifi cation than the former. The term debt im poses a •sum of money owing upon a contract, express or implied, while the term demand comprises all rightful claims, whether founded upon a contract, damages, or a superior right of property. (See DEMAND). The words "debt) and "indebtedness' are not always used in the same sense; that is they do not always impose a legal obligation on the part of one to pay another something due to him. They often imply a mere moral or equitable obligation, as well as a strictly legal one. Debt, however, is synonymous with due; they are both derived from the same verb. The words "debts now duel' are held as synonymous with the word "liabilities.° While debt means that which is due from one person to another, the word due does not necessarily vary the meaning, as that means, in one sense, simply owed. It may, when used with that intent, mean a debt actu ally payable, the time for the payment of which has arrived. The context and the circumstances under which it is used must determine in what sense it is used. Due, when used as a noun, is synonymous with debt. See DEBT, ACTION OF;