The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1841-12-11

iie local SUBSTITUTE Tor gold and silver,
which is, in many parts, SO far depreca-
ted, as not TO be received, except at a
large discount, in Payment of debts, or in
the purchase of produce. It could Ear
nestly be desired that every bank, ne@is
sessing the means of resumpt
follow the example of the late tniS =
States Bank of Pennsylvania, and go into
liquidation, rather than by refusing TO do
so to continue embarrassments in the way
OF solvent institutions thereby augment
ing the difficulties incident to the present
condition of things. Whether this Co
vernment, with due regard to the rights of
the States, has any power to constran
'he banks, either to resume specie pay,
ments, or to force them into liquidation
is an inquiry which will not fail to claim
your consideration. In view of the great
advantages which are allowed the corpor-
ators, not among the least of which is the
authority contained in most of their char
tiers, to make loans to three times the
amount of their capital, thereby often de-
irving three times as much interest on the
same amount of money as an individual is
permitted by law to receive, no sufficient
apology can be urged for long continu-
Ell suspension OF specie payments Such
suspension Is productive Of ,he greatest
detrIment to inc public, by expelIng from
circulation the precious metals, and seri-
ously hazarding the success of any effort
mat this Government can make, to in
crease commercial facilities, and to ad-
vance the public interests.
This is the more to be regretted, and the
indispensable necessity for a sound cur
rency becomes the more manifest, when
we reflect OH the vast amount of the in
lernal commerce of the country. OF this
we have no statistics, nor Just data for
forming adequate opinions. But there
can be no doubt, but that the amount of
transportation coastwise, by sea, and the
transportation inland by railroads and
canals, and by steamboats, and other modes
OF conveyance, over the surface of our
vast rivers and immense lakes, and the
value OF property carried and interchan-
geo by these means, form general az
gregate, to which the foreign commerce
OF The country, large as it is, makes but
distant approach.
In the absence of any controlling pow
er over this subject, which by forcing
general resumption of specie payments
would at once have the effect of restoring
a sound medium Of exchange, and would
leave to the country but little to desire,
what measure of relief, falling within the
limits OF our constitutional competency,
does 1t become this Government to adoptl
1t was my painful duty at your last SEES
sion, under the weight of most solemn OBJ
legations, to differ with Congress on the
measure which it proposed for my appro-
val, and which it doubtless regarded as
corrective of existing evils. Subsequent
reflection, and events since occurring.
have only served to confirm me in the
OPINIONS then entertained, and frankly cX-
pressed.
! must be permitted to add, that no
scheme OF governmental policy, unaidod
by individual exertions, can be available
Tor ameloraling the present condition of
lhings. Commercial modes of exchange
ana good currency, are but the nccessa-
~ means OF commerce and intercourse,
not the direct productive sources of wealth.
W eallll can only be accumulated bv the
earnings Of industry and the savings of
irugallly; and nothing can be more i'll
judged than to look to facilities in borrow
rowing, or to redundant circulation, for
the power OF discharging pecuniary obi
cations. The country is full of resources
ana The people full Of energy, and the
great and permanent remedy for present
emoarrassments must be sought in indus
ny, economy, the observance of good
lallh, and the favorable influence Of time.
In pursuance Of a pledge given to you
III my last message to Congress, which
urge as an apology for adventuring to
present yoa the details of any plan, the
Secretary.ofthe Treasury will be ready to
submit to you, should you require it,
plan OF finance which, while il throws a.
round the public treasure reasonable
guards for It's protection, and rests on
powers acknowledged in practice to ex-
ISL from the origin of the Government,
Will, at the same time, furnish to the coun-
Try sound paper medium, and afford all
reasonable facilities for regulating the Ex-
changes. When submitted, you will per-.
ceive IN it plan amendatory IF The ex>
lstlng laws in relation 10 the Treasury
Depar'ment--subordnate in ali respects
TO the will Of Congress directly, and the
Will oil the people NEUTRALITY-SUSPICIOUS.
tanning, should it be found in practice to
realize It's promises in theory, and re-
Pealable at the pleasure of Congress. 1t
proposes by eflectual restraints, and by in
voklng the true spirit of our institutions,
to separate the purse from the sword; or
more properly TO speak, denies any 9TH
er control to the President over the agents
who may be selected to carry it into ex-
nnnfi1,n h,,t hnfn L.