The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1841-12-18

~ " we often hear inquiries concern
ne the Baltimore and Ohio Rail Road or
GERS, we copy Iron{lie Baltin,orcCs'Pper
.ol' Dec. 10Th the following article i'll re-
,ation TO them.
RAIL ROAD DRDEES.-The Cur
rency Contention terminated lis labors on
Monday evening last, much TO the salts
faction, no doubt, of the members, who
are thereby relieved from a responsible
and arduous duty. The principal mca-
sures recommended by the Convention
are
1st. To retire $500 900 Of the Rail
Road orders from circulation forthwith,
by the sale ,of'city bonds, payable in one,
two and three years, with legal interest.
ed. To allow,an interest of six per
cent. per annum on the balance Of the OF
durs, commencing en- the Grst Of January
ilast-and
3d. That the Legislature be requested
ITO require the banks of the state to resume
specie payments on or before the first day
sof February next
1t is presumed that the city bonds, pay
able as above mentioned, can be readily
disposed of for Rail Road Orders at,Par;
because the bonds can be used without
difficulty in the purchase Of property
But, had they,t be sold at u small dis
count by the city, it would not be mat
ter ol'much importance. I he withdraw
ii Of one third of the Rail Road Orders
from circulation, it is supposed will en-
nance the value of the remainder 1t is
certain that the currency at present fur
nishcd by the banks is not more than half
adequate to the wants Of the people, and
the deficiency must BE- supplied from
some scurcc-if not by Rail Road Orders,
it will come from the Virginia and Penn
sylvaria banks, or domestic currency
manufacturers. As Rail Road Orders are
beyond all dCubt the safest currency that
we can have, it is not to be presumed that
it will be voluntarily relinquishcd by the
citizens of Baltimore. But, should the
withdrawal of one third Of these orders not
hune the effect supposed, of diminishing the
discount upon the balance, we liiink that
this object will be attained by
The second Measurc-the allowing in
tcrest upon the orders from the first of
January last.-Wc think it probable that
this measure will Withdraw portion of
the orders from circulation, as farmers
and others who wish to lay by money,
viii naturally prefer paper that bears in
terest, to that which Yields none. We
are informed that many farmers haze cx-
pressed their determination, should the
'corpo rate authorities allow Gle inlercstas
recon mendcd, to sell their products for
Rail r Dad Orders in preference to other
paper, with the view OF making the inter-
est-and we have no doubt that it would
give the orders general credit.
Tire third reco,nmCndQtion-thc re-
sumption Of specie aymchts-secms 10
sbe demanded from all quarters. Some of
Shc banks in this city have sgniicd their
desire that there shall be speedy re-
sumption, and we can see no solid objec-
i.cn To gratifying their wishes. The banks
arc doubtless as well PREF arcd now for
this event as they will be one or two
years hence. Their circulation is mar
rowed down 10 the smallest point and it
is said that they iravea specie dollar lorcv-
cry paper dolarthey have aloat. This, ve,
believe, is Unprecedented What, thcn,
!have they to iear2 We presume that
.Jaey will not be disturbed by their dcpo-
stors, and they are not subject 10 de-
Anands from abroad that can emtarra
them. Resumption is the only course to
restore these institutions to public conf
,dence; and it is the policy Of all solvent
banks to adopt this measure without de-
lay. If any of them be unable to main
tain specie payments, (which we do not
anean to intimately they cannot go into
liquidation too soon, and their stockhol-
ders should insist Oh their being wound
Mp as soon as practicable.
We have thus noted the three proml.
rcnt resolutions adopted by the Conven-
iion-but they arc recommendations only.
Unless the two first he sanctioned and car
ried into effect by the corporate aulhori-
tes Of this city, and the last by the legis-
lature, they will be imperative, and the la
bors of the Convention vii! have been i'll
vain. We presume that the councils will
be soon called TO deliberate on these mat
tiers, aud that members will be guided i'll
their decision pretty much by public sen =
timent. We hope that there will be spec
ty action, that the minds of the people
nav become settled Oh the subject.