The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1842-02-12


the currency or measure of values IN the
country which it was the intention Of the
Constitution to correct or guard against
If they do, You are bound to correct
them, if that correction be possible; or
failing to exert yourselves earnestly and
in good faith to accomplish this end, you
become justly oqnoxlous to the charge
of a dere.iction of duty. No gentleman
who hears me can for moment hesitate
to answer. the question; and, answering,
he must say, the very evils intended to
be remedied and prevented by the Consti-
Of the country. if not In every quarter, to
distressing extent. Your currency is
variously deprecated almost everywhere
throughout the land, and especially in the
West; and the evils, inequality, and in
justice thence arising, have been depicted
to us in glowing colors by Senators who
have preceded me in this debate. con-
clude, then. that the obligation of this
Government to ln.erpose, to do something
for its publication and restoration, is
mperatipe.* What shall that be? What
shall we, or what can we do for the re-
lief Of the country? 1t is proposed by
some Senators on the other side of the
Senate, to return or come down to an eX-
cusively metallic currency-and this
they recommend as the great panacea; at
the same time urging That it is the only
constitutional remedy. Between those
who entertain these opinions and myself
there is a very wide, and on this question
certainly an irreconcilable, difference of
opinion.
Sir, that remedy, if applied would be
worse than the disease; it would be bleed
ing your patient to death to subdue his
fever! And, besides this, you have not
the power to apply it, were it, ever so
ellicacous. You may refuse to receive
any thing but gold and silver in payment
of public dues; you may, if you SO will it,
use nothing but the precious metals in the
recei pts and disbursements of this Go
veInment; but you cannot. by that means
alone, put an end to the use of the exist
ing paper currency in the country at large:
you may, by this means, separate your
selves from the people, and abandon
them to all the evils of base and depre-
clated circulating medium, whilst you Sc
cure that which is better for yourselves;
but this would, far from correcting the
evils under which the people are now
suffering, tend rather to the augmentation
OF those evils, and would be plainly an
abandonment Of what have endeavored
to show is your imperative duty. But
suppose it were practicable for you at
once to annihllate all the paper currency
IN the country, aid enforce the use of
nothing but specie; does not'every one at
once see the 6normity of the wrong and
injustice that would thereby be OCCASION
edl 1t is said there is now about one
hundred millions of bank paper in circu-
laton, and that there are about fifty mil
lions Of specie in the couatry-lknow not
whether these sums are correct, but
take them as they are given; they must
be sufficiently near the truth to serve me
Tor lllustration-you destroy or remove
the hundred millions of paper, without
furnishing any substitute. What is the
eiiect2 By the inevitable relations which
exist always between the supply, demand.
and price of any necessary article. you,
by this operation, increase the relative
value of this specie two hundred per cent,
as compared with all other commodities;
that is, in other words, you reduce the
money price of every thing else two
thirds; so that an amount of labor, or of
the products of industry, which would,
MIR. Madison, in his message to Congress Of
the 5th of December, 1915, makes the following
remarks: SIT is true that the improved condi
ton Of the public revenue will not only afford
the means of maintaining the faith of the Gov
eminent with its creditors inviolate, and of pro-
scouting, successfully the measures of the most
liberal policy; but will also justly an immediate
alienation Of the burdens imposed by the ne
cessities of the war. 1t is however, essential to
every modification of the finances, that the be-
nefts of a uniform national currency should be
restored to the community. The absence of the
precious metals will, it is believed, be a tempo
rary evil; but until they can be rendered the gene
raj medium OF exchange, it devolves on the wis
dom of Congress to provide substitute, which
shall equally engage the confidence, andaccon,mo-
aate The pants of the citizens throughout the
Union. If the operation of the State banks can
not produce this result, the probable operation
OF National bank will merit consideration; and
II neither Of these erpedients be deemed q6ectuai ii
may become necessary to ascertain the terms u
pom which the noies Of the government mo lon
ger required as instrument of credit) shall be
issued upon motives of general policy, as a
common medium ofcirculalion.
MIR. Madison again, in his message of De-
cember Sd, 1916, says: "Upon this general view
Of the subject, it is obvious that there is only
wanting to the fiscal prosperity of the Govern
ment the restoration Of uniform medium Of er-
change. The resources and tho faith of the ma
ton, displayed in the system which Congress has
established, deserve respect and confidence both
at home and abroad. The local accumulations
Of the revenue have already enabled the Trea-
surv TO meet the public engagements in the To-