The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1842-02-26
For THE CECIL WING.
RESUMPTION OF SPECIE PAY
MEMS.


land, be beneficial to the people of the
State?
This question, in which every one ia
The community is Interested, from the
highest to the lowest; the daily laborer,
as well as the wealthlest individual.
demands "a calm and careful examina.
ton.
IN the first place, let us enquire, how
lhe monetary affairs of the country got
into such disorder?
Several causes have contributed TO this
result, one of the most prominent, is the
rapid march of luxury; and extrava-
gance.
Industry and economy seem to have
hidden adieu TO our country; our wives
and daughters are atlired in the silks, the
salins and the rich velvets of France, lta-
~ and the Indies, ourselves the self stv-
led lords OF creation, must be clothed
with the finest cloths Of Europe, and
goodly addition of the materials above
named, more generally used by the softer
sex.
What have the farmers of MARYLAND to
give IN exchange for those costly arli-
cles2
lew hogsheads Of tobacco, and
lew thousand barrels of flour; and when
our sfanty export reaches the ports of
England or France, what reception awaits
il?
Oar tobacco in both Countries is bur-
dened with duties amounting to seven
hundred per cent, or seven mes the orr
nal cost of the article.
If our flour is landed in an English port.
the shipper must enter into bond to re-
ship 1t TO some other country, under hca-
Wy penalties, or lei it lie until the increa-
sed prire oi the article places the wretch
Ell operatives oi Great Brain in starving
condition. These unequal and opples-
slVe laws have been met on our part by
receiving the silks and wines of France
al duty merely nominal, and British
clolhs very. low duties also, and this very
lndncenenl Is held out for the growth of
luxury and extravaganza; and large a.
mount ol specie Is RENTED yearly to pay
The excess OF our imports, over our ex-
ports.
Some years ago this was not felt, as it
now Is, IN consequence of the large a.
mount of State and other stocks annual
" sent out aud sold III Europe, serving
Tor Tie time IN place ofremlttance.
But mighty change has taken place,
The Stocks of our Safes and institutions
have become valueless, and in addition TO
Tie sum necessary to meet The difference
between our imports and exports, many
bundled thousand dollars IN specie must I
be drained from us, to meet the annual in
Iere>t upon those stocks. II is estimated
that our Indebtedness to L rope is abr ut I.
200 millions! The annual interest upon
which Is II millonS!! wEich it is neces- /
sary To furnish yearly, this will suffice to
shew how the monetary affairs of the
country got into their present wrelched
condition.
The question then recurs, will the re-
sumption ofspecie payments by The banks
of Mary Iaud, be beneficial to the people
of the Sate9
The issues of the banks of MARYLAND,
do not amount to the one hundredth
part of the circulation. Suppose the
banks were now redeeming their notes in
coin2
Who has it in his power to call upon
them?
1t clearly follows, then resumption
would not give lis specie for circulating
medium.
What then would be its e6ect2
The Interchangeable laws of self interest,
would induce every holder of a note u
pom Maryland bank, to convert 1t into
specie, to sell it to broker for a premi-
um, and receive in exchange such paper
as our general circulation is composedoi;
the broker would send the specie totNew
York, to be exported to Europe, never to
return, until revolution in commerce,
shall restore the exchanges in favor Of
this country; and the banks.must either
wind up their business, place every deb
tor to them, under the tender mercies of
the attorney and sheriff, and cause ruin
and despair to stalk over the land. or in a
few months have every dollar of specie in
their vaults transferred to Europe. and
then again suspend, the only effect of
such resumption, being to transfer their
present amount ofspecie, from their waits,
TO those of England.
tits estimated that specie to the amount
of ten millions Of dollars, has been sent
from New York to Europe the past year,
and it is extremely doubtful whether the
banks of New York can maintain specie
payments much longer.
If then the Great Commercial em2ori.
nm Of the Union finds il difficult to sus-
tain specie payments with the balance of
trade in her favor all over the Urited
States, enabling her to draw upon every
rily, and none having it in their power to
lraM nnOn her Lou L. IL nnSSihlo Co.