The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1842-12-10

the temptation of excessive paper issues,
what reliance can be placed in corpora
tons upon whom the temptations OF in
dividual ACKNOWLEDGEMENT would most
strongly operate! The people would
have to blame none but themselves for
any injury that might arise from course
so reckless. since their agents would he
the wrong. doors, and they the passive
| spectators.
There can be but three kinds Of pub
lie currency. LIST. Gold and silver. I'd.
The paper of State Institutions; or, 3d.
A representative of the precious metals,
provided by the General Government, or
under its authority. The Sub-Treasury
system rejected the last in any form; and,
as it was believed that no reliance could
be placed on the issues of local insttu.
tions, for the purposes Of general circula-
ton, it necessarily and unavoidably
adopted specie as the exclusive currency
for its own use. And this must ever be
the case unless one of the other kinds be
used. The choice, in the present state
Of public sentiment, lies between an ex-
elusive specie currency on the one hand,
and Government issues of some kind on
the other. That these issues cannot be
made by chartered institution, is sup
posed to be conclusively settled. They
must be made, then, directly by Govern
mcnt agents. For several years past
they have been thus made in the form OF
Treasury notes, and have answered Il
valuable purpose. Their usefulness has
been limited by their being transient and
temporary; their ceasing to bear interest
at given periods, nee essarly causes their
speedy return. and thus restricts their
range OF circulation, and, being used only
| in the disbursements Of Government, they
cannot reach those points where they are
most required. BY rendering their use
permanent, to the moderate extent al
ready mentioned, by Offering no ineuce-
ment for their return, and by exchanging
them for coin and other values, they will
constitute. to certain eXteEt, the gene
raj currency so much needed to main
tain the internal trade OF the country.
And this is the Exchequer plan, So far as
it may operate in furnishing 4 currency.
cannot lorego the occasion to urge its
| Importance to the credit Of the Govern
ment in financial point of view. The
great necessity of resortng to every
proper and becoming eXpedcnt in order
to place the Treasury on footing Of the
highest respectablity, is entirely obvious.
The credit OF the Government may be
regarded as the very soul Of the Govern
ment itsel(-a principle of vitality with.
out which all its movements are languid
and all its operations embarrassed. In
by tie most imperative sense Of duty to
submit to Congress, at its last session, the
proprety Of making specie pledge OF
the land fund, as the basis for the nsgo-
tiation of the loans authorized TO be con-
tracted. then thought that such an ap-
plication Of the public domain would,
without doubt. have placed at the COM
mand of the Government ample funds to
relieve the Treasury from the temporary
embarraSsments under which it labored.
American credit has suffered consilera.
ble shock in Europe, from the large in.
Gebtedness of the States and the tempo.
rary inability Of some of them to meet
the interest on their debts. The utter
and disastrous prostration Of the United
States Bank OF Pennsylvania, had con-
tributcd largely to increase the sentiment
OF distrust by reason Of the loss and ruin
! haI ,,f Il.
large portion of whom were foreigners
and many Of whom were alike ignorant
of our political organization, and OF our
actual responsibilities. 1t was the anx.
ious desire of the Executive that, in the
effort TO negotiate the loan abroad the
American negotiator might be able &c
point the money lender to the fund mort
gagged Tor the redemption of the principa
and interest of any loan he might con-
tract, and thereby vlndicate the Govern
ment from all suspicion Of bad faith or in
ability to meet its engagements Con
ercss differed from the Executive in this
view OF the subject. 1t became, never
theless, the duty Of the Executive 10 re-
sort to every eXpedient in its power tc
negotiate the authorized loan. After q
failure to do so in the American market
a citizen Of high character and talent was
sent to Europe with no better success
and thus the Notifying spectacle has
been presented of the inability Of this
Government to obtain loan so small as
not in the whole to amount to more than
one.fourth its ordinary annual income
at a time when the Governments of Eu
rope, although involved in debt, and
with their subjects heavily burdened with
taxation, readily obtain loans Of any
amount at a greatly reduced rate OF in.
terest. 1t would be Improbable to look
further into this anomalous state o.
things, but | cann"t conclude without
adding that, for Government which
has paid off its debts Of two ware will