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

or smaller sums, The few who have
boards Of specie would have their wealth
treblcd; the many who are in debt, or
whose capital consists only in their ener-
gy and industry, would have their means
reduced two thirds in yalne-l say, two
thirds, because TT is palmer, it being
the relation between the whole amount
Of currency and the amount supposed to
be distracted or destroy d-bui, any one
q, all familiar with such calculations, will
say the relative depreciation in the money
price Of all commodities would, in such
an event, be vastly greater.
A proposition leading to such results
cannot, for a moment, End favor here.
noac, at least; then dismiss it as out of
the question. What next, Mr. President
A National Bank is insisted upon by some
of my friends on this side Of the Senate.
My opinions on tina. subject are krown,
We passed two bills looking to such ali
establishment tthe extra session. Ivot-
ed for both these bills; they did not inset
the Presidents appreciation and were sue
cessively vetoed | sincerely regretted
this at the time; did all could to prevent
it; but the President, in the exercise of
his constitutional power, and in obedi-
ence as believe to the conscientious
dictates of his Judgment, returned the bills
to Congress with his objections. lie per-
formed what he deemed to be his duty. |
had discharged what seemed to me to be
mine. We differed. did not and shall
not condemn him nor quarrel with him
about it; and tboots not now to inquire
who was right? That question must be
decided by others, should it ever become
necessary to decide it at all. We know
however, by this experience, that there il
no room to expect that any effort at the
establishment of such an institution can
be successful. 1t is useless, then, to
discuss that matter further, and pass it,
therefore, as unattainabe, whether for
good or for evil Next is the system of
deposies with the State banks, which all
have given up in despair; and then comes
the old sub Treasury, which had sup
posed, after the signal judgment Of oon
demnaton so lately pronounced upon it
by the people, no one would so soon have
had the boldness to suggest. II can only
be suggested for argument sake, how
ever, as no one can far moment calcu-
late upon its adoption now; and, besides,
it never proposed to correct the disorders
of the currency, which is the great duty
we have to perform. What remains2
This reportand bill from the Secretary OF
the Treasury, coming to us in obedience
to our call upon that Department, and
Nth the sanction, as we are told Of the
whole Executive. 1t has been unsparing-
ly denounced, but for one ! must confess
with all the examination and considera7
ton have been able to give it, ! cannot
discover those hideous features, those in
surmountable objections to it, which have
been made to dance before us in all the
mazes of metaphorical elegance. What
is it, sir, But here let me pause to say,
am aware that, in indicating disposition
to give to this measure fair, impartial,
and candid consideration, am exposing
myself to the danger of the imputaion of
seeking Executive favor There have not
been wanting those who have, believe,
made such impu,ations before, and there
will not be again; but | wish here to say
to all such that to no man could such mo-
lives be imputed with less cause ofjustice.
The Executive has no Office of honor or
profit in his gift which desire. expect, or
could have! There is no human being in
WHOSE veins runs one drop of my blood
there is no man allied to me either by
blood or affinity; who holds, seeks, or
expects any Office or appointment what
ever under the Government. We ask
nothing, we expect nothing, we desire
nothing, but that the Government be well
administered. So much for this. To re-
turn: wi It is this Exchequer scheme of
the Seer airy of the Treasury? 1t propo-
SEES m Ierate use of credit for the relief
Of the co. ".ry; il proposes moderate
supply of a sound, safe, e. .yerlibIe paper
currency for the convenience OF the feo-
pie; 1t proposes to exercise wholesome
and healing effect upon the exchanges
and currency generally; and gradually to
restore both to a sound and heallhful
condition. It authorizes an issue Of fif-
teen millions of Treasury notes, and the
receipt of fifteen MILLIONS Of deposites, and
the issue of certificates of deposite for the
same, which may answer for circulation;
and, upon an emergency, it further author
ICES the issue of five millions Of Govern
menl stock: the whole to be put under
the control and management OF board
of five officers, with the power to deal'
under narrow restrictions, in exchange,
to establish agencies, and to keep
and transfer the public moneys
This is briersynopsis Of what is propo-
sed. tbs not necessary that should go
over and examine the bill particularly;
every one here has read it Tor h'mse!f'
and every one who takes an interest IN