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

ator from Missouri near me (Mr. LINN
is so earnestly and properly pressing you
to- occupy and save while you may. Look
again to your Southern coast, and see
what she has done andis doing .kere, aud
tell me if you think the aspect of things
paciic2 '"No; England is not your friend.
You are her great commercial rival; she
views you with jealousy; and, if you look
to her history for her policy; you will
have much cause to dread that she will
aim deadly blow at you when you least
expectit. Y our present condition invites
to such an act; and, though she can never
subdue lis; although sooner or later the
mas try must be ours, she may cripple us;
she may retard our march ito power and
greatness fer many years, and this to her
would be great point gained. There
| fore, i entreat you, settle and have done
with this everlasting currency dispute.
We have other and important work 10 do.
We must arm, if we are wise, arm now,
for our defece.
/ will here take leave briefly to notice
some of the remarks made yesterday by
the Senatorfrom Mississippi (Mr. Walk
er),in the course Of his speech upon this
question. 20 much that he said yield
ed ready assent; but there is also much
to which cannot agree. Some parts OF
the latter | will now notice. The rSena-
tor argued strenously against the use of
paper in our circulation at all, unless it
were paper issued upon the actual depo.
sit, dollar for dollar, of specie. That
would be equivalent in its effect upon the
present total amount of the currency, and
the money price of every thing, to re-
turn to a purely metallic currency, differ
ing only from this, in affording greater
facilities for remittance and transportation
end so fer better but stub coming, in my
view of the subject, far short of the wants
and just expectations of the people. The
Senator argued that the use Of bank pa
per had tended, and necessarily must
tend to the impovcrishment of the conn
try, because, he said, supposing the pre-
sent amount Of bank paper in circulation
to be, as estimated, one hundred millions
Of dollars, to redeem which the banks
had only forty millions Of coin, it was
plain that the bank paper he'd banished
the other sixty millions Of coin, leaving
in its place only the valneless paper And
the country, he contended was thus i'm
poverisl,edby the substitution for sixty
millions Of gold and silver, which was
instrnsically valuable, and real wealth OF
an equal amount Of that which had only
nominal and not real value. Now,
though it may be true that 'these sixty
millions of bank paper have prevented,
and do prevent, the use Of an equal "a
mount of gold and silver for purposes
which they answer quite as well, is it not
apparent that their use for this purpose
and to this extent, is instead OF being the
means of impoverishment a clear gain to
the country of so much productive capital.
Have they not freed that amount OF mo-
ney from a use for which without them
(the Bank notes it would have been in
dispensable; aud allowed Of its applica-
ton to other useful and valuable purpo-
SEES, thus adding to the actual wealth OF
the country2 This am cunt of wealth, in
cola, may have changed its form in con-
sequence Of the use of bank notes; but it
by no means follows that,it does not still
make part OF our actual wealth. Is MOTH
ing wealth but gold and silyer2 Do not
all your improvements, your buildings,
YOUR railroads and your canals, make a
par, Of The actual wealth Of the country,
and very important part of that weal'h4
Suppose this very sixty millions of coin
which the Senator imagines has been BAN
ished by the use of paper, to have been
converted into railroad from New York
to New Orleans, would it net, in that
form. constitute an important item in the
wealth Of the country And if the other
purposes to which it would have been
applied, were as well answered by the
substitute employed, would not the. wealth
Of the country to that extent be increased2
This is most certain, unless you adopt
the position commended for this morning
by the Senator from South Carolina, Mr..
,Calhoun,) that nothing is money or will
answer its purposes but gold and silver;
that nothing will relieve from indebted
uess but this actual money. Now ! had
thought, and still think, that the best
way and the only way OF paying debts, to
any great extent, and especially between
different parts Of the same country or diff
fereni countries, was by the sale or ex
change Of useful and valuable productions
and that for the most part money was;on-
ly used as the measures of value in af1ec-
ting these sales or exchanges: and for this
purpose certainly paper money answers
as we'll as the coin itself, SO long as it is
prudently used, and its value can be kept
uniform.
r. The honorable Senator from Mississip-
p;, IN the course of his remarks, also CT
ted to us the example of the island of
Cuba, as strongly illustrating by its stua-