The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1842-03-26

Gil ne Ct Idlls 81 llils sci les bl lfsbIullOllS,
vi Ich ,iue hi ii MY duty 10 noi'ce. al
low me, in drawing to Il CONCLUSION oI
these remarks, 10 present some oi The all
,snirges Inch II apl ears To me should
urYe US TO adopt the sy stem of In anclal
arrangement contemplated in The resolu'
tons.
And, first The Government will, III
this way, secure 10 Itself all adequate ID
nuunt OF re- enue, without being ohlIget
,otut.d on temporary aid dislepulable
.AI,t,ltrls. ard lhus preserve the public
clttil unsulllu Which Getm a eIea'
advantage If the Ian. Credit is Of meal
culable value. y hclhcr 10 a nation or al
individual. England, proud England, ii
count, with which we may one day IL
gain C, ME in conhicl-lh though ii gives MT
pleasure To FAY that ! cannot perceive al
prtsen, the least ''speek Of war" i'll ilt
political holiZon--owes her glcalness.hci
,astness Of power, }cyading the hahlla
bic globe, manly to- her strict and uniform
attention to the preservation OF The nation
81 credit.
2. The next thing recommended is re-
tread n.tni IN the ralioral expenditure.
and greater economy in the adminIslrn-
ton # The Government. And do We not
owe i. TO this bleeding country. TO our
selves, and tie unraalled condition OF
the times. to exhibit to The world fixed.
residue. and ranio'ic purpose To reduce
nc ~ lie expenditure 10 an economical
Standard
=. D.n mucl more important advan-
tage llan either of those have vet adver-
ted to is to be found in Me check Which
the adoption of this pla' will impose ON
the fliux OF the precious metals lrCm 'hs
county 10 fr,eign countries. shall not
now go INTO the causes by which the
country has been brought down from the
elevated condition OF prosperity /, once
eljo.rd IT. its r'sen, state of general en-
tarlassmpn1 and distress. | think that
those 'u,l.ts ale a. distinctly il my urfeI
s,anding and memory as any subjects
we've ever npress,dll eve; hut have no
desire togo INTO discussion which can
only revive The remembrance Of unplea-
SAINT topics. My purpose, my fixed pur-
lose on This occasion, has been Ia appeal
To all gentlemen on all political sides of
the Chamber 10 come out and make
sacrifice of all lesser differences III pat
rio,ic. generous, and general ef1nr' for the
relief OF their country. shall not open
those bleeding wounds which have, in too
many instances. been inflicted by brothers
hands-especalv will not do so al This
time, and ON Il is'occa>lon. shall look
merely at facts as they are. ] shall not
ask what have been The remote causes of
the depression and wreichedness Of our
once glorious and happy country. will
tuinImy view only on causes which are
rrrA,ma,e, indispulabc, and Immediately
before us.
One great, If not sole, cause is TO be
found in the Withdrawal of CO in from the
country to pay Debts accrued or accrung
abroad for foreign imports. or debts con-
tiacied during former periods oiprosperi-
ty, and still hanging over the country
How this ilhdaNal operates in p,arlice
is not dihIcult to be understood. The
banks of The country, when they are in
sound stale, act upon this coin as the ha-
Sis Of their circulation and discounts; the
Withdrawal of it moi only olliges the
banks To ithold discounts and accommo-
dalions, hu, to draw IN what is due from
their debtors, al The precise time when
they sharing in the general structure, ale
least able to NEE, the calls. Property is
then thrown into the market 20 raise
means to comply with those demands,
depression ensues, and, as is invariably
tn? case when there is a downward ten
dencv in its value, it falls below its real
worth. But the foreign demand for spe-
Gle to pay commercial and other public
debt operates directly upon the precious
metals themselves, which are gathered up
BY bankers and brokers and Others, obtain
ed from these Repositories, and thence ex-
ported. Thus This foreign demand has
n double operation, one upon the banks,
and through them upon the community,
and the other upon the coin of the coun-
try. Gentlemen, in my humble opnio =,
utterly deceive themselves in altIhuling
TO the banking institutions all The distress
SEES of the country. Doubtless the erro-
neous and fraudulent administration of
some of item has occasioned much local
md individual distress. But this would
be temporary and limited, whilst the 9th
er cause-if not arrested. would perpelu-
ate the distress. Could you annhila,e
every bank in the Union, and burn every
bank mole. and substitute in their place 4
circulation of nothing but the precious
metals, as long as such a tariff continues
MS NOW exists. two years would not e.
lapse till you would find the imperative
necessity of some proper medium for con-
duclug the domestic exchanges.
announce only an historical truth
when declare, that during and ever since
onr colonial existence. necessity has given