The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1842-01-08

own paper, reduced as it is in amount
and ii they were to assume the pavmen
OF million and a half Of dollars, in
addition to their present liabilities, il
would be Immediately suspected, that they
were in a state Of Insolvency; and their
own notes, instead Of being at discount
OF three or four per cent. would probably
sink to the level Of the Rail Road curren-
cy. 1t is commended, that the proposed ar
| rangcment, if carried into effect, would
furnish the banks with the means of re-
Stunning specie payments, and give them
the benefit OF circulating the Rail Road
certificates. The orders, however, imade
equal in value to bark paper, would no
longer supply the place of five and ten
dollar bills; only small portion of them
would be required for change, and the
rest would be returned to the banks
Whether they were keptin circulation or
not. the Liabilities of the banks would be
increased in proportion to the amount as
sumed, while their additional means of
meeting them would consist Of unavailing
stock. If the adoption Of the Rail Road
orders would enable the banks to resume,
1t would at the same time prevent the peo-
pie from deriving any benefit from specie
payments. They want real resumption
that will bring specie into circulalion;-
not nominal and deceptive one, that
will enable the banks to eyadc their OBJ
legations.
The Rail Road orders were issued and
received without the slightest expectation
that the banks would ever be required
to redeem them. The Rail Road Com
pany entered into contracts, in July 1899
for the extension of their work from Ilar-
per's Ferry to Cumberland They had
previously consented to receive city stock
to the amount of three millions of dollars
which sum the city of Baltimore Had
subscribed for the construction of that
part Of the road. But as the stock could
not be sold without considerable loss,
the plan was devised of making it the ba-
Sis OF paper currency; which, it was
said, would afford important advantages
to the public, as well as the most I'M
doubted security to the holders. This
scheme has enabled the Rail Road Com
pany TO dispose Of city stock, to the a
mount Of one million five hundred thou
sand dollars, at It's par value; and to trans
fer to The holders eli their certificates the
risk and loss, which they were not will
ling to encounter themselves, Of selling it
in the market.
The city of Baltimore and the Rail
Road Company have had all the benefit
of the stock orders; the first, i'll saving the
interest on an equal amount of stock; and |
the last, in obtaining the means OF prose-
cutting their work. On the other hand,
the banks were embarrassed by the mca-
su:cs that relieved the Rail Road Compa-
ny. In 1889, they advanced five hundred
thousand dollars on account of the city
subscription, because they were informed,
that, without a loan TO that amount, the
commencement of the road, beyond lIar-
per's Ferry, would be postponed, they
have since had large portion of their
own paper displaced and their profits di-
by the circulation of the Rail
Road orders; and now they are expected
TO repair the loss, which the depreciation
of these orders has occasioned to the pub
llc
The banks are not in condition to
perform any act of superogation. They
ought to be compelled, promptly and I'M
condltionally, TO redeem their own paper
meet theirown Liabilities, and comply with
all the conditions Of their charters; but ii
would seem to be unreasonable and unj ust
to make them answerabe for the acts OF
other corporations or for the redemption
Of any other paper than their own.
A further modification of the tarill;wlth
a view of the protection of particular in
terest, has been made the subject OF le-
gislatlvc resolutions i'll several OF the
Slates;and has been recently pressed upon
public attention with so much earneslness
that | have been induced to submit a few
observations, respecting the probable Ell
feet Of such policy upon the interest OF
the agricultural States.
The advocates Of this policy complain
of the heavy burdens, imposed by other
nations on our flour, grain and tobacco;
and insist, as a proper measure OF retalla-
ton, that high duties should be laid upon
such foreign articles as come IN compell-
ton with our domestic manufactures. 1t
is thus proposed TO compensate the agri,
cultural States, for the restrictions imposed
on the sale and consumption Of their
produce. by subjccting them to new bur-
dens at home for the benefit OF other Sec
tons of the Union.
1t can hardly be expected that increased
duties at home will cause reduction oil
duties in other countries, and 1t is well to
consider the vail e of our present markets,
before,w incur the risk of making them
worse.
Great Britain, in pursuance of her own
policy, which has been introduced into
this country as the true American system,
restricts the importation Of bread stutis
with the view of protecting her agricultu-