The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1842-10-15
EXTRACT,
from Gen. TIamiIton's letter TO the Hon.
John c. Calhoun.

sell. IL - 10 lena vigorously tne powers
Of your own genius, and the impulses OF
your own patriotism, in your appropriate
sphere, the Senate Of the U. States, to rrc-
ate and establish sound circulating me-
dunn throughout the Union, convertible
into specie, but in sufficient abundance 10
elevate the standard OF! value from the
dreadful depression to which it has fallen,
and in fact to be adequate 10 perform the
exchanges OF trade and value in our coun
try. Whether this be Il Bank of the Uni
ted States or an issue of Il rcdcemable cur
r2ncy by the Federal Treasury, is not Of
50 much comparative importance. so that
we should have an abundant and Uniform
circulation from some source or other.
which, making allowance for the var,a-
tons in the balance of trade, sht II be 81
equal value in New Orleans and Bos-
ton.
This circulation, il the reccsscs of that
financial wisdom which is past finding
out. was destroyed by our friend General
jackson. when he slew the Bank OF the
United States, with the arm of Samson,
and almost with the sell same weapon,
too" when we recollcct all the twaddlc
of the old gentleman on this subject
lie, as Burke said, was certainly "con-
summaIe architect cf Ruin,n in his time
and tide, and had the happy faculty of i'm
personaling a corporation 'In his mines
eye" for the purpose of hating il as cor
daily as he once did you and Mr.. Pom
dexter. When, therefore, Mr.. Biddle en-
tered into contest witt, this hero of two
wars, he forgot the wisdom of the Span
ish provcrb, That he who sets down to
dine with the devil should cat with a long
spoon" What has been the result of
this feast, in broken meat and empty plates
you well know. 1t has lett our coun-
try paisieJ indeed-hnngry in flesh and
poor in spirit. doubt, since tie creation
of the world, whether sucn an example
can be exhibited as we have presented for
the last sixteen years of folly and mis-go-
vernmcnt. No Southern planter would
permit his plantation for one hour to be
governed with such lack of all sense and
lbo nt SdhidS anu iIot'Sht''7'
in reference to their condition. doubt
not, have been governed with Il policy far
more vigilant and enlightened.
A country of immense resources, in a
period of profound peace,on the verge of
bankruptcy! Any man who will read
IIume's ESSAYS on "Public Credt'' and
on Money" can be at no loss TO trace our
present condition to its true cause. We
have been suffering ever since Gen. Jack
son destroyed the Bank of the United
States with the exception of short pc
riod OF distempered initiation created by
his own measures) under steadily dimin-
ishing circulation, which the eminent
philosopher to whom have referred has
declared to be one of the worst calamities
that can beall civilized countrv-(ar
more disastrous ''lhan the continued
blight of unlavorablc harvesls and sea-
sons" This result has been first in the
constant action of the Federal Govern
mcnt, or their supposed medi,ated action
on the Banks of the States, which created
a universal panic, that has compelled the
Banks TO wilhdra their circulation, and
next the General Government permitting
foreman in criminal allegiance their SOW
ercign function to supply currency e.
quail to the wants of the country, and "to
regulate its value"
The consequences is, that the States
have nothing i'll the shape of credit, or
money at home to pay with abroad Every
species of property has fallen from ft
ty to one hundred per cent, and the STAN
dard of value so seriously disturbed, thai
a man in 1899 might have had property
10 three times the value of his debts, We,
he is now ipso fncto ruined by the silent
transit oil our country from a redundant
circulation to what some are pleased mos
feicltously to call hard money currency
when the fact is that we can procure
neither that which is hard CT soft.
By this alteration in the standard OF
value, resolution is in portentous pro-
gress in our country,vas widespread and
desolating, as far as property is concern
ed; as that which distinguished and Illus
trated the masterpieces of human policy
of the Robespieres. Dantons and Marats
Of another ill-iated country, which in It's
time was governed by its demagogucs too.
who made paper money so thick that il
showed asslgnats IN the streets of Pari'
and then turned round and burnt i'll tn n
own handy work. Look, my dear |,
at the thousands, and tens of thousands H|
families that have been ruined-lhat have
had urutterahle woe carried into the very
bosoms of their houses, by the nostrums
of our political quacks who,in their frenzy
their senseless war on the very banks they
created gave no time "by the preparatory
revolution of the intervening discords"
for the country TO pass from period OF
expansion to one Of severe and arid res
friction.
To those who have been ruined in