The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1842-01-22

but he would. in the name of Baltimore
city, pronounce war against the Leoisla,
ture that should fail to brine ,bo1, g.
glorious 10 resuatas is contemplated by the
The substitute offered by Mr.. Johnson.
yesterday, was then read through.
MIR. johnson begged for this substitute
the calm deliberation of the House. He
could not be moved by any cIamor ont
of doors; nor should be give ear 10 anv
"lobby whisperings," as had been snoken
OF yesterday He deprecated speedy re-
sumpt!oni as ruinous alike to the banks
and the people. He argued, that if Won
impose inns measure upon the banks, the
o'a'e OF pennsylvania and Virginia would.
by their demands, draw heavily upon onr
banks, and they would be unable. in con-
sequence, to redeem all their liab lilies
and would be compelled to wind up; and
mus the specie having gone abroad, and
the whole paper OF our banks wilhd rawn
from circulation, there would be no me-
dun OF circulation left for the.people.-
was anxious for resumption, but he
would consider force to instantaneous,
resumption as curse alike to the neonle
and the banks.
He commended that the principle cause
OF complaint among the people was that
they dId not afford them bankable me-
olum, and not because they did not paw
Specie. Tor their liabilities. Gentlemen tall,
OF the banks having had time enough 70
prepare to meet any emergency which
this Legislature may think proper to i'm
pose; while he believed the banks had
made every honest e fort to meet such an
event. yet he would tell gentleman that
tle Legislature of 1910 did hold out to
the banks the most fattering hopes from
It's future action; and he appealed to gen.
l!emen now to put off the day of resump-
nor, so as to make the blow as light as
possible.
Maryland was not the first to lead off
IN this general resumption, and he thought
ner institutions deserve some lenency.--
he slate IS at present bankrupt the peo-
pie are taxed and groaning, and the fair
lame OF Maryland is already stained by
the lmputalon of being unable 10 meet its
liabilities. The ordinary resources of the
State are barely sufficient to pay her annu
al expenses; she holds half million
stock IN three banks, from which she re-.
celVes tWenty-nine thousand dollars tivi.
dend annually.
And are gentlemen willing to take a
step that will deprive the State of SO great
source OF revenues Again the free school
fund ot this State receives from these
banks, from investments and otherwise.
upwards OF thirty thousand dollars for the
iurlherance of an object which has hi,her-
to been held most dear to the people of
Maryland; and will gentlemen strike from
existence these nurseries of our vou,b.
education and light9 The last Legisla-
'urc of Maryland borrowed large sums of
money from these banks and thus Grin.
pied their energies to resume, and while
yet the State owes them this debt, and is
unable to pay IT, the present legislature
demands OF them 10 doa thing which the
State itself is unable to do.-The exae-
tons OF Nenltian justice bears no parallel
i'll this ease.
But Continued Mr.. j. shall show be-
lore am done that the original bill must
prove failure, if passed.; and that, in a
legal point OF view, 1t cannot be carried
'ully INTO effect. have named, in nv
substitute, the 18th day of August for
general resumption, and in case the sur
rounding States resume earlier, then the
banks OF this State are to resume smula-
neous. Its five dollar notes to be redeem
ed Immediately. And in case of fail
ure to resume again, he proposed to give
them into the hands of the judiciary. He
also desired to protect the banks against
beng drawn upon by non-specie paying
banks.
The original bill, he commended, was
unconstitutional as it went beyond the
power belonging to the Legislature.
know charter may be forfeited by mis-
user or non-user, for failing to comply
with any specific requirement. You can
not create cause Of forfeiture, and if the
failure to pay specie is not cause for
ielture, you cannot make it one. Look at
the bank charters, aud you will find that
the failure to pay specie is no cause of
forfeiture. (Mr. J. here went into
lengthy argument to prove the want of
power on the part OF the Legislature to
annul the charter of the banks.) lie
was opposed to giving them into the hands
of the Chancellor, in case of failure, to
wind them up; and contended that the
proper tribunal would be, if this is to be.
considered a ground of forfeiture, to refer
them to the Courts.