The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1843-05-20

tenn; or the establishment of new Bank
Of the United States, will be tie ultimate
eilects.'
One more extract. In the year 1886,
Judge Porter Of louisiana made a speech
in opposition to Benton's Expunging Re-
solution, during which he said
ain 1880, our circulation was Sir,y one
millions Of dollars. In January, 1885,
or rather in June, 1884, it was ONE Hun
DRED AND THREE MILLIONS. In 1886
it cannot be less than ONE HUNDRED AND
TWENTY MILLIONS. An increase of SIX
TY MILLIONS OF DOLLARS in six years!
| give the facts from the official returns
made by the Secretary of the Treasury.
They come, sir, 1t is true, no lower down
than 1884. But if we take the average
increase for two or three years before
that time, and reflect on the enormous
rise OF property since "a sure indication
of an unhealthy circulation,) we must
be satisfied that there has been more than
seventeen millions added to the circua.
ton within the last sixteen months, and
that one hundred and twenty millions is
below rather than above the real estate.
''Y on see sir, therefore at glance, the
causes OF lie present state of things, & who
cannot also, sir, see at glance how it is
to end2 If the evil should be checked
now, and the reduction be slow and grad
ual, we might escape the consequences
which time has inevitably in store for us
under another policy, But, sir, far from
expecting this look to an increase of the
disease. 1t appears to me inevitable. A
universal madness has taken possession
of the public mind. Within the last four
months | have heard Of the augmentations
of banking capital, proposed or passed,
TO the amount of fifty millions Of dollars,
and more | am told are projecting; so
that we may expect TO see this system
continuing until it breaks and falls from
It's own weight and magnitude. In the
present state of things, the States are all
interested to increase the circulation of
their own banks, and prevent that of their
neighbors. Indeed, we already see symp-
toms of war of legislation, the result
of jealousy, by which they attempt
to restrain the notes of banks in other
States from passing within their limits.
"lhls deplolable stale of things must
yet get worse; and well might tie Senator
from Missouri depict it in the cplors he
did few days ago. lie could not ove,-
charge the piclure-a picture, sir, render
ed more painful to contemplate, by the
recollection Of our condition before the
war was waged on the Bank of the United
States. For sixteen years it regulated
the currency of the country with wis
dom and success of which there is no
parallel. We threw it away, and we see
what we have got in its place. Sir, all
the projects of regulating and checking
the excess of bank emissions by law, re-
iusing to receive at your Treasury their
notes of a less sum than $40, will have
no more effect than would have bucket
full OF earth thrown into the Miss ssippi
river to stop its current And as to push
ing gold and silver into circulation when
you have five hundred and fifty banks i'll
terested in gathering it all up, and supply
ing its place with their notes, that is equal
y impractlcable; a cheap and dear cur
rency never can exist together; the former
always destroys the latter. Having no
power by the Constitution to interfere d.
rectly with State legislation in this mat
ter, see that the country is destined to
90 through the same scenes of agitation
and suffering which i. did previous to
the time of the late Bank of the United
ho
height vixen they can no longer be en-
durcd, we shall have another National
Bank, and not until then. But submit
ii it would not have been as well to have
prevented this state of things two years
ago2 lenquire, what good has BEEN or
can be attained, by putting the people
through this fearful trial2 FIVE OR SIX
YEARS HENCE uriH be the time 10 get an
anSrer to these questions.
Thus, years ago, the voice of Prophe-
cy was raised by the auli-Jackson men,
History now ter titles to tie realization of
that prophecy. Let us however cantrast
these sad ortbodings of the Wings, with
what the Locos were in the habit of Civ
ing utterance to. Take as sample,
the following from the Globe of July l6,
1913, was the exponent of Jacksonism
and Van Buren, ocolocoism. Hear the
great organ Of the Bentonian humbug!
"While every part Of America reoices
while every heart not enssved TO the
scrub-a' istocracy Of the paper SYSTEM
while every independent and patriotic CT
tizen exults in the recovery and restora-
ton of the long lost gold currency-the
West, and all the western citizens, have
the deepest and greatest cause for proud
exultation and manly rejoicing at this
propitious event. For, of all America,
the west is the part which needed most;
and will profit most, from the circulation
of gold. Happily, lheY have but few