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

JofW .N"tfOHdf tWTtHCy. IHt" WO-
phecies fuUlled; chile the promises Of
Of LOc0fOcoiSm are unredetMed
Late events, and particularly the atti-
tude which John Tyler has assumed in
relation 10 National Bank, have reopen
ed the subject again to the people, and
numerous speeches of distinguished pub
lie characters have been re published, to
show that the subversion Of our credit
and the ruin of our business, were fore
told as the inevitable consequences of the
rash course Of Jacksonism in breaking
down the Bank of the United States, and
substituting instead thereof, hundreds OF
State Institutions! These possess great
interest, and are calculated to show the
Statesman-llke foresight of the Whigs.and
the rash parlizan precipilancy of the To-
cos; III strong contrast. We therefore trans
Ter some of them to our columns, and ask
an attentive perusal of the truths contained
therein.
The Hon Horace Binnev, on the floor
of Congress, in 1884, on the debates con-
nected with the re charter of the Bank of
The United States, and the proposed plan
to make State Banks take its place. and
in reply to Elk Governor Polk Of Ten
nessee:
"lf the Secretary's plan was carried in
to effect there would be hundred banks
starting up to take the place of the pros
crbed United States Bank. They would
have them shooting out their paper mis-
sles in all directions. They would come
from the four quarters of the Union"
Has not this prophecy proved true to
the very letter. Again; McDuflie, when
member Of the House of Representatives
on April Sl3, 1880, made a report, in
which he said:
''l( the Bank of the Uni.ed States were
destroyed, aud the local institutions left
without lis restraining influence, the cur
rency would almost certainly relapse into
state OF unSoundness. The very pres
sure which the present bank in winding
up of its concerns, would make upon the
local institution, would compel them eth
er to curtail their discounts when needed,
or to suspend specie payments. Is it not
difficult to predic, which of these alterna-
tives they would adopt under the circum-
stances in which they would be placed. L.
The imperious wants OF suffering COM
munity would call for discounts in Ian
guage which could not be disregarfed -
The public necessities would demand end
public opinion would sanction the sus-
pension or at least all evasion, of specie
payments"
Has Mr. McDullie become alarmed al
his own powers Of prophecy? Did not
an unsound currency follow the refusal to
re charter the Bank of the United State $
and did not the local banks give way at
the time of greatest need and have not the
public necessities sanctioned a suspension
of specie paymCnls2
Mr. Ewing of Ohio. in the U. S. Senate.
in 1884. said:
"But this is not all. You sap the NOR
ais at the same time you thus rudely shake
the prosperity of the people. The frs
resort will be TO legislative aid, and reIiet
laws follow, or in other words, laws to
prevent the collection of debts; (for what
legislature can Withstand the appeals of
whole people suffering under a general
vlsitation?) or, if not that the creation of a
host Of banks with fictitious capital which
may seem for a time to suspend the blow,
but will roato ~ fall tho ho,u;o. -, To-.
And then, instead of the safe and sound
currency which we now enjoy, we shall
again have deprecated and worthless
mass OF trash, which will pass into the
hands of the people, ard there sink into
nothing, leaving them to bear the loss"
Mr.. Clayton Of Delaware, at the same
session Of the Senate made the following
prophetic remarks:
"The farmer must again sell his grain
to the country merchant for State bank
paper at discount of from ten to twenty
or thirty per cent. i'll the nearest CONNER
cial city. The loss of conf.
dence among men, the total arrangement
of that admirable system of exchanges
which is now acknowledged to be better
than exists liz any other country on the
Globe, overtrading and Specializing on
false capital in every part, that rapid huc-
tualion in the standard of value for mo-
uevf when like the unseen peslilence
withers all the efforts OF industry, while
the sufferers is in utter ignorance of the
cause Of his destruclion; bankruptcies and
rum, at the anticipation of which the
heart sickens, must follow in the long
train of evils which are assuredly before
u.s."
The year succeeding this, Henry Clay,
in the Senate of the United States, raised
his voice in warning and expostula,ie H.
See how his prophecy has been verified,
and then ask, Is it yet too late to retrace
steps, retrieve our errols, and carry out