The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1851-07-19
For The Cecil UHig.
A BANK IN ELKTON.

Mr.. Editor:-Your correspondent
"SPecjc' in last weeks "Whig," takes
ground against the establishment Of
Bank in this town. OF course every
one has right to his opinion on that or
any other subject, but Mr.. "Specie,"
who we suppose Is one Of your "Hard-
currency" men expresses his opinion in
such dogmatlcal style; Jas if no one
knew anything about Bank, Or its ef-
tectS or its uses, but himself, that the
spirit moves me to give him turn in re-
ply. "Specie" thinks bank in Elkton
would be silly thing, and that we have
do more need OF it than. a coach has of
fifth wheel. Now no coach has need Of
fifth wheel, but we think Elkton has
some need Of a Bank, and perhaps can
demonstrate it too; and as to Bank
with us, being a silly thing, why, wise
men will differ sometimes; and though,
Specie may tmnk he knowsa good deal,
yet he, perhaps, don't know everything.
Now, the writer Of this was told by
gentleman of this town to-day, that he
had 10 collect a small amount $40 and
was told in application for it that all the
debtors money was deposited the day
before in Bank in Delaware, but he
would pay in check. Well, the check
was taken and then the holder had to
ask some one to cash it, and the cashing
was in notes often different Banks (thir-
ty dollars of which were in So notes.
located in four different States ofthis
glorious Union. We do not think we
could find greater evidence of the want
and necessity of Bank here, than this
one case in point. A merchant has
money which he wishes in a safe place
he can't 90 to Port Deposit for it is too
difficult of access, he must deposit in
Delaware, or Pcnna., or Bait. When
he wants to pay claim, he must give a
check on those distant points;--the re-
CeiVer must either get some friend 10
cash his check, or he must take the time
and be at the expense orcoIlecting it him
self. Again if merchant wants a dis
count he must 90 to one of these points
to get il, thereby leaving all the profit of
Banking (whicheven Specie acknowl-
edges is something's abroad, when this
profit might be retained amongst us.
Besides, under the new Constitution,
any new bank gong into operation, will
have the liability clause attached to its
charter, which would make it the safest
bank, so far as the community is con-
Cerned, in the State. BY the commune
ty we mean the note holders; and we
believe that Bank in Elkton on this
account alone, il on no other, would at
once be in favor and its notes taken
with confidence. There is business
enough in Elkton to demand a Bank in
our midst-land is rising in value and
farmers are now wishing to improves
Bank would assist them. Merchants
want discounts and a convenient de-
pository for their money-the gain in
Banking would be retained in the coun-
ty; the gain in consequence Of lost Bills
and worn out Bills would be retained al
so, instead Of gong abroad; so that on
these, II on no other accounts a Bank is
wanted in Flkton, and we think we
have demonstrated it much more than a
coach wants fifth wheel, Mr.. Specie to
the. contrary Notwithstanding.
Specie" alsoraises the cid humbug
cry Of Hard currency men, Of "inhated
currency, rag-money" sc, but is not all
the circulating medium Of the county
rag-money? and we might as well man.
ulacture the rags ourselves and keep the
profits Of so doing amongst us, as TO have
! them manufactured abroad and thereby
pay others for the production.
/ A Bank with us need not have large
capital, and we think with another
writer in your paper two weeks since,
4 that there are men of sufficient capital
in the county to get one up forthwith
aye, and men of sufficient energy and
business capacity to so manage it, as that
it would at once command the confidence
of The community, particularly as it
an@st have the liability clause inits char
ter, thereby making it the safest bank
in the State.
VIII "Specie' in his wisdom inform
us, what has advanced in a great degree
the prosperity of this country by sup
porting the creditsystem, if it has not been
! the Banks under our banking system,
an industrious, frugal and energetic
young man if without much capital,
could advance himselfn his profession
, as we'll, if not better than the capitalist.
| Without the Bank the capitalist would
have ridden rongh-shod over the poor
I young man, no matter what his qualifi-
, cations, Look at every country in