The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1862-12-13

deposited these bonds with the proper eli
Ger of the | nited States. can receive United
States notes in such denominations as ma,
be desired. and employ them as money in
discount and exchanges. The stock holder,
of any existing banks can. in like manner
organize undcr the act. aud transfer. by
such degrees as may be found convenient,
the capital Of the old to the use of the new
associations. The notes thus put into cir
cnlation will be payable, until resumption,
IN United States notes, and after rcsump-
ton III specie. by the association which
issues them ON demand and if not so paid
will be rrdccmablc at the Treasury of the
United States from the proceeds of the
bonds pledged in security. In the practical
working Of the plan, if sanctioned by Con-
gresS. redemption at one or more of the
great commercial ccntcrs. will probably be
provided by all the associations which cir
culate the notes, and. in case any aSSucIa
ton shall fail in such redemption. the Treas
urcr of the United States will probably,
under discretionary authority, pay the notes
and cancel the pubic debt held as security
1T seems difficult to conceive of a note
circulation which will combine higher local
and general credit than this. Attcr q few
years 40 other circulation would be used
nor could the issues ottlc national circulation
I demands of business. Every dollar of cir.
cnlation would represent real capital. ac-
tnally invested in national stocks. and the
total amount issued could always be easily
and quickly ascertaincd from the books Of
, the treasury. These circumstances, if they
might not wholly remove the temptation to
excessive issues, would scrtaiuly redsces it
to the lowest point. while the fol IN of the
notes. the uniformity of devices. the sigma
lures of national officers. and the imprint
of the national seal autLcnticating the dec.
! laration borne on each that it is secured w
bonds which represent the faith and capital
of the whole country. could not fail 10 make
every note as good in any part of the world
as the best known and best esteemed national
securities.
All changes, however important, should
be introduced with caution. and proceeded
in with careful regard to every affected intc-
rest Rash Innovation is not less dangerous
than sturciicd inacion. The time has come
when Il circulation of United States notes,
in some form, must be employed The pco-
pie demand uniformity in currency. and
claim. at least, part of the benefit of d.bt
without interest, made into money, hitherto
enjoyed exclusively by the banks. These
demands are inst and must be rcSpcctcd.-
But there need be no sudden change there
need be no hurtful interference with exist.
ing interests. As vet the United States note
circulation hardly fills the vacuum caused bv
the temporary withdrawal of coin it does
not perhaps fully meet the demand for
increased circulation created by the incrcas-
ed number, variety. and activity of payments
in money. There is opportunity. therefore.
for the wise and benrticla regulation of its
substitution for othrr circulation. The
mode of substitution a'so may he judiciouSly
adapted TO actual circumstances.
The plan suggested cousuItS both ,rlr
poses. 1t contemplntrS gradual withdrawal
Of bank note circulation and propose, a
United States note circulation. furnished to
banking associations, in the advantages oi
which they may participate in full proper
ton to the care and responsibility assumed
and the services performed by them. The
promptitudc and zeal with which many of
the existing institutions camc ia tn" iinan-
clal support of the Government in the darl,
days which followed the outbreak of the
rehciIion.i> not forgotten. They venturcd
largely. and boldly, and patriuticalIv ON the
side OF she Union and the constitutional
supremacy of the nation over States aud
citizens. II docs not Mt all dctract from the
merit of the act that the losses, which they
feared but umhrSitatinGly ri$hcl, were trans
mutcd into unexpected gains. 1t is Il solid
recommendation Of the suggested plan that
ii offers the opportunity TO these and kind
rcd institutions ia rror"aui2r, cnntiuunthr;r
buSipcss pnd.r The u,ouo,rd ,rt md viii
little loss and much uIynntoor, rnr,ic;nata
in MAINTAINING the now and unifnrm n.,t;nn,I
currency.
The nrouoscl nlop K rcco,,ucnl,d final.
". by thr firm ;uurhnr,ro il viii vn,,,,I,. ,n
the union of III. Stats Eycrv lnj. ;,,,
association whose lnnIs !, n,c ,r,.,',,r,' -
the Union every individual who holds n
dollar of the circulation sccucrd hy .uch
lcposit: every merchant, every mnnuIac.
turcr. every farmer, every mechanic. inter.
cstcd in transactions drncndcut for snccrss
ON the crcdi, of that circulation. will fool -.
an injury every attcmnt I, -end tho national
unity. with ,he nrrm,rcncc ,nI e,,,;l;t,. 81
which all their interests ,rn so cIn.nlv .,nJ
vitality connected Had Tho svs,ou ,an,,
noss;jJo aud b,d i ,otr,u .,;l,,l ,,,.,,
rcors ,ro c,n Il Ln fn,i,oJ,h,t ti,n,n,;., a,I
;n,.r,.t. ,nI ,nnt;n,n,t, a'I;.,ai L. :, r'
,,,n I!n;o,' ,,,,,,iI h,,,'a a,.,,, -! :, ~. ~.
,,,a,;,a. Co. it," ,I"n'ai INV. '.,''u -, w.
a,,naa. ,l'a, wv ,;r'l .. ,nru from ''ne'
,,.,,Il 10y 'n' VIZ '.',''o'' VI Scc'Ss'o"
"o Tha n r n,s" I t''l''FS.''.
~ '.e.",! uoeH ~, l'e'o 60 'n' Plah
,"o. c''" ''N"'!o" - I" o,'>N,n2 anu "c'' Il
o'n'", '"t ~ l. inc "",l VI i''nllc men /"
~ S'," ',o'i I, "hei''Nc r II Is posi-
ols' ING puruehS Oh 'aN;''lon may DC ight-
.'i'I anu .l',' ''''l'.' productive VI i"C'aenI
'a' pe"c",H ny WISE ana aggravated ana
,!t'''e ''''eSe'ap.e ny "h"'Se, leSiSatioi. IN
. ne, .''''''her oeD'' py no means desirable IN
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