The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-23
From the Globe.
OPINIONS OF MR. RIVES, OF VIRGINIA.

10 the Editor OF the Ut00e:
Iperceive, from your paper of the 5th inst,
which have just seen, that You have done
Mr.. Rives Of Virginia, the honor to devote a
paragraph to the exposition ofhs opinions, on
the subject of the currency; and in support
Of those opinions, have introduced an extract
from his speech on the removal of the depo-
sites, in January, 1884. am not aware
that the public is particularly interested in
learning the opinions of Mr.. Rives on this or
any other question but as you have made
them the subject OF special notice, it is due
both to the public and Mr.. Rves, that they
should be correctly represented. So far as
the object of the reference may be, to use
your own language, to "exhibit the identity
of the views Of Mr.. Riyes with the views Of
the late and present president" on the same
subject, believe there is little hazard in say
ing that Mr.. Rives has concurred generally
and heartily in all the views as to a reform of
the currency, which have been expressed by
the late president in his message to Congress,
and by the present chief magistrate in the
only document in which he is known to have
treated the subject-his letter to Mr.. Sherrod
Williams. In the speech Of Mr.. Rives, du-
ring the last winter, made specially and pro-
in which his views on that interesting ques-
ton are fully and precisely developed, he
quotes with marked appreciation, an instruct
i've paragraph from message of the late pre-
sident, as expressing with clearness and
force, his own opinions respecting the ne
cessary reform Of the currency and CON-
parison of that speech, and every thing else
he has ever said on the subject of the cur
rency, with the able and often quoted letter to
Mr.. Sherrod Williams, will show like ge-
neral concurrence i'll the views heretofore
expressed by the present chief magistrate,
on the great and now absorbing topic.
But the object Of your reference seems to
be rather to apply the supposed opinions of Mr..
Rives in 1884, to questions that have since
arisen, and which are likely to form the chief
subjects of deliberation during the approach
ing session of Congress. If an inference may
be drawn from the italics and capitals by which
you have illuminated certain portions of the
extract you have quoted from Mr.. Rives's
speech on that occasion, as well as from the
comments with which you have accompanied
them, the purpose would seem to be TO show
that that gentleman must now be in favor of
exacting specie exclusively in payment of the
public dues, and of discarding entirely the
fiscal agency Of the State Banks. This con-
struction is in direct contradiction with the
opinions fully expressed by Mr. Rives during
the last winter on the currency and revenue
bill, and is equally opposed, in my humble
judgment, to the language and obvious import
fthe extract you have quoted from his speech
on the removal of the deposites in 1884 1t
will be seen from that extract, that Mr. Rives
ho 10 do lei, II
the importance of reform in the currency,
and of correcting the evils of paper system.
He proceeded to develope specifically and in
detail, the means and steps by which this re-
form was, in his opinion, to be gradually con-
summated. | quote his words from the ex-
tract you have given, but the significant and
important portion of which, in reference to the
question under consideration, you have passed
over very lightly.
!" Whatever influence (he sadly such an in
stitution THE Bank Of the United States) may
be supposed TO exert in preserving the sound
ness Of the currency, that object would be
much more efectually promoted by a return,
as far as practicable, to a metallic circulation.
The first step towards that return, is to let the
Bank of the United States 90 down. Its
notes being withdrawn, the convenience of
travelling alone would Immediately create
demand for gold coins, as a substitute, and en-
force the necessity of correcting that under
valuation of them at the mint which is said to
have contributed to their disappearance. In
concurrence with this, let measures be ia
m, to discourage and suppress the circulation
INK notes under certain denomination,
twenty dollars,) Of which the effect
.oproduce another accession to the
ulating medium. The ordinary