The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-23


which have been granted to them, aud extending to
them the good will Of the community, SO long they
discharge with fidelity the delicate and important public
trusts with which they have been invested
The Hon. William C. Rives, in his excel
lent speech upon the subject Of the currency,
delivered in the Senate last winter, held the
following doctrine, which seems to have been
heartily responded TO throughout the country,
and by many, considered /" the most reason
able sentiments upon this subject ever put
forth" Mr.. Rives says:
any object then would be, not the destruction Of
the banking system and the total suppression Of bank
paper but efficient regulation Of it, and restriction
TO sale and proper limits not the exclusive Of spe-
Gle circulating medium, but such substantial en-
lsrgement aud general diffusion of it, in actual circua
tion would make it the practical currency OF COM
mon life, the universal medium OF ordinary transactions
lin short the money OF the farmer, the mechanic, the
lsborer, and the radesmsn while the merchant should
be LEFT in the enjoyment of sound and restricted paper
currency for his larger operations Such reformation
the currency this would in my opinion he produc-
tive Of the most beneficial results Il would give
curly to the industrious classes Of society for the o
ducts Of their labor against the casualties incident TO
the paper system It would give security great ex-
tent the whole body Of the community against those
disastrous fluctuations in the value OF property aud
contracts which arise from the ebhs and flows of an
unrestricted paper currency II would give security to
the banks themselves, by providing them in the daily in
ternal circulation Of the country abundant and
cessibe fund for recruiting their resources whenever
they should be exposed TO extraordinary pressure"
/, Again, in the language Of prediction, now
proved history, he says:
"The requiston Of specie in payments to the Govern
ment will not only not avail to bring gold and silver into
circulation but if insisted on, while gold and silver yet
FORM comparatively, but small part of the actual cur
rency of the country, it viii inevitably have the effect OF
diminishing their circulation While bank paper forms
the great mass Of the currency Of the country, il the
Government refuse TO receive it in payment Of the
public Dues and demand specie exclusively the
sary consequence will be TO enhance to greater or
less extent the value Of gold and silver in relation to
paper That being the case, gold and silver will no
longer circulate freely Those who have specie will be
unwilling to part with it. except at premium and those
who have notes will be anxious to convert them into
specie. Hoardng Of the precious metals will then
commence, and but little OF them DC in circulation
No one presume Mr. President, attaches much i'm
portance 10 the collection of the pnblc revenue in
specie ultimate object If it can be made equally
safe b, other means, II is only as instrument Of
purifying and correcting the currency, that it deserves
the consideration of practical statesman The great
object not to specie in the public treasury
in the vaults Of banks, but to dfuse its heahUl
rency through the business OF society, and to bring it
into active circulation among the people This only
be effected by the previous suppression of the small
notes and any attempt by the Government, before that
donc to collect its in specie instead Of pro-
noting and extending the circulation Of gold and silver
tends directly to narrow and diminish their circulation
The Hon. Nathaniel P. Tallmadge, in his
speech in the United States Senate, upon the
Deposite Act, which has been extensively
quoted and commended, expressed the follow
ing views. 1t is proper, also, to remark, that
these opinions have recently received the
centre appreciation" Of about "seyen hun
dred members of the democratic republican
party, in the city of New York." whose con.
nexion with the commercial interests, and
knowledge of commercial wants, should en-
title their views to great weight on subjects Of
this character. He says:
"What, then, do they expect and desire answer
more, less. than every real friend to his
try is willing to adopt, namely preservation, and at
the same time, regulation of the credit system. In
all such Of reform will 90 far he who
goes farthes Preserve and regulate, but destroy
is my motto Enlarge your specie basis Introduce
u
small notes provide means for coming at the mint
take all proper to prevent excessive issues Of
bank paper and the unnecessary increase OF bank incor
poraons; repeal your restraining laws so to permit
the free employment and investment Of foreign capital
Whatever danger there may be. is to be found in the
abuse Of the system and not in its existence. Guard
against these abuses and correct them when discovered
An entire abandonment of the credit system, and
return a sole and exciusiUe metallic currency, il it
were practicable, would produce desolaton and de-
strucon from extreme to the Union to the other
Such notions ought not, cannot must not prevail"
Hon. Silas Wright, Jr. in his speech in the
United States Senate, in January, 1884, re-
marked:
"The Senator from Massachusetts has asked-Tf
you will not recharter the bank, establish bank
what will you do He (Mr Wright) would answer
indivdua expressing has omn sentiments, that he
would support the Executive Department Of the Go
vernent, Ivy all the lawful III his power, in the
attempt making TO substitute the STATE Banks for
tie Uniicd STATES. He believed them perfectly and
completely COMPETENT 10 the oJjcc, and he was ntoly
nnmoned by the alarms that had been sounded to
their insecurity aud the dangers that bc appre-
hended from the change. He held tina, the steps al
ready taken to effect the object in view were all
rdnied By the Constitution and ascs # The and 1t
his firm opinion that the steps which ksd been taken
would rebound TO the honor and best interest Of the
country and ought to be sustained BY the People and
their Representatives.
In conclusion, Mr.. Wrigh. observed:
He would merely pronounce his opinion that the
country would sustain the Executive arm Of the Co
vernment IN the Experiment now making to substitute
the State Institutions for the Bank Of the United States
He had the most ca',re confidence TIC FIJI and
pieie success Of The Experiment"
Mr. Woodbury., in his Repor, to Congress,
in December, 1884, says:
at the par, OF sound philosophy and trne political
wisdom to Improve to the utmost, consistently with
sttutonal difficulties, our present mixed currency.
When it IS remembered that, after long experience
amos, every nation Of Europe, and especially the most
enlightened and commercial ones, have though possess
1,.,cr ahnsh yhnllr rarcr sy.enl deeIn