Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-10-09
MIR. RIVES.
IN SENATE-Iaesday, Sept. 10.

Mr.. Rives, pursuant TO notice, rose 10
ask leave to introduce bill 20 designate
he character OF the funds receivable Tor
public revenue. This is q measure which
had been recommended by the Executive,
but was omitted in The report Of the Com
ntiee on Finance. 10 reference 10 an ex-
elusive currency of gold and silver, he de-
nourced il as mischieVous and iallacious.
and calculated to postpone the resumption
of specie payment. The Senators from S.
Carolina (Mr. Caihoin) and Missouri, (Mr.
BcntcD) lad yesterday submitted PROPOSE
tons which contemplated an entire revolu-
ton in the policy OF the country. The
I treasury order Of the late Executive might
have been wise at The time il was issued,
but the continuance Of il was repudiated
BY the whole country.
He referred 10 the bill which passed both
Houses, arising on, of that order, and its
fate. He believed the voice OF the coun-
try had sanctioned the provisions OF that
bill, vii ch he desired now TO renew, and
ro-oaer t" tho Senate The hill authorised
The reception of notes OF Banks issuing
nnies of M denomination below that speei-
.i,d. and providing against any discrimina-
ton. He red modified his proposition in
enc or two particulars the mos, important
Of which was the entire prohibition Of re-
revabii'y oi tie notes Of any Bank which
had suspended, or might suspend specie
payments, and did not resume them before
certain day.
He believed this measure would have 4
beneficial effect on the country, and would
expedite the resumption OF specie payments.
He took view of the paralyzed condition
OF our commerce, and the degraded state
of the currency, which he compared 10 4
human body in state OF suspended AMI
nation. the vital spark being still there,
6 d requiring only The particular remedy
IL recall it into action. The great object
OF all should he To restore confidence. He
referred To instances in England and even
in New York, Where single act OF the
Government was su fficienl 10 restore conf
dence, even before il was carried into pras-
rical operation. He adverted TO the meg
sage of the President, where it drew par
alirt between the distress OF the country
and that OF Great Britain. There was a
striking dl tierence between the situation Of
the one country and that of the other. In
England The distress had not led to The sus-
pension of specie payments, while here i.
led 10 ths suspension There was this diff
ference. II was because the conduct Of
the British government invited confidence,
while that of our Government repelled con-
fdeLce. The bill which he offered looked
to the resumption OF specie payments. He
laid il down as demonslrable that il the
measures which had been passed were car
ried through, there could be no resumption
Of specie payments. So long as gold and
silver are at premium, the Banks would
not resume specie payments. Such must
be the result OF the measures proposed by
he Senator from South Carolina. The
proposition Of The Senator from Missouri
imposed pnSiivc penalty Tor the resump-
lion Of specie payments. He expatiated
Al length On the tendency OF The course
when the government is pursuing, not
merely To separate the government from
The banks, but 10 divorce the people from
the government. He declared il TO be his
determination Ia stand by the people, pnd
not 10 see one description OF currency ios
The government, aud another and that of a
spurious kind Tor the people. He repudia-
ted the idea OF the President that the gov
ernment has nothing TO do with the cur.
rency of the country He looked at the
condition Of the country in reference 10 the
Of banks as one which tho
trainers Of the Constitution never cOntem-
plated. He considered that in consequence
ol The change of IFS condition the views OF
the trainers Of the Constitution could not
be carried out by the mere force of the
Constitution, especially in reference 10 the
regulation OF the currency. He described
The evils which are connected with the
Banking system and took the ground thar
The Banks derived their greatest profit from
small notes, and that il is from over-issues
of these small notes that the danger from
Tie suspension Of specie payments must
come. He relied much more on public G.