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

prepared, without hardship TO the public debt
or. to require payment Of It's duesin specie
&c.
This passage developes fully and unequivo-
cally the views, then and since, entertained
by Mr.. Rives on the subject of the currency
and the collection Of the revenue, and forms,
indeed, the chart by which his public course
has been steadily directed. He never con-
templated an exclusive metallic circulation,
though he believed return TO snch circula-
ton, g as far as practicable" to be desirable
and salutary reform, indicating ut the same
time the suppression of bank notes under TWEEN
ty dollars, as marking the limit Of that practi-
cable return The suppression of bank notes
under twenty dollars accomplished, he believ-
ed the ordinary channels OF circulation would
be filed with gold and silver" and "the CO.
vernment would (then) be prepared, without
hardship to the public debtor, to require pay
ment Of its dues in specie" &C. II cannot
fail to be remarked that the suppression OF
bank notes under twenty dollars, and the con-
sequent supply of the "ordinary channels of
circulation with gold and silver" are here
mentioned as conditions precedent to justify
the government in requiring payment OF It's
dues in specie from the people. This princi-
pie has been constantly present to the mind OF
Mr.. Rives, and has governed all his actions on
the subject. His object has been TO give hard
money to the people in their ordinary daily
transactions, to make il +" the practical curren-
cy Of common life," before the government
should be authorized to demand il from the peo-
pie. The only means by which this object
can be effected, as experience and reason
equally demonstrate, is the previous suppress
sion of bank notes of the lower denominations;
and he accordingly brought forward, during
the last winter, a measure, having that sup
preston in view, which was sanctioned by
the votes of more than two-thirds of both
houses of Congress. That measure was the
direct corrollary from the principles he had
avowed in 1884, and in sustaining it, he re-
cured to and enforced those principles. In
the remarks made by him on the 22d of De-
cember last, on the Introduction of the propo.
sition referred to, he used the following Ian
guagc: /" Shall that medium, (the medium OF
payment,) in public receipts and disburse-
ments, be specie exclusively Even if this
should be the ultimate policy at the govern
ment, the country is, in my opinion, not yet
ripe for its adoption. Specie must first diffuse
itself more generally through the ordinary bu-
siness of society; the common channels of
circulation must be better flied with the me-
tallic currency--before the government can,
with Justice to the public debtor, sternly de-
mand payment of its dues in gold and silver
exclusively. The only effectual means by
which large circulation of gold and silver
in the general trade and business of the COM
munity can be obtained, is the suppression of
bank notes of the smaller denominations.
This is that practical reform of the currency
which has been held steadily in view by the
present administration and its friends" &c.
Again, on the 10th of January, 1887, in
supporting the same proposition, ne said:
It'll, by the suppression Of the small notes,
the circulation of the country has become bet
ter filled with the precious metals, do not
think it would consist with a just, wise, and
paternal policy on the part of the government
to exact payment of its dues in specie exclu-
sively. 1t could not be done, without great
hardship to the public debtor, and extensive
distress and embarrassment to the whole CON-
munity." Nothing, therefore, can be clear
er than that an attempt, with our present limit
ed metallic circulation, TO collect the public
revenue in specie alone, would be d1strcs sing
to the last degree, and could not abide the test
of that public judgment, without whose APP
probation no system Of policy can or ought to
stand"
1t will be seen from these extracts, in exact
conformity to, and steadily pursuing, the idea
thrown out BY Mr.. Rives in the debate on the
removal of the deposites in 1884, that he has
uniformly held, that gold and silver must first
hao he of tho trxr
by the previous suppression OF bank notes
under twenty dollars, before the government
could be justified in demanding its dues from
the people in specie. Is this the case now
A formal answer would be mockery. | will
only add, and do it upon no slight knowledge
of Mr. Rives's opinions and public acts, that
nothing can be shown from him in 1884 or at
any other time, couRtenancing the anomaly Of
two distinct currcncies established by law in
republican govemment-the 81 better cur
rency" for the government, and any sort of
one for the people. As Mr. Rives will soon,
in the discharge Of his duty to his constituents
and the country, have an opportunity of ex-
planning and defending his opinions for him
self, | should not have deemed it proper to
say any thing of them, but that you have
thought fit to make them the subject of spe-
cial commentary, and that an erroneous one.
There are other errors of less importance in
your commentary, which have not the time,
nor do deem it necessary, now to notice.
r.
From The Charlottesville IVA Jcfersonian Republican.
We invite. the attention Of the readers Of
the Jeffersonian to the communication Of Ca
inillus, on our first page, which We have CO.
pied from the Richmond Enquirer. That the